Repository: UIHistories Project: Board of Trustees Minutes - 1968 [PAGE 812]

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BOARD O F T R U S T E E S

[September

20

F o l l o w i n g t h e m e e t i n g of t h e B u i l d i n g s a n d G r o u n d s C o m m i t t e e a n d d u r i n g t h e l u n c h e o n r e c e s s t h e f o l l o w i n g n e w d e a n s of t h e C h i c a g o C i r c l e c a m p u s w e r e i n t r o d u c e d : D e a n D . B . D o n e r , C o l l e g e of L i b e r a l A r t s a n d Sciences• D i r e c t o r W . L . Garrison, Center for U r b a n S t u d i e s ; a n d D e a n D a n i e l C. M c C l u n e y , D e a n of F a c u l t i e s .

EXECUTIVE SESSION When the Board reconvened, the same members of the Board, officers of the Board, and officers of the University as recorded at the beginning of these minutes were present, except Mr. Page who asked to be excused. The Board considered the following reports and recommendations from the President of the University.

LAND ACQUISITION PROGRAM F O R 1 9 6 7 - 6 9 , URBANA (29) The University of Illinois Foundation has purchased properties at UrbanaChampaign on behalf of the University under its loan commitment from The First National Bank of Chicago for 1965-67 in the amount of $3,554,535. It is estimated that during the coming biennium it will be desirable for the University or the Foundation to acquire additional property in order to provide for campus expansion in the amount of $1,189,000, making a total land acquisition program of $4,743,535. The General Assembly appropriated funds for the acquisition of land in Urbana-Champaign in the amount of $1,831,850. This requires financing of $2,911,685. T h e First National Bank of Chicago has agreed that if the University, under the terms of the land option contracts with the Foundation, will acquire sufficient properties so that the Foundation can reduce its present indebtedness to the Bank to $2,500,000, or below, it will be willing to extend the maturity of the line of credit to the University of Illinois Foundation loan in an amount not to exceed $2,500,000 until the end of the biennium 1967-69. The University can provide out of its Contract Research Reserve the sum of $411,685 to purchase land to be used for research activities, so that, with the extension of the loan from The First National Bank of Chicago and the balance of the appropriation, the above land acquisition program for 1967-69 can be financed. T h e Director of the Physical Plant and the Vice-President and Comptroller recommend approval of this program and the purchase of the following properties from the University of Illinois Foundation at the prices indicated, plus miscellaneous costs incurred in the acquisition of the properties: 511 East John Street $128 158 00 502 East Daniel Street 30 500 00 504 East Daniel Street 50 000 00 806 South Fifth Street 75 000 00 1012 South Fifth Street 60 000 00 1001 South Sixth Street 41 000 00 1301 West Stoughton Street 32 500 00 1202 West Oregon Street 45 000 00 903 West Illinois Street 45 000 00 905 West Illinois Street 41 000 00 904 West California Avenue 30 500 00 906-908 West California Avenue 70 000 00 Total $648 658 00 Funds are available in the state capital appropriation and have been released. Other purchase recommendations will be brought to the Board of Trustees for action. The Chancellor at the Urbana-Champaign campus and the Executive VicePresident and Provost endorse these recommendations. I concur. O n m o t i o n of M r . S w a i n , t h e s e r e c o m m e n d a t i o n s w e r e a p p r o v e d by the following vote: Aye, M r . Clement, M r . Grimes, M r . H a h n , M r .