Repository: UIHistories Project: Board of Trustees Minutes - 1972 [PAGE 273]

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1971]

UNIVERSITY OF ILLINOIS

263

On motion of Mr. Grimes, the resolutions were accepted and the Secretary was directed to transmit them to the members of the Illinois Board of Higher Education with supportive comment.

RECESS FOR MEETING OF GENERAL POLICY COMMITTEE T h e B o a r d r e c e s s e d i n t o a m e e t i n g of t h e G e n e r a l P o l i c y C o m m i t t e e f o r t h e p u r p o s e of r e c e i v i n g f r o m t h e P r e s i d e n t a r e p o r t , " T h e G o v e r n a n c e of C a m p u s e s a t t h e U n i v e r s i t y of I l l i n o i s . " T h e r e p o r t w a s r e c e i v e d f o r r e c o r d a s r e f l e c t i n g t h e C o m m i t t e e ' s u n d e r s t a n d i n g of t h e U n i v e r s i t y organization at the present time. ANNUAL MEETING RECONVENED W h e n t h e B o a r d r e c o n v e n e d , t h e s a m e m e m b e r s a n d officers of t h e B o a r d a n d officers of t h e U n i v e r s i t y a s r e c o r d e d a t t h e b e g i n n i n g of these minutes were present. (29) Upon reconvening and on motion of Mr. Swain, the Board approved the action of the General Policy Committee and the approval of the President's report. (A copy of the report is being filed with the Secretary of the Board for record.) EXECUTIVE SESSION T h e Board considered the following recommendation. ACQUISITION OF PROPERTIES AT 1 2 0 1 - 0 3 WEST SPRINGFIELD AVENUE, URBAN A (30) T h e Board of Trustees on January 17, 1968, authorized the acquisition of the properties at 1201-03 West Springfield Avenue, Urbana, through condemnation proceedings and further authorized settlement of the condemnation suit if the settlement can be effected at a price within appraisals received by the University. A judgment order of the Circuit Court of Champaign County, Illinois, has since been entered which provides for the vesting of title to the properties in T h e Board of Trustees of the University of Illinois upon payment of $75,000 as just compensation for the value of the properties, which amount is within appraisals. It is desirable to have this acquisition funded by the University of Illinois Foundation. Accordingly, the President of the University, with the concurrence of appropriate administrative officers, recommends that the University accept the jury award, and that the University of Illinois Foundation be requested to participate in this acquisition by paying the award in accordance with the judgment order. This will necessitate conveyance of title to the Foundation, which in turn will lease the properties to the University at a rental sufficient to pay the interest costs on a bank loan to the Foundation for the purchase of the properties. T h e Foundation will hold the properties until the University has funds for their acquisition. It is also recommended that the following resolution be adopted to implement the above. R e s o l u t i o n R e g a r d i n g L y n c h P r o p e r t y L o c a t e d at 1201 W e s t Springfield Avenue and 1203 W e s t Springfield Avenue, U r b a n a , Illinois WHEREAS, the Judgment Order of the Circuit Court of the Sixth Judicial District, Champaign County, Illinois, entered in, the condemnation case entitled "The Board of Trustees of the University of Illinois, a public corporation, Petitioner vs. Mary E. Lynch, Stephen Lagerlund, and Donald Beiser, Defendants" No. 68-L-105, under date of February 17, 1971, provides that upon payment to the County Treasurer of Champaign County, Illinois, of the amount of the award in the sum of Seventy Five Thousand Dollars ($75,000.00) title to the Lynch Property hereinafter described shall vest in this public corporation; and WHEREAS, this public corporation desires that the University of Illinois Foundation, a not-for-profit corporation of the State of Illinois, pay the