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Caption: Board of Trustees Minutes - 1960
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584 BOARD OF T R U S T E E S CHICAGO [July 21 Dentistry-Medicine-Pharmacy Building Revenue Bonds — Auxiliary (Authorized by Board of Trustees resolution dated December 16, 1953, minutes page 1191) Purchase $120 000 U.S. Treasury Bills 8/6/59 #119 109 60 T h i s report was received for record. AUGUST, SEPTEMBER, A N D OCTOBER B O A R D MEETINGS It was the consensus of the Board that no regular meeting be scheduled in August, and the President therefore ordered it be omitted. On motion of Mrs. Watkins, the Board voted to hold its September meeting in Urbana, Illinois, on Wednesday, September 16, 1959, at an hour and place to be determined by the President and Secretary of the Board. On motion of Mr. Swain, the Board voted to hold its October meeting in Peoria, Illinois, on Wednesday, October 21, 1959, at an hour and place to be determined by the President and Secretary of the Board. EXECUTIVE SESSION At this point, on motion of Mr. Pogue, an executive session was requested and ordered for consideration of the following items of business. PURCHASE OF PROPERTY AT 8 0 5 WEST PENNSYLVANIA AVENUE. URBANA (33) The Committee on Buildings and Grounds has approved the purchase of the property at 805 West Pennsylvania Avenue, Urbana, at a price of $85,000. The property consists of a lot 120 feet wide, 140 feet deep, and a three-story and basement masonry (stone and brick) building, which was built as a sorority house, later was occupied by a fraternity, and at one time was owned by the University. It is proposed to assign the building to the College of Education for its elementary education program. When a new building is constructed for the College, the building can be remodeled for student housing. This property was purchased by the University at a price of $57,500 for use as a temporary research laboratory by the College of Veterinary Medicine since no state appropriation had been made at that time for a building for the new College. The property was sold by the University to the Sigma Alpha Mu fraternity in 1951 for $80,000. The fraternity is negotiating for the acquisition of another house and has offered to sell its property to the University at the price indicated above, which is within the appraisals, ranging from $85,000 to $87,500, received by the University. It was anticipated that funds for this property acquisition would be available in the state capital appropriations to the University for the year 1959-61. These appropriations have been made, but the funds are subject to release by the Governor who has announced that no releases of capital appropriations will be approved prior to January, i960, and then only if the State's revenue situation is favorable. Since state funds are not immediately available, the University of Illinois Foundation has been requested, and has agreed, to purchase the property and lease it to the University for a rental adequate to reimburse the Foundation for the costs involved (interest on the funds to be borrowed, plus expenses incidental thereto). When state funds are available, the University will purchase the property from the Foundation. The Director of the Physical Plant, the Vice-President and Comptroller, and the Vice-President and Provost recommend approval of this interim plan for the acquisition of the property and assignment of funds as follows:
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