Repository: UIHistories Project: Board of Trustees Minutes - 1972 [PAGE 488]

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478

BOARD OF TRUSTEES

[December 17

ANNOUNCEMENTS Chairman Swain called attention to the schedule of the next three meetings of the Board: January 19, 1972, at Chicago Circle; February 16, 1972, at Urbana; and March 15, 1972, at Urbana. (The date of the annual meeting was previously changed by the Board from March 14 to March 15.) EXECUTIVE SESSION Chairman Swain announced that an executive session had been requested and was being ordered for consideration of reports and recommendations relating to property acquisition, litigation, and personnel. Following a brief recess, the Board reconvened and considered the following reports and recommendations.

PURCHASE O F PROPERTY AT 4 0 3 SOUTH L I N C O L N AVENUE. URBANA

(22) The President of the University, with the concurrence of appropriate administrative officers, recommends that the University of Illinois Foundation be requested to purchase the property at 403 South Lincoln Avenue, Urbana, at a price of $45,000 and to lease the property to the University at a rental sufficient to enable the Foundation to pay the interest cost on the loan secured to finance the acquisition. It is further recommended that authorization be given to enter into a lease of the property with the Foundation until June 30, 1972, with options for annual renewals thereafter during the term of the lease subject to funds being made available in the operating budget of the Housing Division. Funds for rental costs until June 30, 1972, are available in the operating budget of the Housing Division for FY 1972. Funds required after that date will be included in the operating budget of the Housing Division on an annual basis. On motion of Mr. Steger, these recommendations were approved by the following vote: Aye, Mr. Forsyth, Mr. Hahn, Mr. Neal, Mr. Pogue, Mr. Steger, Mr. Swain; no, none; absent, Dr. Bakalis, Mr. Grimes, Mr. Hughes, Governor Ogilvie. Mr. Howard asked to be recorded as not voting.

ACQUISITION O F CHICAGO FOUNDLINGS HOME PROPERTY. MEDICAL CENTER

(23) On October 20, 1971, the Board of Trustees, meeting in executive session, gave approval to proceed with negotiations for the acquisition of the Chicago Foundlings Home property at the Medical Center under one of four options proposed. It was proposed that the building be used to house the new School of Public Health at the Medical Center campus. Shortly thereafter, it was learned that a cash offer of $750,000 was made to the Board of the Foundlings Home by Rush-Presbyterian-St. Luke's Medical Center for acquisition of the property, to be used in support of the newly activated Rush Medical College. The anticipated delay in securing state appropriations, either by the University or the Medical Center Commission, plus the ongoing out-ofpocket costs to maintain the property in usable condition (said to be about $1,000 per month), led the Foundlings Home Board to agree to its immediate sale. Exercising its statutory power under the reversionary clause of its enabling legislation, the Medical Center Commission estopped the transaction, at least temporarily, and asked the University if there were any way whereby it could meet the offer of immediate cash purchase. The following paragraphs outline such a proposal. The Benjamin F. Goldberg Will contained a bequest to the University of Illinois Foundation, with a corpus of more than $2.0 million, for a special research center for the College of Medicine to bear the donor's name. The College of Medicine has decided to recommend the use of these funds to acquire the Chicago Foundlings Home property for the purposes stated in the Will (i.e., "research and