Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 384]

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1961]

UNIVERSITY OF ILLINOIS

381

site for a residence hall for graduate students. The property is well located for use for faculty offices, one of the most critical of the University's space problems, and would serve this or other University purposes until the ground needs to be cleared for construction. The asking price is consistent with independent appraisals secured by the University; while the price per square foot is relatively high, this is due to the fact that the house covers most of the lot. The Director of the Physical Plant and the Vice-President and Comptroller recommend the purchase of the property at the price of $19,950. A supporting memorandum from the Physical Plant Department is being filed with the Secrec y of the Board for record. The President of the University concurs in the recommendation. On motion of Mr. Pogue, the purchase of this property at the price

indicated was authorized by the following vote: Aye, Mr. Clement, Mr. Harewood, Mr. Hughes, Mr, Johnston, Mr. Pogue, Mrs. Watkins, Mr, Wilkins, Mr. Williamson; no, none; absent, Mr, Herrick, Mr. Kerner, Mr. Swain.

PURCHASE O F PROPERTY AT 6 0 5 EAST DANIEL STREET. CHAMPAIGN

The University's long-range campus development^ plan includes the acquisition of the property at 605 East Daniel Street, Champaign, and adjacent areas of land. The property consists of a lot 54 feet by 174 feet with a large two-story, |i!us attic and basement, frame house presently owned and occupied by the Cosmopolitan Club, a University of Illinois student organization. On December 16, 1959, the Board of Trustees on recommendation of its Committee on Buildings and Grounds authorized the Director of the Physical Plant and the Vice-President and Comptroller to secure an option for a consideration of $1,000 on the purchase of this property at a price not to exceed $48,000, said option to run to July 1, 1%1, with the provision that the option payment would become a part of the purchase price if the option is exercised. Negotiations for the option were undertaken but the Cosmopolitan Club declined to grant the option. In the meantime another prospective buyer has been negotiating with the Club for the purchase of the property. Aside from the need of the land for future campus development, acquisition oE this property by the University is highly desirable to prevent further commercial development in an area so close to the campus. Attempts to negotiate directly with the officers of the Cosmopolitan Club have been unsuccessful but discussions have been held with the attorney for the Club who has suggested a sale price of $56,000 to $60,000, and the following alternatives: 1. Outright sale to the University with possession on July 1) 1961; 2. Sale to the University with the provision that the Club would be allowed to occupy the building until July I, 1962, rent free, but the rent to be applied against the sale price; 3. The University to provide housing facilities elsewhere for the members of the Cosmopolitan Club for a two-year period rent free, such rental to be applied against the sale price; 4. The University to provide quarters in its residence halls for the members of the Club for a two-year period rent free, said rental to be applied against the sale price. The Director of the Physical Plant and the Vice-President and Comptroller recommend that: 1 Representatives of the University be authorized to negotiate with the Club or its duly authorized representatives for the purchase of the property hy the University within the appraised evaluations of. the property; and that !L t n e University can not purchase the property through negotiations by July 1, 1961, the Club be notified that condemuation proceedings will be instituted for Us acquisition by the University. A supporting memorandum from the Physical Plant Department is heing filed with the Secretary of the Board for record. The President of the University concurs.