Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 329]

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326

BOASD OF TRUSTEES

[January 18

Mr. Snape addressed the Board briefly, urging that an early decision be made in the selection of a site for the Chicago Undergraduate Division, and that plans proceed as rapidly as possible in the development of four-year programs leading to degrees.

SALE O F SECURITIES

M r . Swain, for the Finance Committee, offered the following resolution: WHEREAS, The Board of Trustees of the University of Illinois is the owner of, to wit, 700 shares of Wisconsin Power and Light common stock, and WHEREAS, the Finance Committee of said Board has determined that it is advantageous to sell the above listed securities, Now, Therefore, Be It Resolved by the Board of Trustees of the University of Illinois that these securities be sold and that H. O. Farber, Comptroller, and A, J. Janata, Secretary, be authorized to execute all documents necessary to complete such sale. This resolution was adopted.

CLAIM O F R. V, M O N A H A N C O N S T R U C T I O N COMPANY

(32) As reported to the Committee on Buildings and Grounds atid other Trustees, this Company has made certain claims under its contract with the University for the construction of an addition to the Abbott Power Plant which have not been resolved through negotiations, the Company having rejected offers made by thi University, and the Company has requested a hearing by the Board of Trustee.

This request was referred to the Committee on Buildings and Grounds.

RECESS AND EXECUTIVE SESSION O n motion of Mr. Swain, an executive session was ordered for consideration of reports and recommendations relating to a property acquisition and the employment of personnel, to be held following a recess for luncheon which was taken at this point. W h e n the Board reconvened, the same members and officers of the Board and of the University were present as recorded at the beginning of these minutes.

PURCHASE OF PROPERTY AT 5 0 7 EAST DANIEL STREET, CHAMPAIGN

(1) The Director of the Physical Plant and the Vice-President and Comptroller recommend the purchase of the properly at 507 East Daniel Street, Champaign at a price of $65,000 hi accordance with the terms and conditions stated beitffl This is a negotiated price and is consistent with independent appraisals secured by the University. This property, described as Lot 2 in Block 2 of A. T. Hall's addition to ttit city of Champaign, is a lot 99,3 feet by 173.25 feet, a land area of approximate!; 17,200 square feet, and a three-story and basement frame building, formerly large residence but now remodeled into an apartment house with eight units. Tte area is zoned for multiple family use. The property is within the area of the University's land acquisition program and is included in plans for campus expansion. It is well located for interim ust as housing for women or to provide temporary space for staff offices. There is' critical shortage of housing for single undergraduate women and no addition space in University housing will be available until construction of the nes! residence hall for women. _ The building will accommodate eighteen undergraduate women and a H » Resident, The apartments would justify the same rental rate as is charged in tw Arbor Suites, or $460 per occupant per academic year. This rental would cov« all maintenance and operating expenses and net approximately $3,780 a year. The original asking price was $75,000 but as the result of negotiations '^