Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 304]

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i960]

UN1VEHS1TY OF ILLINOIS

301

University until it has funds to purchase them, at which time title will pass to the University, I recommend that the Board approve these property acquisitions and that it authorize the execution of a lease by the University of the properties from the Foundation at an annual rental which would be sufficient to pay the interest and other costs involved in the financing of this project. This property acquisition has previously been submitted to the Committee on Buildings and Grounds which has recommended approval.

On motion of Mr. Pogue, these property acquisitions and the execution of the lease were authorized, as recommended, by the following vote: Aye, Mr. Clement, Mr. Harewood, Mr. Hughes, Mr. Pogue, Mr. Swain, Mrs. Watkins, Mr. Wilkins, Mr. Williamson; no, none; absent, Mr. Hemck, Mr. Johnston, Mr. Stratton.

PURCHASE OF PROPERTY AT 9 0 7 SOUTH SIXTH STREET, CHAMPAIGN

(2) The Director of the Physical Plant and the Vice-President and Comptroller recommend the purchase of the property at 907 South Sixth Street, Champaign, by the University of Illinois Foundation for the University, at a price of $15,000, under the terms and conditions stated below: The property consists of a lot 57 feet by 132.6 feet with a three-story and basement frame building presently used as a rooming house accommodating thirty-one undergraduate students. The area is zoned for multiple family use. The land will be needed for future campus expansion and has long been included in the University's plan of land acquisitions. The site will eventually be used for construction of housing for single graduate students. The property is well located for interim use as general office space. The original asking price was $60,000 and the negotiated sale price of $15,000 is consistent with independent appraisals. An initial payment of $12:000 not later than December 31, I960, is one of the conditions of the negotiations. The balance of the purchase price will be (aid between January 1, 1961, and July 1, 1961, at which time the University will secure possession. The Board of Directors of the University of Illinois Foundation has approved this property purchase by the Foundation to be held for the University until it has funds to purchase it, at which time title will pass to the University. I recommend approval of this property acquisition and authorization of its lease by the University from the Foundation at a rental sufficient to pay the interest and other costs of financing this purchase. I further recommend that an appropriation of $13,500 be made from the General Reserve Fund for remodeling to convert this property into office space and an addition of $5,200 to the operating budget of the Physical Plant Department for the annual operation and maintenance costs of this building. Office space is the University's most critical need at present and no such additional space will possibly become available from new building construction before the fall of 1963 and perhaps somewhat later. The Committee on Buildings and Grounds has previously reviewed this property acquisition and recommends its approval.

On motion of Mr. Pogue, this property acquisition and the execution of the lease were authorized, as recommended, by the following vote: Aye, Mr. Clement, Mr. Harewood, Mr. Hughes, Mr, Pogue, Mr, Swain, Mrs, Watkins, Mr. Wilkins, Mr, Williamson; no, none; absent, Mr. Hcrrick, Mr. Johnston, Mr. Stratton.

SETTLEMENT O F C O N D E M N A T I O N SUIT FOR ACQUISITION OF LAND ADJOINING UNIVERSITY PROPERTY

P), At its meeting on October 21, 1959, the Board of Trustees authorized the institution of a condemnation suit to acquire approximately sixty acres of land located between First Street and the Illinois Central Railroad immediately south °i other University property and about a half mile south of St. Mary's Road in