Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 809]

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8o6

BOARD O F T R U S T E E S

[September

23

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 ten (10) 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. O n m o t i o n of M r s . H o l t , t h e s a l e of t h i s p r o p e r t y a t t h e p r i c e recommended was authorized a n d the foregoing resolution w a s adopted by t h e following v o t e : A y e , M r . Bissell, M r . H e r r i c k , M r s . H o l t , M r . Johnston, M r . Livingston, M r . M e g r a n , M r . Nickell, M r . Swain, Mr. Williamson; no, none; absent, M r . Stratton, M r s . W a t k i n s . P U R C H A S E O F P R O P E R T I E S AT 1 2 0 3 - 0 5 - 0 7 W E S T O R E G O N S T R E E T , URBANA (31) T h e University has been offered the opportunity of purchasing the properties at 1203-05-07 West Oregon Street, Urbana. T h e properties consist of a three-story brick apartment building and two three-story frame houses which have been remodeled into apartment buildings. There are twenty-eight apartments in the three properties which under present leases produce an annual gross income of $23,580. All leases are on the monthto-month basis; twelve of the present tenants are members of the University staff. The three properties, including the furnishings and equipment of the owner, are offered at a price of $190,000, if accepted by October 15, 1955. T h e appraised value of the properties, exclusive of furnishings and equipment, is $180,000. An estimate indicates that the value of the equipment exceeds the difference between the appraisal and the offer. T h e land is within the area of the University's long-range campus expansion. No specific use of the properties by the University is now proposed, but the buildings can be used for staff housing, student housing, or for offices and laboratories. Ultimately, the land will provide a site for a major building. Funds for the acquisition of these properties can be secured from the following sources: a. The balance in the funds received from the sale of University properties which has been held in reserve for improvements and maintenance of staff housing which might be retained by the University. The current balance is $184,229 of which approximately $20,000 should be retained for improvements and maintenance of the "National H o m e s " houses still owned by the University. Therefore, $160,000 is available in this reserve. b . T h e balance in funds received for indirect costs on research projects allocated for general University use, $30,000. The purchase of these properties has been recommended by the Building Program Committee, the Director of the Physical Plant, the Comptroller, and the Provost. In accordance with these recommendations, I request that the purchase of these properties be authorized at the quoted sale price of $190,000 and that the Board of Trustees assign funds for this purpose from the balances in the sources indicated above. O n m o t i o n of M r . B i s s e l l , t h e p u r c h a s e of t h e s e p r o p e r t i e s a n d the a s s i g n m e n t of funds w e r e a u t h o r i z e d as r e c o m m e n d e d . T h i s action was t a k e n b y t h e following v o t e : A y e , M r . Bissell, M r . H e r r i c k , M r s . Holt, M r . J o h n s t o n , M r . Livingston, M r . M e g r a n , M r . Nickell, M r . Swain, M r . Williamson; no, n o n e ; absent, M r . Stratton, M r s . W a t k i n s . R E C O M M E N D A T I O N S O F T H E UNIVERSITY P A T E N T COMMITTEE (32) T h e University Patent Committee submits, with the concurrence of the Chairman of the University Research Board, the following recommendations relating to inventions by members of the staff.