Repository: UIHistories Project: Board of Trustees Minutes - 1986 [PAGE 268]

EXTRACTED TEXT FROM PAGE:

1985]

UNIVERSITY OF ILLINOIS

257

The University in a previous exchange 1 conveyed to the University of Illinois Foundation eight parcels of land of which two parcels of land in Urbana at 706 West Indiana Avenue and 1012 West Stoughton Street, remain unsold (die other six have been sold). It is anticipated that these properties can be reacquired from the Foundation at the following costs which were allocated at the time of the previous exchange, less equity acquired in the sale of the other six parcels: Addresses 706 West Indiana, Urbana 1012 West Stoughton, Urbana Less equity acquired Total Purchase Price $27 561 58 22 189 41 (7 168 93) $42 582 06

These properties then would be included in the exchange for the privately owned properties. The privately owned real estate to be acquired by the University in the exchange is as follows: Addresses 910 W. Oregon Street, Urbana 1002 W. Oregon Street, Urbana 909 W. Illinois Street, Urbana 1114 W. Illinois Street, Urbana 1005 W. Springfield Avenue, Urbana 1009 W. Springfield Avenue, Urbana 307 S. Lincoln Avenue, Urbana 401 S. Lincoln Avenue, Urbana 903 Vi W. Nevada Street, Urbana 1208 W. Nevada Street, Urbana 1009 W. California Avenue, Urbana 1005 S. Sixth Street, Champaign' Owners Howard L. Wakeland* John F. and Susan I. Deppe* C. F. Keeling and Fred Krauss Peter Edward Baksa May Feme Loretta Opolka* James S. and Claudine P. Stein Warren L. and Anita C. Crawford Loren E. and Audrey A. Ernest John H. and Joseph W. Barr John Wright (Trust Beneficiary) John F. and Susan I. Deppe* Ruth K. Youngerman, Trustee

All of the above parcels to be acquired in the exchange are, in their total, of approximately the equivalent appraised value of the University properties identified above. The program primarily involves the exchange of land. However, funds will be required to purchase the two Foundation properties] and an amount of $41,918 will be required to equalize the exchange. In addition, an estimated sum of $25,000 will be needed to pay appraisal, title, and other expenses connected with the conveying of this real estate. For these purposes, unrestricted gift funds are available in the Office of the Chancellor at the Urbana-Champaign campus. The president of the University, with the concurrence of the appropriate administrative officers, recommends proceeding with the program outlined above, subject to property or funds being made available to consummate each particular transaction and notice thereof being given by the comptroller or his designee to the appropriate other party (owner) or parties involved in the particular exchange (s). It is further recommended that the comptroller and secretary be authorized to execute such resolutions, deeds, and other documents as they may deem necessary or desirable in connection with the conveyances of the properties. O n m o t i o n of M r . H o w a r d , t h e s e r e c o m m e n d a t i o n s w e r e a p p r o v e d b y t h e following v o t e : Aye, M r s . Day, M r . Forsyth, M r s . Gravenhorst, M r .

Approved by the Board of Trustees on May 15, 1974. A one-time right of first refusal to purchase if owner elects to sell the property. •This represents a conflict of interest under Article II t Section 4(1) of the General Rules; therefore, requiring board approval. Howard L. Wakeland is an associate dean and professor in the College ol Engineering: Susan I. Deppe^is a library technical assistant. Police Training Institute; and May Feme Loretta Opolka is a family member of John C. Opolka, superintendent of the Print Shop in the Office of Printing Services.

2 1