Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 1138]

EXTRACTED TEXT FROM PAGE:

1959]

UNIVERSITY OF ILLINOIS

"35

Watkins, Mr. Wilkins, Mr. Williamson; no, none; absent, Mr. Clement, Mr. Pogue, Mr. Stratton.

ACQUISITION OF LAND FOR THE AIRPORT (20) The Director of the Institute of Aviation and the Vice-President and Comptroller recommend the acquisition of approximately 128 acres of land north of the west portion of the Airport owned by Agnes S. Troutman, A. Russell Troutman, and Mae Troutman at a price of $1,050 an acre, the exact acreage to be determined by a survey to be made at the expense of the sellers. The land is described as: The East Half of the Northeast fractional Quarter; the East Half of the West Half of the Northeast fractional Quarter; and the East 38.8 acres of the West Half of the West Half of the Northeast fractional Quarter, excepting, however, the following described premises: Beginning at a point on the South line of said Northeast fractional Quarter 1286.2 feet West of the Southeast Corner of said Northeast fractional Quarter; thence West along said South line a distance of 1320 feet to the West line of that certain tract of land conveyed by Delia Jutkins to A. E. Troutman, dated the 18th day of January, 1934, and recorded the 5th day of March, 1934, in Champaign County, Illinois, in Book 224 of Deeds, page 196; thence Northwesterly along the West line of said tract of land, making an angle of 92 degrees 37 minutes with the South line of said Northeast fractional Quarter, a distance of 1321.38 feet; thence Easterly along a line parallel with the South line of said Northeast fractional Quarter a distance of 1320 feet; thence Southeasterly 1321.38 feet to the Place of beginning, all of said premises being situated in Section 3, Township 18 North, Range 8 East of the Third Principal Meridian, in Champaign County, Illinois. Approximately sixty-two acres of this farm are needed for extension of the north-south runway, and it is anticipated that the federal government will reimburse the University for one-half the cost of this acreage. The remainder of the farm may be sold, but in the meantime will be operated by the College of Agriculture for income-producing purposes. The sellers have requested that the University acquire a farm in Vermilion County and exchange it for the property which they own. The Troutmans will pay the difference between the price of the Vermilion County land and the selling price of their farm. Funds are not available in the state appropriations for the purchase of this land, but the First National Bank of Chicago has indicated that it will loan approximately $135,000 to the University of Illinois Foundation to acquire this property. An application will be submitted to the Federal Aviation Agency for $32,550 and a state capital appropriation will be requested for the balance in 1061. The terms of the contract of purchase between the Foundation and the Troutmans and the lease with the University are set forth in resolutions which the Board of Directors of the Foundation will be asked to adopt at its next meeting. Copies of these resolutions are filed with the Secretary of the Board of Trustees for record. 1 concur and recommend that the University of Illinois Foundation be requested to make the above purchase and exchange of land and to borrow approximately $135,000 from the First National Bank of Chicago, and 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 of the Legal Counsel.

On motion of Mr. Harewood, this recommendation was approved by the following vote: Aye, Mr. Harewood, Mr. Herrick, Mr. Hughes, Mr. Swain, Mrs. Watkins, Mr. Wilkins, Mr. Williamson; no, none; absent, Mr. Clement, Mr. Pogue, Mr. Stratton; not voting, Mr. Johnston.

PURCHASE OF PROPERTY BY UNIVERSITY OF ILLINOIS FOUNDATION (21) Mr. Avery Brundage is the owner of 129,873 shares of common stock of the LaSalle-Madison Hotel Corporation. The Corporation has an authorized com-