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Caption: Board of Trustees Minutes - 1974
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1972] UNIVERSITY OF ILLINOIS 85 It is further recommended that the _ Comptroller and the Secretary of the Board he authorized to exercise the options to purchase the above land at the appropriate time during the lease period, subject to the availability of funds. Funds for the purchase of the land have been requested in the FY 1974 Capital Budget. On May 17, 1972, the Board of Trustees designated this land as tfie site for the Peoria School of Medicine and authorized payment of $1,000 for a 130-day option which will expire on September 28, 1972. The staff of the State Board of Higher Education has reviewed and approved the leasing of this land until State funds can be appropriated for its purchase. The University has received the following appraisals: 20.827 Acres Five Acres Frank J. Burke, Peoria $ 232 250 — 0R. E. Thiemann, Peoria $ 210 000 $ 80 000 F. D. Hitchcock, Peoria $ 185 000 $ 90 000 On motion of Mr. Swain, these recommendations were approved and authority was given as recommended by the following vote: Aye, Mr. Forsyth, Mr. Hahn, Mr. Howard, Mr. Hughes, Mr. Neal, Mr. Pogue, Mr. Steger, Mr. Swain; no, none; absent, Dr. Bakalis, Governor Ogilvie. RESCISSION OF AUTHORIZATION FOR PURCHASE OF 4 0 3 SOUTH L I N C O L N A V E N U E , URBANA (35) On December 17, 1971, the Board of Trustees authorized a request to the University of Illinois Foundation to purchase the property at 403 South Lincoln Avenue, Urbana. At the time this authorization was requested, it was anticipated that the sale of other Foundation-owned properties would provide the funds necessary for this acquisition. Such sales have not materialized. The owners of 403 South Lincoln Avenue have stated they do not wish to continue negotiations since they desire to be free to make other arrangements for the sale or improvement of the property in (he near future. In view of the difficulty experienced in securing funds and the likelihood that this difficulty will continue, the Foundation has terminated its negotiations for the acquisition of this property at this time. Accordingly, the President of the University, with the concurrence of appropriate administrative officers, recommends that the Board's action on December 17, 1971, be rescinded. On motion of Mr. Pogue, this recommendation was approved by the following vote: Aye, Mr. Forsyth, Mr. Hahn, Mr. Howard, Mr. Hughes, Mr. Neal, Mr. Pogue, Mr. Steger, Mr. Swain; no, none; absent, Dr, Bakalis, Governor Ogilvie. On motion of Mr. Howard, the Board adjourned. EARL W. PORTER EARL M. HUGHES Secretary President
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