Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 167]

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164

BOARD OF TRUSTEES

[October 19

Recommendations on this will be submitted to the Board later when studies of the remodeling necessary have been completed and estimates have been made of the cost of the same to make the building available for various uses. Additional funds will be required for remodeling and for operation and maintenance. In the meantime, the Director of the Physical Plant and the Vice-President and Comptroller recommend that the University lease this property from the Foundation at a rental of $700 a year, subject to adjustment for any changes in the interest rate on the loan from the First National Bank of Chicago, and with the option of purchasing the property from the Foundation upon payment of the indebtedness to the Bank. The Foundation purchased the property for $30,000 which would represent a cost of $3.44 per square foot of the land area. This is substantially below independent appraisals of the property secured by the University and by the owner, 1 recommend that the Board approve the action of the Foundation and authorize the lease of the property by the University under the terms stated.

On motion of Mr. Johnston, this recommendation was approved by the following vote: Aye, Mr. Harewood, Mr, Herrick, Mr. Hughes, Mr. Johnston, Mr, Pogue, Mr, Swain, Mrs. Watkins, Mr. Wilkins, Mr, Williamson; no, none; absent, Mr. Clement, Mr. Stratton.

EXCHANGE OF PROPERTIES WITH UNIVERSITY CLUB

(5) The Committee on Buildings and Grounds of the Board of Trustees authorized negotiations with the University Club of the University of Illinois for the purchase of its property at 1201 West Oregon Street, Urbana, and for the conveyance of land to the Club as a site for a new Club House. The Board Committee has approved the following proposal, which has now been approved by the membership of the Club: The University wilt purchase the present property of the University Club of the University of Illinois at 1201 West Oregon Street, Urbana, at a price oi $90,000; The University will convey the property at 1108 and 1110 West Illinois Street, Urbana, to the University Club as a site for a new Club House; and The appropriation of $10,000_a year to the University Club for services rendered the University will be discontinued when the new Club House is completed. The purchase of the Club property is, of course, subject to the availability of funds and the conveyance of the property at 1108 and 1110 West Illinois Street will require adoption by the Board of Trustees of a formal resolution which will be submitted for consideration later. In the meantime, I recommend that the Board approve this proposal and that the Comptroller and the Secretary of the Board be authorized to execute such interim documents as may be necessary to implemew the plan of property exchanges.

On motion of Mr. Harewood, this recommendation was approved by the following vote: Aye, Mr. Harewood, Mr. Herrick, Mr. Hughes. Mr, Johnston, Mr, Pogue, Mr. Swain, Mrs, Watkins, Mr. Wilkins, Mr. Williamson; no, none; absent, Mr. Clement, Mr, Stratton.

APPROPRIATION FOR MODERNIZATION OF ALUMNI RECORDS

(6) The increasing numbers of alumni added to the rolls each year and the demands upon the Alumni Records Office for in formation^ concerning alumni mate it necessary to expand and improve the system of keeping alumni records. The Vice-President and Comptroller recommends that they be put on electronic data processing equipment, but before this can be done the records must be brought up to date and there will be additional cost involved in putting them on magnetic tape. The conversion will cost approximately $52,000. The Alumni Association has agreed toprovide $20,000 and the University of Illinois Foundation $12,000, if the University will supply the additional $20,000 needed. The Vice-President and Comptroller recommends, and I concur, that an assignment of $20,000 be made from the General Reserve Fund for the modernization of the alumni records.

On motion of Mr, Pogue, this appropriation was made by the fol-