Repository: UIHistories Project: Board of Trustees Minutes - 1982 [PAGE 562]

EXTRACTED TEXT FROM PAGE:

1982]

UNIVERSITY OF ILLINOIS

551

American Mental Health Research Program, previously housed in several offcampus locations. The University has the option to renew the lease for five additional singleyear periods (through 1987). T h e rental for FY 1983 is $3.50 per gross square foot, or $40,194 per year. Accordingly, the president of the University, with the concurrence of the appropriate administrative officers, recommends that the option be exercised, subject to the availability of funds, for the period July 1, 1982, through June 30, 1983, at an annual rental of $40,194. Funds will be included in the Graduate College institutional funds operating budget authorization request for FY 1983 to be submitted to the Board of Trustees. O n m o t i o n of D r . D o n o g h u e , this r e c o m m e n d a t i o n w a s a p p r o v e d b y t h e following v o t e : Aye, M r s . Day, D r . D o n o g h u e , M r . Forsyth, M r . H a h n , M r . Howard, M r . M a d d e n , Mr. Neal, Mrs. Shepherd, Mr. Stone; no, n o n e ; absent, Governor T h o m p s o n . ( T h e s t u d e n t a d v i s o r y v o t e w a s : Aye, M r . B a n d a l a , M r . B e t t e n h a u s e n , M r . Persons; no, none.) E x c h a n g e of Property w i t h t h e C h i c a g o Transit A u t h o r i t y (Correction of R e s o l u t i o n ) (28) On July 16, 1981, the Board of Trustees adopted a resolution to clarify certain matters regarding an exchange of land with the Chicago Transit Authority. While the memorandum approved by the board was accurate, the legal description included in the resolution as approved was incorrect. Accordingly, the president of the University, with the concurrence of the appropriate administrative officers, recommends that the previous resolution be rescinded and the following resolution, with the correct information, be adopted. Resolution Whereas, the Chicago Transit Authority, a Municipal Corporation, duly organized and existing under and by virtue of the Laws of the State of Illinois, hereinafter referred to as " C T A , " has offered to convey title to hereinafter described property now owned by it and located in the city block bounded by Polk, Taylor, Paulina, and (vacated) Hermitage Streets in Chicago, Illinois, to T h e Board of Trustees of the University of Illinois, a Public Corporation of the State of Illinois, hereinafter referred to as "University," in exchange for conveyance by the University of title to the hereinafter described property now owned by it and located in said same city block in Chicago, Illinois, to the CTA, upon the following terms and conditions: 1. Each party will convey title or other appropriate interest as indicated free and clear of all liens and encumbrances, and subject only to such easements and covenants as the University and the CTA may require. 2. Possession shall be delivered and title shall be conveyed by Quit-Claim deed by each party to the other simultaneously on or before June 1, 1982. 3. Each party shall receive rights in said land subject to restrictions contained in and created by "An Act in Relation to the Establishment of a Medical Center District in the City of Chicago, and for the Control and Management Thereof," approved June 14, 1941 (91 III. Rev. Stat. Section 126 et seq.). 4. The C T A shall simultaneously grant unto the University, at the time of the mutual exchange of property, agreements allowing for the construction and maintenance of driveways, sidewalks, and alleys for ingress and egress as needed