Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 128]

EXTRACTED TEXT FROM PAGE:

1954]

UNIVERSITY OF ILLINOIS

125

The first three listed are National Homes units and the last three were constructed by the Small Homes Council with some outside grants of funds as research and demonstration projects. The sale price in each case is based upon an independent appraisal by a real estate expert. The prospective purchasers are staff members presently leasing these houses from the University. Of the thirty-one houses which were constructed on Hessel Boulevard, eight houses have been sold to date. In these sales, the University investment in the properties exceeded the sale price by $3,794. Including the above proposed sales, the excess of investment over selling price will be $14,775. During the time the University has owned and rented these properties, however, a net income of $54,000 has been realized, the major portion of which was applied to the payment of principal on the funds borrowed to finance this project. I recommend that the Board authorize the sale of these properties and the adoption of the following resolutions: Resolution WHEREAS, Fred E. Fiedler and Judith M. Fiedler, his wife, of Champaign, Illinois, hereinafter termed "Purchasers," have offered to purchase the hereinafter described property known as 207 Hessel Boulevard, Champaign, Illinois, upon the terms and conditions hereinafter set forth; Now, Therefore, Be It Resolved by the Board of Trustees of the University of Illinois, a public corporation of the state of Illinois, that the Comptroller and Secretary of this Corporation be, and they hereby are, authorized and directed, in the name, and in behalf of, this Corporation, to enter into an agreement with said Purchasers providing for the sale and conveyance to them of the hereinafter described property upon the following terms and conditions: (A) At a sale price of $9,195.00, with customary adjustments to be made therein for taxes, insurance, and abstracting costs; (B) This Corporation to furnish Purchasers a merchantable abstract of title and pay for the required Federal Revenue stamps; (C) Purchase price to be paid in full at the time of delivery of the deed and not later than six months after the date the contract is executed; (D) In the event said property should not qualify upon government appraisal for a Government Insured (G.I.) loan and written notice thereof is given to this Corporation by Purchasers promptly and within six (6) months from the date the contract is executed, the contract shall become ineffective, null and void; (E) The Title to be conveyed to be subject to special assessments, building restrictions and easements of record; ( F ) Such other terms and conditions as said Comptroller and Secretary may deem necessary or desirable. Be It Further Resolved that upon compliance with the terms of said agreement by Purchasers, and in accordance with the terms thereof, said Comptroller and Secretary be, and they hereby are, authorized and directed, to execute, acknowledge, and deliver, in the name, and in behalf of, this Corporation, and under its Corporate Seal, a Warranty Deed and such other documents in connection therewith as said Comptroller and Secretary may deem necessary or desirable in order to convey to Purchasers, not in tenancy in common, but in joint tenancy, title to the following described property, viz: Lot 45 in Lewis S. Colbert's Replat of lots 119, 120, 121 and part of Lots 115 and 118, in Highland Place Addition to the City of Champaign, situated in the City of Champaign, in the County of Champaign, in the State of Illinois. Resolution WHEREAS, Royall Brandis and Mary A. Brandis, his wife, of Champaign, Illinois, hereinafter termed "Purchasers," have offered to purchase the hereinafter described property known as 202 Hessel Boulevard, Champaign, Illinois, upon the terms and conditions hereinafter set forth; Now, Therefore, Be It Resolved by the Board of Trustees of the University ot Illinois, a public corporation of the state of Illinois, that the Comptroller and Secretary of this Corporation be, and they hereby are, authorized and directed, in