Repository: UIHistories Project: Board of Trustees Minutes - 1974 [PAGE 580]

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570

BOARD OF TRUSTEES

[May

15

SECRETARY'S REPORT The Secretary presented for record appointments to the faculty and changes of status made by the President; resignations; leaves of absence; and retirements. A copy of the report is filed with the Secretary.

EXCHANGE OF PROPERTY. URBANA

(27) The President of the University, with the concurrence of appropriate administrative officers, recommends the adoption of the following resolution authorizing the exchange of property at 602 South Fourth Street, Champaign (the Colonel Wolfe School), title to which now is held by the University of Illinois Foundation, for the following eight University-owned properties: 309 Hessel Boulevard, Champaign 412 Hessel Boulevard, Champaign 508 North Prospect Avenue, Champaign 510 North Prospect Avenue, Champaign 606 North Prospect Avenue, Champaign 706 West Indiana Avenue, Urbana 1012 West Stoughton Street, Urbana 808 South Webber Street, Urbana The Foundation's current indebtedness on the Fourth Street property is $130,100. The eight University houses to be exchanged carry no debt and their value is substantially equivalent to this amount,* When the above exchange is completed, it is contemplated that the Foundation properties would then be sold on the basis of their fair market value. Funds from the sale will be used to reduce the amount of Foundation borrowing. The University of Illinois Foundation currently owes approximately $1,691,000 to the First National Bank of Chicago for acquiring various properties at the Urbana campus. In the current financial climate, it is doubtful that money will be appropriated to acquire the major portion of the Foundation-owned properties. Indications are that appropriations for land will be made only if the land is related to a specific building project. The University owns thirty-seven properties in the Champaign-Urban a community which were acquired for housing new faculty and staff on a temporary basis. It is estimated that the value of these properties is approximately $580,000 after deducting selling expenses. The current faculty housing need no longer is sufficiently critical to warrant continued retention of these homes. It « proposed that these properties be exchanged for Foundation-owned properties which are considered to be necessary for current and future growth of the University. The Urbana campus has determined that the first priority of acquisition is 602 South Fourth Street, Champaign (Colonel Wolfe School), which is used by the College of Education and the Department^ of Psychology. (The real estate market is excellent at this time and it is desirable to test the market by exchanging 602 South Fourth Street, Champaign, for the eight properties listed above and selling these properties, subject to the current leases. The present occupants will be given an opportunity to purchase the properties which they occupy.) Recommendations on the exchange of the remainder of the properties will be brought to the Board of Trustees for approval at a later date. Resolution Authorizing Exchange of Foundation Property Known as Colonel Wolfe School, Champaign, Illinois for Eight University Residential Properties Located in Urbana and Champaign, Illinois BE IT, AND IT HEREBY IS RESOLVED by THE BOARD OF TRUSTEES OF T H E UNIVERSITY OF ILLINOIS, a public Corporation of the State of Illinois, hereinafter referred to as "UNIVERSITY," that the Comptroller and Secretary of this Corporation be, and they hereby are, authorized for, and in the name of, and on behalf of, UNIVERSITY to enter

1 The vatu« of these houses is bastid on appraisals less estimated amounts for expenses of the sales and allowances for market fluctuations.