Caption: Board of Trustees Minutes - 1988
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552 BOARD OF TRUSTEES [May 11 Quarterly Report of the Comptroller (22) The comptroller presented his quarterly report as of March 3 1 , 1988. A copy has been filed with the secretary of the board. T h i s report was received for record. Comptroller's Report of Investment Transactions through April 15,1988 (23) The comptroller presented the above report which includes transactions under Finance and Audit Committee guidelines and transactions under the comptroller's authority. A copy of this report is filed with the secretary of the board. On motion of Mr. Forsyth, this report was approved as presented. SECRETARY'S REPORT The secretary presented for record appointments to the faculty and changes of status made by the president, resignations, terminations, leaves of absence, and retirements. A copy of the report is, filed with the secretary. EXECUTIVE SESSION A t 5 p . m . , t h e B o a r d of T r u s t e e s c o n v e n e d a g a i n i n e x e c u t i v e session. A t t e n d a n c e i n c l u d e d all of t h e trustees, officers of t h e b o a r d , a n d g e n e r a l officers. Acquisition of Land, 1206 West Main Street and 1101 West Main/205 North Harvey Streets, Urbana (24) Two parcels of land within the boundary of the north campus were among those approved for acquisition by the Board of Trustees on May 8, 1986. Both are owned by Neil Fotzler, a real estate broker. They are located at 1206 West Main Street and 1101 West Main/205 North Harvey Streets, Urbana. Their acquisition would provide for much-needed campus parking and sites for future facilities. Approximately one year ago the University began to discuss acquisition with the owner and in March of 1988 offered to purchase both parcels for $180,000. Despite continued negotiation (and the University's expressed intention of condemning the property if agreement could not be reached within appraised value), the owner was not willing to sell. Subsequently, the owner secured an offer of $220,000 from a developer. Apparently the owner has not accepted the offer, and has indicated that he will give the University the opportunity to purchase — at the same price. He has provided a copy of the developer's offer which appears to be a bona fide transaction. University officers wish to continue the negotiations, with the hope of reaching agreement upon a price that can be justified. Accordingly, the president of the University, with the concurrence of the appropriate administrative officers, recommends the following alternative actions: (1) Adoption of the following resolution authorizing acquisition of the property at a price within appraisals received by the University or at an amount determined in eminent domain proceedings; or (2) delegation of authority to the comptroller to settle at an amount taking into account the full costs of condemnation, i.e., at an amount not exceeding $220,000.
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