Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 1064]

EXTRACTED TEXT FROM PAGE:

1956]

UNIVERSITY OF ILLINOIS Adjustment Made in 1953-54 Cost-Pius Contract (Adjustment in project authorized prior to July I, 1955)

I06l

With Whom Consulting Engineering Service With Whom E. T. Drewitch (Plastering)

Purpose Three items: £111.48 to £2,000.00

Amount $ 3 31a 48

Date March 12, 1956, and April 2, 1956 Date April, 1956

Adjustment Made in 1955-56 Cost-Pius Contract

Purpose Thirty items: $98.93 deduct to f i , 140.00 Amount $1 327 11

This report was received for record.

QUARTERLY REPORT OF T H E COMPTROLLER (15) The Comptroller presents his quarterly report to the Board as of March 31, 1956. T h i s r e p o r t w a s r e c e i v e d f o r r e c o r d a n d a c o p y h a s b e e n filed w i t h the S e c r e t a r y of t h e B o a r d . ACQUISITION OF LAND IN CHAMPAIGN (16) Pursuant to authorization by the Board of Trustees, negotiations have been completed for the purchase of the properties at 1003 South Sixth Street and 507 East Chalmers Street, Champaign, Illinois, both being desirable acquisitions as part of the University's long-range campus plan development as they are in a block in which the University already owns some land. The property at 1003 South Sixth Street has on it a one and one-half story frame house and detached frame garage. The property at 507 East Chalmers Street has on it a two and one-half story stucco and frame house and a detached frame garage. This house is now used as a student rooming house and provides housing for twenty students in addition to living quarters for the owner. The prices being paid are $36,755 for the Sixth Street property and $28,275 for the one on Chalmers Street, a total of $65,030. The Director of the Physical Plant and the Comptroller also recommend the acquisition of the property at 509 East Chalmers Street, Champaign, which adjoins both of the other properties. This property has on it a two and one-half story stucco frame, fifteen-room plus attic dormitory, house. It is operated by the owner, Mrs. Ina Evans, as a student rooming and boarding house. She prefers not to sell her property as she wants to continue in this business in order to maintain an income, but has agreed either to sell the property for $45,000 or to be relocated in another property with approximately the same capacity and standard of maintenance. University representatives have been unable to find a suitable property of this kind on the market but have proposed an exchange of the University's property at 1008 South Lincoln Avenue, Urbana. This was purchased by the University for $30,000 in 1048 as a residence for McKinley Hospital nurses but is no longer being used for that purpose. It is now operated as a residence for women students. Mrs. Evans is willing to exchange her property for the University's property plus a payment by the University of $6,000. This cash consideration is justified on the basis of appraisals of the two properties and their income producing potentials. The property at 509 East Chalmers Street has been appraised at $44,800 by a realtor representing the owner and at $40,000 by a realtor representing the University. The house will accommodate twenty-one students for board and room service and the gross income for this property is in excess of $14,000 a year for nine months of operation. The property at 1008 South Lincoln Avenue has been appraised at $32,000 by a realtor representing the University. That house will presently accommodate only thirteen students, and to increase its capacity in order to produce as much income as the property at 509 East Chalmers Street will require extensive remodeling which is another factor in the negotiations. I recommend that the Board authorize 1. The acquisition of the property at 509 East Chalmers Street, Champaign, through an exchange for the property at 1008 South Lincoln Avenue, Urbana, plus payment by the University of $6,000, $5,000 at the time titles are exchanged and $1,000 to be paid when the University acquires possession; 2. An assignment of $6,000 from the General Reserve Fund;