Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 1040]

EXTRACTED TEXT FROM PAGE:

1956]

UNIVERSITY OF ILLINOIS

IO37

Illinois, a receipt to said Northern T r u s t Company therefor and a release and discharge of said Northern T r u s t Company from all further obligation to the University of Illinois arising under said trust indenture; and that said Comptroller be, and he is hereby further authorized to direct and authorize the Northern T r u s t Company to deliver to the First National Bank of Chicago, as a depositary of and for the University of Illinois, such portion of said University's said share of the assets of said trust estate as may be distributed and transferred to it in kind by said Northern Trust Company, the delivery thereof to said First National Bank of Chicago, as such depositary, pursuant to the instructions of said Comptroller, by said trustee to constitute delivery thereof to the University of Illinois. It is further hereby resolved that, upon receipt by the University of Illinois of its said share of the assets of said trust estate in accordance with the foregoing, the same shall be kept safely and securely invested and reinvested by the Comptroller of the University of Illinois and that the income derived therefrom from time to time shall be used and applied to research in and by the College of Medicine of the University in such manner and in connection with such projects as may be determined from time to time by the then Dean of the College of Medicine subject to the approval of the Vice-President in Charge of the Professional Colleges of the University of Illinois, or such other officers of the University of Illinois as this Board of Trustees may hereafter designate. O n m o t i o n of M r . L i v i n g s t o n , t h i s r e s o l u t i o n w a s a d o p t e d . EXCHANGE OF FARM LANDS (26) On March 23, 1956, a report was made to the Board of the purchase of the following described property constituting a part of the estate of George Grein: Tract No. 1, 80 acres, described as the West half of the S.E. Quarter, Section 30, T. 19 N., R. 9 E. of the 3rd P.M., Champaign County, Illinois. Tract No. 2, 160 acres, described as the N.E. Quarter, Section 31, T. 19 N., R. 9 E., said county. The purchase was made at a Master in Chancery's sale by the University of Illinois Foundation under an agreement whereby the University is to pay to the Foundation now a part of the cost, and upon payment of the remainder, the title will be conveyed to the University. It has been previously reported to the Board that since Tract No. 2 is across a road from land owned by the University, it would be desirable, if possible, to exchange this tract for 120 acres owned by Mrs. Emma Grein and her son, Henry Grein, which is contiguous to land owned by the University. The 120 acres is described as follows: Tract No. 3, the East half of the S.E. Quarter of Section 30, and the S.W. Quarter of the N.E. Quarter of Section 30, T. 19 N., R. 9 E., of the 3rd P.M., Champaign County, Illinois. Mrs. Emma Grein owns an undivided one-half interest in this property and a life estate in the other one-half interest, and her son, H e n r y Grein, owns the remainder. They have indicated their willingness to exchange their 120 acres for the 160 acres purchased at the Master's sale if the University is willing to pay them an additional $7,500 therefor. Each party would pay the 1955 taxes on the property they will convey and assume the liability for 1956 taxes on the property they will thus acquire. It is desirable, from the University's standpoint, that this exchange be made in order to round out University land holdings in this area. T h e 120-acre tract is in better condition than the 160-acre one, and the improvements on the former have been better maintained. The Dean of the College of Agriculture and the Comptroller recommend that this exchange of property be made. Title to Tract I and Tract 3 will then be held by the Foundation subject to the agreement hereinabove mentioned. I concur and recommend that (1) the Board authorize the Comptroller and the Secretary of the Board of Trustees to execute the necessary documents and (2) an appropriation of $7,500 from the General Reserve of the University be authorized for the payment required in completing this exchange.