Repository: UIHistories Project: Board of Trustees Minutes - 1968 [PAGE 164]

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BOARD O F T R U S T E E S

[September

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square feet) and is improved with a two-story and basement frame dwelling used as a rooming house. I concur. O n m o t i o n of M r s . W a t k i n s , t h i s r e c o m m e n d a t i o n w a s a p p r o v e d b y the following vote: Aye, M r . Clement, M r . Johnston, M r s . W a t k i n s ; no, n o n e ; absent, none. PURCHASE OF PROPERTY AT 9 0 5 WEST CALIFORNIA AVENUE, URBANA (15) The Director of the Physical Plant and the Vice-President and Comptroller recommend that the Board request the University of Illinois Foundation to purchase the property at 905 West California Avenue, Urbana, at a price of $75,000 and lease the property back to the University at a rental rate adequate to pay the interest on a bank loan to the Foundation to purchase the property. The property is improved with a three-story and basement frame dwelling located on a lot 80 feet by 151 feet (12,080 square feet). This property is required for academic expansion east of the Krannert Center for the Performing Arts. I concur. O n m o t i o n of M r . J o h n s t o n , t h i s r e c o m m e n d a t i o n w a s a p p r o v e d b y the following vote: Aye, M r . Clement, M r . Johnston, M r s . W a t k i n s ; no, n o n e ; absent, none. PURCHASE OF PROPERTY AT 5 0 4 EAST DANIEL STREET, CHAMPAIGN (16) The Director of the Physical Plant and the Vice-President and Comptroller recommend that the Board of Trustees request the University of Illinois Foundation to purchase the property at 504 East Daniel Street, Champaign, at a price of $50,000 and lease the property to the University at a rental sufficient to pay the interest costs on a loan to the Foundation to purchase the property. The property consists of a lot 49.5 feet by 129.1 feet (6,390 square feet), and is improved with a two-story and basement frame building which will be demolished. The area will be used for parking facilities. I concur. O n m o t i o n of M r . J o h n s t o n , t h i s r e c o m m e n d a t i o n w a s a p p r o v e d b y the following vote: Aye, M r . Clement, M r . Johnston, M r s . W a t k i n s ; no, n o n e ; absent, none.

P U R C H A S E OF PROPERTY AT 502 EAST DANIEL STREET, CHAMPAIGN

(17) On April 20, 1966, the Board of Trustees authorized condemnation proceedings for the acquisition of the property at 502 East Daniel Street, Champaign, and settlement at a price within University appraisals. T h e property consists of a lot 49.5 feet by 72.1 feet (3,569 square feet), improved with a two-story and basement frame dwelling and is needed as a site for parking facilities. A judgment order of the Circuit Court has since been entered which provides for the vesting of title to the property in the Board of Trustees of the University of Illinois upon payment of $30,500 as the fair market value of the property, which amount is within appraisals. It is now recommended that the University of Illinois Foundation be requested to participate in this acquisition by paying the award, which will necessitate conveyance of title to the Foundation. It is further recommended that the Foundation be requested to lease the property to the University at a rental sufficient to pay the interest on a bank loan to the Foundation to finance the payment of the award until the University has funds for its acquisition. I concur and recommend adoption of the following resolution to implement the above. Resolution R e g a r d i n g T i m p o n e P r o p e r t y L o c a t e d a t 502 E a s t Daniel Street, C h a m p a i g n , Illinois WHEREAS the Judgment Order of the Circuit Court of the Sixth Judicial District, Champaign County, Illinois, entered in, the condemnation case entitled: "The