Repository: UIHistories Project: Board of Trustees Minutes - 1940 [PAGE 44]

EXTRACTED TEXT FROM PAGE:

1938]

UNIVERSITY OF ILLINOIS

41

E. 300 feet; thence S. 89 degrees 47 minutes W. 340 feet, thence N. zero degrees 13 minutes W. 300 feet to the point of beginning, said tract being a part of South portion of the West one-half of the Northwest one-quarter of the Northeast one-quarter of Section 18, Township 19 North, Range 9 East of the Third Principal Meridian, all in Champaign County, Illinois. This offer is to be regarded as separate and distinct from, and independent of, the proposal of the Foundation made to the Board of Trustees in relation to the building and leasing of an Illini Union Building to the Board of Trustees. Very truly yours, UNIVERSITY OF ILLINOIS FOUNDATION J. C. COLVIN Secretary July 28, 1938 Mr. H. E. Cunningham, Secretary Board of Trustees of the University Urbana, Illinois

DEAR SIR:

of

Illinois

You are advised that if the Board of Trustees accept the offer made by the University of Illinois Foundation for the purchase of a lot, made in a letter to you dated July 28, 1938, the Foundation intends to use said lot for the purposes hereinafter set forth, and accordingly tenders the following proposal to the Board of Trustees of the University of Illinois. T h e Board of Trustees of the University of Illinois will make available to the Foundation a grant of $450,000 from the Federal Government, P.W.A. Illinois Docket No. 1745-F, for the purpose of erecting an Illini Student Union Building; the Foundation will advance from its own resources the sum of $550,000 and with these amounts, aggregating $1,000,000, erect an Illini Union Building upon the lot described in that letter, in conformity with plans and specifications approved by the Board of Trustees. The Foundation will give the Board of Trustees the first opportunity to lease the completed building under an annual lease, subject to renewal and extension from year to year, in the discretion of the Board of Trustees, and at a rental of approximately $95,000, payable in two semiannual installments on the first day of April and first day of October each year. The Foundation will maintain the building and furnish light, heat and power, unless otherwise agreed after the building is completed, in which event the annual rent will be reduced proportionately. The Board of Trustees will assess a service charge against the student body at the beginning of the first semester in September, 1939, which the Board of Trustees will accept and hold in trust for the student body and agree with the students that such trust fund shall be applied exclusively to the payment of the rental and maintenance and operation of the Illini Union Building, the said service charge not to exceed $5.00 per semester or $10.00 per annum per student, to be assessed at least through 1959. T h e University of Illinois Foundation agrees to give the Board of Trustees, in writing at any time upon demand, an option to purchase within six months after October 1, 1959, the lot herein described, together with the improvements thereon, for a cash consideration of $1.00, and if such option be exercised by the Board of Trustees, the Foundation will convey title to the premises in fee simple by a deed of warranty, free of all encumbrances. Very truly yours, T H E U N I V E R S I T Y OF ILLINOIS F O U N D A T I O N J. C. COLVIN Secretary