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Caption: Board of Trustees Minutes - 1986
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498 BOARD OF TRUSTEES [March 13 mends that the board action of February 13, 1986, be amended to provide for the acquisition of the properties at a cost of $100,000. The acquisition cost is within the appraised value. II Furthermore, it is now recommended that the remaining three properties which are under option be acquired as follows: Acquisition Address Cost 404 North Romine Street, Urbana $75 000 1206 West Clark Street, Urbana 40 000 1212 West Clark Street, Urbana 95 000 These properties would be acquired at the indicated cost and the agent instructed to exercise each option and provide for its assignment to the University. The cost of each parcel is within the appraised value. Funds for the acquisition of three properties (1301 West University Avenue, 405 North Mathews Avenue, 404 North Romine Street) are being provided by private gift funds through the University of Illinois Foundation and from funds appropriated by the State of Illinois. Funds for the acquisition of 1206 and 1212 West Clark Street are being provided by private gift funds in the Office of the President. O n motion of Mr. H a h n , these recommendations were approved by die following vote: Aye, Mrs. Day, M r . Forsydi, Mrs. Gravenhorst, Mr. H a h n , Mr. Howard, M r . Logan, M r . Madden, Mrs. Shepherd, Miss Smidi; no, none; absent, Governor Thompson. ( T h e student advisory vote was: Aye, M r . Becker, Mr. L a m m ; no, none.) Anthony Wade vs. Lynn, ef a/. T h e university counsel reported that die above case might be settled somewhere between $4.2 and $4.5 million within the next 7 to 10 days. T h e University has insurance coverage widi $100,000 deductible clause. T h e insurance coverage includes limits over $5 million on the first level and a second $5 million above diat. T h e insurance carrier, Insurance Company of Ireland, is the responsible party since the University has already committed its $100,000. Report, Searches in Process Each of the chancellors and the vice president for academic affairs reported on die status of various searches for senior administrative officers in die University and in the University of Illinois Foundation. EXECUTIVE SESSION ADJOURNED There being no further business, the executive session was adjourned for a meeting of the Buildings and Grounds Committee a t 8:55 a.m. T h e committee adjourned at 10 a.m. for a meeting of die board as a Committee of the Whole.
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