Repository: UIHistories Project: Board of Trustees Minutes - 1940 [PAGE 642]

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19391

UNIVERSITY OF ILLINOIS

639

of Illinois Foundation, a non-profit corporation of the State of Illinois, to remodel and reconstruct this property; and Whereas, in order to set up such trust the Board of Trustees has conveyed to the University of Illinois Foundation, a non-profit corporation as aforesaid, the property hereinafter described, situated in the City of Chicago, County of Cook and State of Illinois, to wit: Lots one (1) to seven ( 7 ) , inclusive, in Block twenty-three (23) ; also sublots one ( 1 ) to seven ( 7 ) , inclusive, of Lots nineteen (19) to twenty-five (25), inclusive, in Block twenty-three (23) ; and the vacated alley running North and South through said Block twenty-three (23) ; in Ashland Second Addition to Chicago, in the West half of the Northeast quarter of Section eighteen (18), Township thirty-nine (39) North, Range fourteen (14), East of the Third Principal Meridian; and Lots fifteen (15), sixteen (16), seventeen (17), and eighteen (18), in Balestier's Subdivision of Block twenty-three (23). in Ashland Second Addition to Chicago, as shown upon the plat of said Subdivision, recorded in the Recorder's Office of Cook County, in Book 166 of Maps, pages 70 and 71, and also in Book 14 of Plats, page 8 5 ; and Whereas, the Board of Trustees of the University of Illinois has negotiated with the County of Cook in relation to an exchange of certain properties in Cook County, including the property herein described; Now, therefore, be it resolved, that the County of Cook is hereby authorized to issue its check in the sum of $74,680.97, payable to the University of Illinois Foundation aforesaid, and to deliver the same to Mrs. Glenn E. Plumb for delivery to the University of Illinois Foundation, which payment, together with the transfer to the Board of Trustees of the University of Illinois of certain properties at the corner of Damen and Polk Streets in the City of Chicago, County of Cook and State of Illinois, for a consideration of $15,319.03, shall constitute the complete consideration for the transfer by a deed of warranty of the premises hereinbefore described in this resolution to the County of Cook and in all things exonerate the County of Cook of any further obligations on account of such transfer, the agreed consideration for the transfer of the property herein described being $90,000. Be it further resolved, that if the County of Cook for any reason should prefer that the said check in the sum of $74,680.97, payable to the University of Illinois Foundation, be held in escrow by some responsible person or corporation until deeds, abstracts and title policies such as may be required have been delivered and the County of Cook has had opportunity to examine and check the same, Mrs. Glenn E. Plumb is hereby authorized to agree to such arrangements and to a deposit of such check in escrow accordingly. EMPLOYMENT OF ARTHUR ANDERSEN & CO. At this point, M r . P o g u e , for the F i n a n c e Committee, presented a recommendation t h a t A r t h u r A n d e r s e n & Co. be retained to audit the a c c o u n t s of t h e U n i v e r s i t y f o r t h e c u r r e n t a c a d e m i c y e a r . O n m o t i o n of M r . P o g u e , t h i s r e c o m m e n d a t i o n w a s a d o p t e d . FINANCING T H E CONSTRUCTION OF RESIDENCE HALLS (28) At the last meeting of the Board a report was presented on various possibilities of financing the construction of a new residence hall for men. A further report is being presented at this time.

Mr. Morey presented this matter.

October 20, 1939 President A. C. Willard, 355 Administration (W)

DEAR PRESIDENT W I L L A R D :

I am reporting for Judge Johnson, Director Havens, and myself our consideration of the proposed plan of financing the construction of a men's residence hall, supplementing previous reports on this subject. In response to requests which were sent out to all parties who had e x pressed an interest in financing projects at the University, we received four