Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 808]

EXTRACTED TEXT FROM PAGE:

1955]

UNIVERSITY OF ILLINOIS

805

entered into in July, 1954, with Ferranti Electric, Incorporated, Toronto, Canada, the vendor approved by the Office of Naval Research. The initial estimated cost of this equipment was $290,000, the funds to be provided by the Office of Naval Research. Certain modifications in the original specifications, resulting in an estimated additional cost of $41,850, are desired. The additional funds will be provided by the Office of Naval Research under a supplemental contract with the University. It will also be necessary to modify the subcontract with Ferranti Electric, Incorporated. These changes have been recommended by the Director of the Control Systems Laboratory, the Dean of the College of Engineering, and the Dean of the Graduate College and Chairman of the University Research Board, and are concurred in by the Provost. Approval of this proposed modification and authorization of the Comptroller and the Secretary to execute the necessary contract amendments are requested.

On motion of Mr. Johnston, this recommendation was approved and the Comptroller and the Secretary of the Board were authorized to execute the necessary documents.

SALE O F UNIVERSITY H O U S E (30) 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 residence at 400 Hessel Boulevard, Champaign, to William H . and Johanna M. Johnson, at a price of $10,000. The amount of the University's investment in this property is $9,734.88. This is a "National Homes" building constructed in 1946. T h e University investment includes the original cost plus subsequent improvements. T h e sale price was determined by an independent appraisal by a real estate expert. I concur and recommend adoption of the following resolution: Resolution WHEREAS, William H . Johnson and Johanna M. Johnson, his wife, of Champaign, Illinois, hereinafter termed "Purchasers," have offered to purchase the hereinafter described property known as 400 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 $10,000.00 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. ( E ) In the event said property should not qualify upon government appraisal for a Government Insured Loan (either G.I. or F.H.A. at Purchaser's option) and written notice thereof is given to this Corporation by Purchasers within six months from the date the contract is executed, the contract shall become ineffective, null and void. ( F ) The title to be conveyed to be subject to special assessments becoming a lien after the date hereof, building restrictions and easements of record. (G) 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