Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 1181]

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1178

BOARD OF TRUSTEES

[February 24

The improvements will increase the University's physical assets by at least $100,000. The Director of the Institute of Aviation and the Vice-President and Comptroller recommend approval of the proposal. I concur and recommend that the Comptroller and the Secretary of the Board be authorized to execute the necessary documents, subject to approval of the Legal Counsel. O n m o t i o n of M r . S w a i n , t h i s r e c o m m e n d a t i o n w a s a p p r o v e d . ACQUISITION OF FARM L A N D FOR COLLEGE OF AGRICULTURE AND EXPERIMENT STATION (20) By authority of the Board of Trustees, the University instituted proceedings, under its right of eminent domain conveyed upon it by law, in the Circuit Court of Champaign County for the acquisition of the H . N. Pell farm of 160 acres southeast of Urbana for the College of Agriculture and the Agricultural Experiment Station. These proceedings have been concluded, and the jury has fixed a price of $700 an acre, or $112,000, as the fair value of this land, and the Court has entered an order authorizing its sale to the University. It is now necessary for the Board of Trustees to take certain actions: Authorize the payment of the compensation determined in these legal proceedings and accept title to the land; Transfer of title of this land, when conveyed to the University, to the University of Illinois Foundation which will finance its purchase; Lease of the land from the Foundation. T h e University will have the option under the lease of the land to purchase it when funds are available. I recommend that purchase of the land under the conditions indicated and the adoption of the resolution submitted herewith. R e s o l u t i o n A u t h o r i z i n g P a y m e n t for P e l l T r a c t , Conveyance of T i t l e T h e r e t o , a n d L e a s i n g Thereof Be It, And It Hereby Is Resolved by this Board of Trustees of T h e Board of Trustees of the University of Illinois, a public corporation of the State of Illinois, hereinafter referred to as "University," that the Comptroller and Secretary of this University be, and they hereby are, authorized for, and in the name of, and on behalf of, this University to enter into an agreement with University of Illinois Foundation, a not-for-profit corporation of the State of Illinois, with its principal office in the City of Urbana, in the County of Champaign, and State of Illinois, hereinafter referred to as "Foundation," providing for the sale and conveyance to Foundation of title to the tract of land hereinafter described and herein referred to as the "Pell Tract" at a sale price equivalent to the compensation award of $112,000.00 entered by the Circuit Court of Champaign County, Illinois, on February 18, i960, in the eminent domain proceedings entitled, "The Board of Trustees of the University of Illinois, a public corporation, vs. Gordon Moser et al., Defendants, Law No. 60-L-10," and any additional costs incidental thereto incurred by University in acquiring title to said Pell Tract. Be It, And It Hereby Is Further Resolved that upon compliance with the terms of said agreement by Foundation, and in accordance with the terms thereof, said Comptroller and Secretary be, and they hereby are, authorized and directed to execute, acknowledge, and deliver, in the name and in behalf of, this University, and under its Corporate Seal, a W a r r a n t y Deed and such other documents in connection therewith as said Comptroller and Secretary may deem necessary or desirable in order to convey to Foundation title to the following described property, viz: T h e Northwest Quarter ( N W J4) of Section Twenty-eight (28) in Township Nineteen (19) North, Range Nine (9) East of the Third Principal Meridian (3rd P.M.) in Urbana Township, in the County of Champaign and State of Illinois; hereinafter referred to as the "Pell Tract."