Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 374]

EXTRACTED TEXT FROM PAGE:

TQ55]

UNIVERSITY OF ILLINOIS

37I

15 shares General Motors Corporation common stock by exercising 300 rights to subscribe to additional shares Sale $8,000 U. S. series D i~% per cent Certificates of Indebtedness due August 15, 1955

I 125 00

7 997 50

Report of Comptroller Dentistry-Medicine-Pharmacy Building Revenue Bond Fund Construction (Purchases authorized by Board of Trustees Resolution dated March 15, 1951, Minutes, page 632.) Purchases $50,000 U. S. Treasury Bills due June 30, 1955 $49 &37 7& $50,000 U. S. Treasury Bills due May 19, 1955 49 8 73 33 $50,000 U. S. Treasury Bills due June 2, 1955 49 8 70 53 $25,000 U. S. Treasury Bills due June 16, 1955 24 930 83 This report w a s received for record. BUSINESS PRESENTED BY THE PRESIDENT OF THE UNIVERSITY

The Board considered the following reports and recommendations from the President of the University.

SALE OF UNIVERSITY HOUSES (1) Pursuant to the plan authorized by the Board of Trustees for the sale of University-owned residence properties in Urbana-Champaign which are outside the area of future campus expansion, the Director of the Physical Plant and the Comptroller recommend the sale of the following residence properties owned by the University: Sgfe University Location Purchaser Price Investment 717 South Foley, Elmer VV. and Suzanne C. Kretzschmar $10 500 $8 306 15 Champaign 706 East Washington Sherman and Grace McDowell Paul 10 250 8 656 92 Boulevard, Urbana These are National Homes buildings constructed in 1946. The University investment includes the original cost plus subsequent improvements. The sale price in each case was determined by an independent appraisal by a real estate expert. 1 concur and recommend adoption of the following resolutions: Resolution WHEREAS, Elmer W. Kretzschmar and Suzanne C. Kretzschmar, his wife, of Champaign, Illinois, hereinafter termed "Purchasers," have offered to purchase the hereinafter described property known as 717 South Foley, 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 $10,500.00 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) Possession to be retained by Purchasers under the terms of the presently existing lease of said premises until final closing or termination of the contract of sale. (D) 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.