Repository: UIHistories Project: Board of Trustees Minutes - 1940 [PAGE 230]

EXTRACTED TEXT FROM PAGE:

1939]

UNIVERSITY OF ILLINOIS

227

ninety days to complete the individual transactions, assuming owner furnishes clear title to the University. II. Real estate agent shall obtain contracts on at least a majority of the frontage desired before the various parcels are submitted to the county board for their approval and appraisal. Contracts to be presented by the Physical Plant Department. I I I . When the County Board approves for purchase the properties under contract the contracts will be taken to a bank or trust company and placed in escrow. T h e County Board to furnish the funds for all the transactions up to the total amount of the consideration involved. IV. T h e University will also place in escrow the title deeds conveying fee title to its properties on Harrison, Honore, Congress, Ogden, and Wolcott Streets, the same to be transferred to County of Cook when all contracts procured by the University to the amount of $90,000 have been placed in escrow. V. T h e bank or trust company will furnish guaranteed title policies to buyers and transfer funds on hand to sellers. December 21, 1938 Mr. C. S. Havens Physical Plant Department 256 Administration Building Urbana, Illinois

M Y DEAR M R . H A V E N S :

Your letter of December 15th is received and in response to your second paragraph, I am glad to advise that your assumption is correct. This section of the Board of County Commissioners was an acceptance of your proposal, as contained in your letter of August 3d and you will note by Section 28 of the proceedings of the Board of County Commissioners, copy of which we sent you, that the State's Attorney is authorized to draft and execute all necessary instruments to effectuate such transfer, in accordance with the terms and conditions thereof. Very truly yours,

W. G. DONNE

Committee

SECTION 28

Clerk

December 2, 1938 Your Committee has considered #20297 from C. S. Havens, of the Physical Plant Department of the University of Illinois, pertaining to the sale of its property on Harrison, Congress and Ogden Avenue, opposite the County Hospital. Your Committee recommends that the offer of the Trustees of the University of Illinois for the transfer of its property on Harrison, Congress and Ogden Avenue in consideration of the County Board acquiring for said Trustees of the University of Illinois property of a value not to exceed $90,000.00 be and the same is hereby accepted and the President of the Board of County Commissioners and the State's Attorney are hereby authorized to draft and execute all necessary instruments to effectuate such transfer, in accordance with the terms and conditions set out by said Board of Trustees of the University of Illinois, provided, however, that the purchase of property for the Trustees of the University of Illinois by the County of Cook shall not be made until the Board of Commissioners of Cook County are satisfied that the value of said property so purchased is not less than the purchase price as paid b}' the said Board of County Commissioners. M r s . P l u m b , for the Committee on Chicago D e p a r t m e n t s , reported a r e c o m m e n d a t i o n t h a t t h e B o a r d a u t h o r i z e t h e m a k i n g of t h e n e c e s s a r y a g r e e m e n t s to s e c u r e c o n t r o l of t h e s e p r o p e r t i e s , in p u r s u a n c e of its a c t i o n o n A u g u s t 1, 1 9 3 8 ( M i n u t e s , p a g e 4 2 ) . O n m o t i o n of M r s . P l u m b , t h e r e c o m m e n d a t i o n s of t h e P r e s i d e n t