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Caption: Board of Trustees Minutes - 1956
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988 BOARD OF TRUSTEES [March 23 REPORT OF THE EXECUTIVE COMMITTEE ON PURCHASE OF FARM LANDS Pursuant to authorization of the Executive Committee of the Board of Trustees, the University entered into an agreement with the University of Illinois Foundation under which the Foundation entered bids for purchase of the following described property which was sold on March 21, 1956, at public auction in a partition proceeding involving a portion of the estate of George Grein, deceased: Tract No. 1, 80 acres, described as the west half of the S.E. Quarter, Section 30, T. 19 N., R. 9 E. of 3rd P.M., Champaign County, Illinois. Tract No. 2, 160 acres, described as the N.E. Quarter, Section 31, T. 19 N., R. 9 E., said county. The Foundation purchased these properties at a price of $670 an acre for Tract No. 1, or a total price of $53,600, and at $688 an acre for Tract No. 2, or a total of $110,080. The total purchase price of the 240 acres is $163,680. The University of Illinois Foundation will borrow from the First National Bank of Chicago the sum of $82,000. Under the agreement with the Foundation, the University is to pay to the Foundation the balance of the purchase price of trie land. In return, the Foundation will execute a contract wherein the Foundation will agree to convey this land to the University upon payment by the University of the amount of the loan from the bank to the Foundation together with all interest thereon. The amount which the University must, therefore, pay to the Foundation at this time is $81,680. In addition, there are certain expenses of closing, including the payment of the 1955 taxes due in 1956, which the purchaser must assume under the terms of the sale. These are estimated at $2,700. It is, therefore, recommended that an appropriation of $84,380 be made to apply on this purchase, $72,000 from the General Reserve Fund and $12,380 from the accumulation of surplus receipts of the Agricultural Experiment Station; and that the Comptroller and the Secretary of the Board be authorized to execute the necessary documents to complete this transaction. On motion of Mr. Livingston, these appropriations were made and authority was given as recommended. This action was taken by the following vote: Aye, Mr. Herrick, Mrs. Holt, Mr. Livingston, Mr. Megran, Mr. Nickell, Mr. Swain, Mrs. Watkins, Mr. Williamson; no, none; absent, Mr. Bissell, Mr. Johnston, Mr. Stratton. DESIGN OF BAND BUILDING Mr. Livingston, for the Committee on Buildings and Grounds, reported that the Committee on Buildings and Grounds has examined the revised design of the new Band Building and has approved the same. The architects are proceeding with the working drawings and specifications in accordance with the previous authorization by the President of the University, which was confirmed by the Board on N o v e m ' 3 e r 23. 1955-
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