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Caption: Board of Trustees Minutes - 1972
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642 BOARD OF TRUSTEES extend this lease upon the same terms and conditions for two additional single year periods, pins the further option to purchase this land at a price of $200,000 during any of the lease periods. Any option or lease monies paid will be applicable to the purchase price. 2. Leasing five acres of land at an annual rental of $2,000 and the option to extend this lease upon the same terms and conditions for two additional single year periods, plus the further option to purchase this land at a_ price of $75,000 during any of the lease periods. Any lease monies paid will be applicable to the purchase price. The President of the University, with the concurrence of appropriate administrative officers, recommends that the foregoing land at the intersection of Interstate Route 74 and Gale Avenue, Peoria, be designated for the site for the Peoria School of Medicine and further that authorization be given to the Comptroller and Secretary of the Board to execute the option agreement as described. During the initial 130 day period, the financing and the feasibility of exercising the lease and purchase options for both parcels of land as outlined above will be reviewed with the staffs of the State Board of Higher Education and the Bureau of the Budget and a further recommendation will be submitted to the Board. O n motion of M r . Swain, this recommendation was approved by the following vote: Aye, M r . H a h n , Mr. H o w a r d , M r . H u g h e s , Mr. Karnes, M r . Neal, M r . Pogue, M r . Swain; no, none; absent, D r . Bakalis, Governor Ogilvie, M r . Steger. M r . Forsyth asked to be recorded as not voting. O n motion of M r . Swain, the B o a r d adjourned. EARL W. PORTER E A R L M. HUGHES Secretary President LUNCHEON GUESTS A group of student leaders from the Chicago Circle campus were guests of the Board at luncheon.
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