Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 385]

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382

BOASO OF TRUSTEES

[February 15

On motion of Mr. Johnston, these recommendations were approved by the following vote: Aye, Mr. Clement, Mr, Harewood, Mr, Hughes, Mr. Johnston, Mr, Pogue, Mrs. Watkins, Mr. Witkins, Mr. Williamson; no, none; absent, Mr. Herrick, Mr. Kerner, Mr. Swain.

EXCHANGE OF UNIVERSITY PROPERTY AT 6 0 9 EAST UNIVERSITY AVENUE, CHAMPAIGN, FOR PROPERTY AT SOI WEST GREEN STREET. URBANA

Mr. Paul Tangora lias offered to exchange a property he owns at 901 West Green Street, Urbana (southwest corner of Green Street and Lincoln Avenue) lor the property owned by the University at 609 East University Avenue, Champaign, as an outright exchange with no cash consideration involved but with the provision that he would be allowed to retain whatever payment will be made by the city of Urbana for a part of the land area of the property at 901 West Grew Street which it will acquire for a right-of-way in connection with the widening and resurfacing of Green Street, The city has agreed to pay $7,300 for this strip of land. The property at 609 East University Avenue was acquired by the University some thirty years ago through a bequest by the late Dean Kendric C. Babcod of the College of Liberal Arts and Sciences establishing an endowment fund fa the support of research, fellowships, and publications in the general field of bistory and political science. One of the assets of his estate was a mortgage on the property at the southwest comer of University Avenue and Wright Street, a comer lot with a frame house, which the University acquired at a public sale at a cost of $4,458.52, this amount representing the principal due on the mortgage accrued interest, accrued taxes, and expenses of the sale. Subsequently the property was leased to the DX Sun Ray Oil Company which cleared the land and constructed a gasoline service station on the site. The income from this property has been turned over to the Babcock Endowment Fund. In the past five years the income has ranged from, a low of $430 to a high of $2,000. Three independent appraisals of the University property run from $19,500 to $22,500 ($2,24 to $2.58 per square foot); appraisals of the property at 901 West Green Street, Urbana, run from $24,500 to $29,050 ($4.45 to $5.28 per square foot). The net rental income On this property is between $185 and $190 per month which would be sufficient to replace the income for the endowment fim<: now received from the University's property. The University _ Avenue property is not included in long-range campus development plans but it is anticipated thi expansion in Urbana will eventually require ownership of the property on Green Street and Lincoln Avenue. Moreover, control of that corner property will prevent commercial development in the immediate area. The Director of the Physical Plant and the Vice-President and Comptroller recommend that: 1. The exchange of properties according to the conditions stated be authorized in principle, subject to an approving opinion of the Legal Connsel as to Ik University's right to exchange this asset of the Babcock Endowment. 2. A valuation of $21,000 be established for the properties so exchanged. A supporting memorandum from the Physical Plant Department is being 6 W with the Secretary of the Board for record.

The President of the University concurs. On motion of Mr, Johnston, the recommendation was approved by the following vote: Aye, Mr. Clement, Mr. Harewood, Mr. Hughe. Mr. Johnston, Mr. Pogue, Mrs. Watkins, Mr. Wilkins, Mr. Williamson; no, none; absent, Mr. Herrick, Mr, Kerner, Mr. Swain.

REQUEST O F STATE'S ATTORNEY O F CHAMPAIGN COUNTY

At this point Mr. Lesemann, Legal Counsel, informed the President of the l;mversity and the Board of Trustees that the State's Attorney of Champa County, Mr. Robert McDonald, had appeared at the meeting requesting a conference with the Trustees to discuss an extension of the University's policy «' making payments on certain properties for services rendered by local governrne"' taxing bodies. The request was granted, and Mr. Lesemann introduced "JMcDonald.