Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 1111]

EXTRACTED TEXT FROM PAGE:

1108

BOARD OF TRUSTEES

[September 21

ACQUISITION OF LAND FOR 1LLINI U N I O N PARKING (1) The Buildings and Grounds Committee has approved in principle a program for expanding the parking facilities for the Mini Union and the University of Illinois Foundation has been requested to acquire the properties at 601, 603, and 60S East Healey Street, Champaign. These properties will provide approximately eighty parking spaces to replace sixty reserved spaces on Burrill Avenue, the remaining spaces will be metered. Parking meters will be installed on 147 spaces on Burrill Avenue to accommodate Mini Union guests. In addition, the Director of the Physical Plant recommends construction of twenty-two parking spaces between the Mini Union and the Natural History Building from Mini Union funds at an estimated cost of $26,000. These spaces would be used primarily by occupants of Mini Union guest rooms. The cost of the three properties on Healey Street is $97,500 and the parking lot construction is estimated to cost $48,500. The entire cost of the land and improvements can be repaid by extending the Foundation's present parking lot loan from the First National Bank of Chicago by eighteen months, or to October 15, 1965. The properties to be purchased by the Foundation are: 601 East Healey Street — a lot 111 feet by 58.1 feet and a one-story frame building with three apartments and a small business building; owners, Oscar D. and Minnie Marie Wilson; price, $36,000. 603 East Healey Street — a lot 58.1 feet by 177 feet and a two-story frame dwelling with three apartments; owner, Mrs. Florence Blakeslee; price, $31,500. 605 East Healey Street — a lot 58.1 feet by 177 feet and a two-story frame dwelling consisting of an apartment and five student rooms; owners, Gilbert and Gladys Mae Lorenz; price, $30,000. The terms of each purchase are $5,000 at the time of signing the contract and the balance when possession is delivered, not later than October 31, 1961. Taxes will be prorated. All properties are zoned commercially and the prices are in line with appraisals. The Director of the Physical Plant and the Vice-President and Comptroller recommend that this program be approved and that the University be authorized to lease the additional lots from the University of Illinois Foundation at a rental sufficient to pay the debt service payments on the loan from the First National Bank of Chicago. The lease will provide that the properties will be conveyed to the University when all indebtedness on the parking lots has been paid. I concur. O n m o t i o n of M r . P o g u e , t h e p u r c h a s e s of t h e s e p r o p e r t i e s o n the t e r m s r e c o m m e n d e d w e r e authorized by the following vote: Aye, Mr. Clement, M r . Dilliard, M r . H a r e w o o d , M r . H u g h e s , M r . Johnston, Mr. Pogue, M r . Swain, Mrs. W a t k i n s , M r . Wilkins, M r . Williamson; no, n o n e ; absent, M r . K e r n e r . ACQUISITION OF PROPERTY AT 2 0 2 NORTH ROMINE STREET, URBANA (2) The Director of the Physical Plant and the Vice-President and Comptroller recommend the purchase of the property at 202 North Romine Street, Urbana, at a price of $18,862.21 to provide additional space urgently needed to accommodate the increased staff of the Coordinated Science Laboratory. T h e property consists of a lot 80 feet by 82 feet and a two-story and basement frame residence, used as a student rooming house, and garage. T h e property was on the market at a price of $22,500. Subsequently, it was purchased by two staff members of the University for speculative purposes at a sales price of $18,500. Negotiations were undertaken with the new owners and, as a result, they have agreed to sell the property to the University at their purchase price plus a reimbursement of cost incidental to acquisition of $362.21. These additional costs have been verified by the University. The appraisal made for the University indicates a market value of $21,463. Possession will be delivered not later than September 30, 1961. Taxes will be prorated. Funds for this acquisition will be provided from Coordinated Science Laboratory indirect costs. I concur.