Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 1072]

EXTRACTED TEXT FROM PAGE:

1959]

UNIVERSITY OF ILLINOIS

I069

urging the Board of Trustees to choose the Garfield Park site. Copies of these letters were distributed at the meeting and were filed with the Secretary of the Board for record.

THE B O A R D O F T R U S T E E S O F T H E UNIVERSITY O F ILLINOIS HOUSING R E V E N U E B O N D S O F 1 9 5 9 , S E R I E S C AND D

The Board of Trustees of the University of Illinois Housing Revenue Bonds, Series C and D, require the signatures of two members of the Board of Trustees in addition to the signatures of the President and Secretary of the Board. President Williamson designated Mr. Timothy W. Swain and Mrs. Frances B. Watkins, as members of the Finance Committee, to sign these bonds.

EXECUTIVE SESSION

At this point, on motion of Mr. Johnston, an Executive Session was requested and ordered for the consideration of the following items of business:

PURCHASE OF MAXWELL FARM FOR COLLEGE OF AGRICULTURE The Dean of the College of Agriculture and Director of the Agricultural Experiment Station, the Director of the Physical Plant, and the Vice-President and Comptroller recommend the acquisition of approximately 129.13 acres of farm land owned by Esther and Grace Maxwell, located on the east side of First Street Road, approximately one-half mile east of the Illinois Central Railroad and 134 miles south of St. Mary's Road at a price of $1,000 an acre. This land is diagonally southwest of the farm property acquired by the University from the Grein estate in 1956. In lieu of cash, the sellers may request the University to purchase a farm in Ogden Township, which they wish to acquire and to exchange this property for the property which they own. The University would pay to Esther and Grace Maxwell the difference between the price paid for the farm in Ogden Township and the price at which the Maxwell farm is offered to the University. Since capital funds for land acquisitions have not been released, it will be necessary to finance this purchase through the University of Illinois Foundation. The Vice-President and Comptroller recommends that the Foundation Board be requested to borrow approximately $130,000 from the First National Bank of Chicago, purchase the property, and lease it to the University at a rental sufficient to pay the debt service. When the capital appropriations are released, the University will purchase the property from the Foundation, which in turn will pay off the loan. The Maxwell farm is subject to easements with the Panhandle Pipeline Company and the Illinois Power Company and to a lease with the tenant expiring February 28, 1961. The contract of purchase between the Foundation and Esther and Grace Maxwell shall include the terms set forth above and other details included in a letter dated October 7, 1959, from the Physical Plant Department to George 1. Maxwell, agent for Esther and Grace Maxwell, and a letter of correction dated October 19, 1959, copies of which are filed with the Secretary of the Board for record. I concur and recommend that the Comptroller and the Secretary of the Board be authorized to execute the necessary agreements with the University of Illinois Foundation, subject to approval by the Legal Counsel, and that $16,000 be advanced from Indirect Costs funds to the Foundation to cover the down payment and interest.

On motion of Mr. Johnston, the foregoing recommendations were approved, and the assignment of funds was authorized by the following vote: Aye, Mr. Clement, Mr. Harewood, Mr. Herrick, Mr. Johnston, Mr. Swain, Mrs. Watkins, Mr. Wilkins, Mr. Williamson; n o, none; absent, Mr. Hughes, Mr. Pogue, Mr. Stratton.