Repository: UIHistories Project: Board of Trustees Minutes - 1988 [PAGE 403]

EXTRACTED TEXT FROM PAGE:

1987]

UNIVERSITY OF ILLINOIS

393

The consensus of the discussion was that it would be appropriate for an incumbent trustee to be considered for a position with the University, but with the understanding that all normal procedures would be followed in the institutional search.

II.

At a second executive session, the attendance included trustees, officers of the board, and general University officers.

Acquisition of Land, 1212 West Stoughton Street, Urbana

(1) A single-family residence at 1212 West Stoughton Street, Urbana, is within the boundary of the north campus approved for acquisition by the Board of Trustees on May 8, 1986. The land is directly east of the Digital Computer Laboratory and the Newmark Civil Engineering Building, and is a key acquisition in this area. Its near-term use would provide critically needed campus parking. Approximately one year ago, the owner, through his agent, indicated his desire to sell the property and in June 1986 established a sale price of $125,000. T h e price exceeded University appraisals. Despite continued negotiations and the stated intention of the University to condemn the property if agreement could not be reached within appraisal value, the owner was unwilling to sell. Subsequently, he listed the property with a realty firm at a price of $125,000 and shortly received an offer to purchase at the listed price from a party who was reportedly unaware of the University's interest. The potential purchaser, upon learning of the University's intent to acquire the property, withdrew the offer to buy. From all appearances, this was a bona fide arm's-length transaction. T h e owner now has submitted a firm offer to sell the property to the University at his original price, a price which the owner believes has been established by the previous offer. In September 1987, the University received the following appraisals: J. Lloyd Brown — $114,000; and Kenneth Cunningham—-a range of values between $110,000 and $115,000. The University Office for Capital Programs and the university counsel believe that acceptance of the owner's price of $125,000 will reduce the ultimate costs of acquisition associated with condemnation. (The board has previously authorized acquisitions within this range of the appraised value.) Accordingly, the president of the University, with the concurrence of the appropriate administrative officers, recommends that the property be acquired at a price of $125,000. Funds are available from the proceeds of the Series 1986 Auxiliary Facilities Revenue Bond issue allocated to the parking division at the Urbana-Champaign campus.

On motion of Mr. Forsyth, this recommendation was approved by the following vote: Aye, Mrs. Galder, Mr. Forsyth, Mrs. Gravenhorst, Mr. Hahn, Mr. Howard, Mrs. Shepherd, Miss Smith, Mr. Wolff; no, none; absent, Mr. Logan, Governor Thompson. (The student advisory vote was: Aye, Mr. Evenson, Mr. Wylie; no, none.)