Repository: UIHistories Project: Board of Trustees Minutes - 1988 [PAGE 12]

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BOARD OF TRUSTEES

[July 10

EXECUTIVE SESSION

President Shepherd, referring to Section Two of the Open Meetings Act, stated: "A motion is now in order to hold an executive session to consider information regarding the appointment, employment, or dismissal of employees or officers, to discuss pending, probable, or imminent litigation, the acquisition of real property, and to discuss campus security." The motion was made by Mr. Howard and approved unanimously.

Note: O n the previous day, July 9, the board met as a Committee of the Whole, with those present as noted on the previous page, with the exception of Mr. Forsyth, to receive a presentation on the proposed capital budget request for Fiscal Year 1988. Documents and other materials supplied the trustees at the meeting, and in advance of it, are filed with the secretary of the board for record. On July 10, at a second meeting of the board as a Committee of the Whole, the tentative operating budget request for FY 1988 was presented, including adjustments in die estimates presented in May (copies are filed with the secretary oi the board for record). One possible addition was discussed, a special request for operating funds for the University Hospital for FY 1988.

Acquisition of AOCS Building, Champaign

(1) In 1959, the Board of Trustees authorized a 75-year lease to the National Council of Teachers of English (NCTE) for 16,665 square feet of University-owned land. The rent was for a nominal sum. Subsequently, N C T E constructed a masonry building (7,600 square feet) on the site, 508 South Sixth Street, Champaign. On July 22, 1970, the board approved the assignment of the lease to the American Oil Chemists' Society (AOCS) which has general professional activities similar to N C T E , and the lease was assigned to the society. T h e building is located directly south of the Water Resources Building, which is being remodeled for the National Center for Supercomputing Applications and the Department of Computer Science. The University has been negotiating with AOCS for the acquisition to provide space urgently needed for the College of Engineering in proximity to the Water Resources Building. The AOCS is willing to sell its leasehold interest so it can construct new and better facilities. T o satisfy the University's time schedule for the early use of the facilities, AOCS also is willing to make an interim move. T h e University and AOCS have jointly employed appraisers and have received the following estimates of the value of the leasehold interest of AOCS as of June 1986: Campbell Evans, $440,000; and J. Lloyd Brown, $450,000. T h e agreement would provide for the sale of the leasehold interest of AOCS at a price of $445,000, with possession to be delivered to the University on October 1, 1986, but for increased amounts in the event that earlier possession is received; namely, $447,000 if possession is delivered on September 1, 1986, or $450,000 if delivered August 1, 1986. T h e president of die University, with the concurrence of the appropriate administrative officers, recommends, subject to the availability of funds, the acquisition of the leasehold interest of the American Oil Chemists' Society at 508 South Sixth Street, Champaign, at costs commensurate with the date possession can be delivered as noted. Funds for this project have been included in die appropriation bill of the General Assembly to meet the ordinary and contingent expenses of die University for Fiscal Year 1987 and will be included in the Office of the Vice Chancellor for Academic Affairs' operating budget request for FY 1987 to be submitted to the board.