Repository: UIHistories Project: Board of Trustees Minutes - 1988 [PAGE 61]

EXTRACTED TEXT FROM PAGE:

1986]

UNIVERSITY OF ILLINOIS

51

Resolution Authorizing the Exchange of Property Located at 1203 and 1205 West Main Street, Urbana, Illinois, for Krauss Property at 1304 and 1306 West Clark Street, Urbana, Illinois

Be It, and It Hereby Is Resolved by the Board of Trustees of the University of Illinois, a public corporation of the State of Illinois, that the comptroller and secretary of this public corporation be, and they hereby are, authorized and directed to execute, acknowledge, and deliver, in the name of, and on behalf of, this public corporation, a Warranty Deed and such other documents in connection therewith as they may deem to be necessary or desirable in order to convey title to the following described property; viz: Lot 2 in Block Fifty (50) in the Seminary Addition to Urbana, situated in the City of Urbana, in Champaign County, Illinois, and Lot 3 in Block Fifty (50) in the Seminary Addition to Urbana, situated in the City of Urbana, in Champaign County, Illinois, which properties are commonly referred to as 1203 and 1205 West Main Street, Urbana, Illinois, to Fred Krauss, George Roth, Jack Monkman, Arthur Traugott, and Greg Langan, or their nominee, hereafter referred to as "Krauss," upon such terms and conditions as said comptroller and secretary may deem to be necessary or desirable and in consideration of Krauss conveying title to the following described property to this public corporation and paying to this public corporation the sum of twenty-seven thousand five hundred dollars ($27,500); viz: Lots 8 and 9 in Block 41 of Seminary Addition to Urbana, situated in the City of Urbana, in Champaign County, Illinois, commonly known as 1304 and 1306 West Clark Street, Urbana, Illinois. T h e business of t h e m e e t i n g h a v i n g been concluded, t h e Executive C o m m i t t e e adjourned.

ANN EARL W. PORTER NINA T. E. S M I T H SHEPHERD

Clerk

Chairwoman

O n m o t i o n of M r . H o w a r d , this report w a s ratified a n d accepted by t h e following v o t e : Aye, M r s . D a y , M r . Forsyth, M r s . Gravenhorst, M r . H a h n , M r . H o w a r d , M r . L o g a n , M r . M a d d e n , Mrs. Shepherd, Miss S m i t h ; n o , n o n e ; absent, Governor T h o m p s o n . ( T h e student advisory v o t e w a s : Aye, M r . Filip, M r . Starkeson; n o , none.)

Rescission of Action and Sale of Residence in Fairfield, Illinois (Estate of John H. Rapp)1

(2) On October 10, 1985, the Board of Trustees authorized the sale of a residential property in Fairfield, Illinois, at a price of $25,000 that was a part of the John H. Rapp estate. Prior to the time of closing, the property was damaged as a result * John H. Rapp died in 1982, leaving: an estate with an estimated fair market value # of approximately £600,000, with assets consisting of farmland in Ohio, a land contract, residential property in Fairfield, Illinois, and other personal property to the University for the purpose of providing scholarships to students selected by the College of Law.