Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 634]

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UNIVERSITY OF ILLINOIS

63I

attempting to secure options for the purchase of the property fronting on Taylor Street between Polk Street and Wolcott Avenue, based on his appraisals of these parcels which total $112,960. At the meeting of the Board on July 22 the Director of the Physical Plant Department discussed with members of the Buildings and Grounds Committee the advisability of securing another appraisal of this property, and subsequently the Chicago Real Estate Board was employed to do this at a very reasonable rate. Their appraisal has since been received, and the total appraised value is $66,940, which is $46,020 below the appraisal furnished by Mr. Slavik. T h e University has not entered into any contractual relationship with Mr. Slavik to act as agent in the purchase of the property, and it is the opinion of the Director of the Physical Plant Department that the difference between the two appraisals warrants the reconsideration of continuing this program through Mr. Slavik. It is recommended, therefore, that the Board of Trustees rescind the action it took on July 15 in authorizing the employment of Mr. Slavik and instead authorize the Physical Plant Department to proceed with the acquisition of the property, taking such steps as may be necessary to obtain it at the lowest cost to the University but based on the appraisal of the Chicago Real Estate Board, allowing a reasonable variation therefrom. If the University negotiates directly for the purchase of this property it will then be possible to determine definitely the most practical and economical way to acquire it, and the authority from the Board should be sufficiently broad, therefore, to permit the Department to so proceed. O n m o t i o n o f M r . A d a m s , t h e a c t i o n of J u l y 15 a u t h o r i z i n g t h e e m p l o y m e n t of M r . S l a v i k w a s r e s c i n d e d a n d t h e P h y s i c a l P l a n t D e p a r t m e n t was authorized to proceed as recommended. SECRETARY'S REPORT OF CONTRACTS

T h e Secretary presented for record the following documents signed by the President and the Secretary of the Board and deposited with the Secretary since the last report.

Name The Westinghouse Electric Elevator Company Henry Renter & Sons Date June 28, 1941 July 22, 194! Amount $ 7 818 15 448 Purpose Modernizing elevator in Administration Building Re-roofing Physics Building

TREASURER'S REPORT

The Secretar}' presented also for record the report of M r . F r a n k M. Gordon, T r e a s u r e r , for the year ending J u n e 30, 1941.

STATEMENT OF RECEIPTS AND DISBURSEMENTS UNIVERSITY OF ILLINOIS

Balance July 1, 1940 Receipts: July, 1940 August, 1940 September, 1940 October, 1940 November, 1940 December, 1940 January, 1941 February, 1941 March, 1941 April, 1941 May, 1941 June, 1941 Total Receipts

$468 477 56 $ 497 333 276 311 144 187 489 249 299 248 I 071 242 367 901 836 710 299 297 296 878 829 866 104 210 72 62 45 81 05 10 71 96 07 86 22 94 4 352 599 51 $4 821 077 07