Repository: UIHistories Project: Board of Trustees Minutes - 1940 [PAGE 644]

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1939]

UNIVERSITY OF ILLINOIS

64I

T h e proposed loan of $600,000 appears ample to finance the construction and equipment of the contemplated unit. T h e estimated annual net income from this unit, assuming that it will be t a x free, is $30,000 after making adequate allowance for building repairs a n d equipment replacement. T h e estimated annual net income from women's residence halls is $30,000 (actual 1038-1930, $38,240; average for five years ending in 1939, $31,600). T h e average annual debt service requirement is $45,000. T h e proposals from National Life and Connecticut Mutual are good only until October 21. A decision before that d a t e on the m a t t e r therefore is desirable. Cordially yours, LLOYD MOREY Comptroller PROPOSALS FOR FINANCING M E N ' S RESIDENCE H A L L Other Form of ComExpense ObligaProperly Delivery of Funds mission (Estimated) Hon Security Rate Cooper, K a n a l e y , & VA% None Mortgage Proposed resi- As required during construcCo., Chicago (Repnote dence hall (Ja.ooo) tion, interest resenting the Conand entire to accrue necticut Mutual Life block of from date Insurance Company) land on supplied which built 1. John Blue & Co., Chi- 4>,'% cago (Representing the National Life Insurance Company) T. Charles K. Morris & Company, Inc., Chicago (Representing the Northwestern Mutual Life Insurance Company) 4. C. W. McNear & Company, Chicago 4%

(112,000) ($9,000)

?5,ooo

Mortgage Same as No. 1 Same as No. 1 note

?3,400

Bond issue

Proposed resi- Entire amount to be supplied dence hall January 1, and site on 1940, interest which built to accrue on entire sum from that date Same as No. 3 Same as No. 1

4 yi%

*3,Soo

Bond issue

Mr. Cleary presented the following resolution and moved its adoption:

RESOLUTION Be it resolved, that the Board of T r u s t e e s of the University of Illinois accept and approve the proposal of the University of Illinois Foundation to finance the building and equipping of a residence hall adequate to accommodate approximately 300 men, which proposal is evidenced by a letter addressed to the Secretary of the Board under date of September 21, 1939; and Be it further resolved, that the appropriate officers of the Board of T r u s t e e s be and they a r e hereby authorized and directed to execute a deed of w a r r a n t y conveying to the University of Illinois Foundation the following described property as a site for said d o r m i t o r y and upon the terms and conditions set forth in the proposal aforesaid: Beginning at a point twelve hundred thirty-three and ten one-hundredths (1233.10) feet north and thirty-three (33) feet west of the southeast corner of the West One-half (V2) of the Southwest Quarter ( U ) of Section Eighteen (18), Township Nineteen (19) North, Range Nine (9) East of the Third Principal Meridian, said point being on the back line of the north curb of the concrete pavement on Stadium Drive, thence North nine hundred and nineteen and fifty one-hundredtns (919.50) feet along the West line of Fourth Street to a point thirty (30) feet south of the center line of the concrete pavement on Gregory Drive, thence West thirteen hundred and eighty-nine and seventeen one-hundredths (1389.17) feet along a line thirty (30) feet south of said center line of the concrete pavement on Gregory Drive to a point thirty-three (.33) feet east of the center line of the concrete pavement on First Street, thence south nine hundred and nineteen and forty one-hundredths (919.40) feet along a line thirty-three feet east of the center line of the concrete pavement on First Street, and parallel thereto, to the back line of the north curb of the concrete pavement on Stadium Drive, thence east thirteen hundred and ninety-five and fifty one-hundredths (1395.50) feet along the back line of said north curb of the concrete pavement on Stadium Drive to the point of beginning, the above described tract being a p a r t of the West One-half (^2) of the Southwest Quarter (VO of Section Eighteen ( f 8 ) , Township Nineteen (19) North, Range Nine (9) East of the Third Principal Meridian, all in Champaign County, Illinois.