Repository: UIHistories Project: Board of Trustees Minutes - 1948 [PAGE 1093]

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1092

BOARD OF TRUSTEES MATTERS P R E S E N T E D BY P R E S I D E N T S T O D D A R D

[May 21

The Board considered the agenda for the meeting and took action on the following matters presented by the President of the University.

PROPERTY PURCHASES (1) Purchase of the following properties is recommended as a part of the special program of acquisition of resident properties for faculty housing authorized by the Board of Trustees: 1. 407 West Washington Street, Urbana — $16,000. Edwin Park, owner. Lot size 6 0 ' x 135'. House — frame, 7 rooms (plus enclosed sleeping p o r c h ) ; living room, study, dining room, and kitchen on first floor; three bedrooms, sleeping porch, and bath on second floor. Hand-fired warm air furnace, gas water heater, two-car garage. The house was constructed 26 years ago, has been well maintained, and is in excellent condition. Appraised at $16,500; purchase price, $16,000. Option, $500. 2. 207 West Washington Street, Urbana — $12,000. Robert D. Carmichael, owner. Lot size 60' x 135'. House — frame, 8 rooms; living room, dining room, kitchen, study, bedroom, and part bath on first floor; three bedrooms and bath on second floor. Hand fired warm air furnace, gas water heater, one-car garage. Appraised at $14,000; purchase price negotiated with owner, $12,000. Option, $300. The house will require a thorough internal overhauling as well as some exterior repairs to bring it up to the standard of other houses of this type which are being acquired by the University for rental to the faculty. This was considered in the negotiations with the owner and the price has been set to allow for the expenditure of up to $3,000 for repairs. The appraisal of $14,000 was on the house in its present condition. I recommend that the Board of Trustees authorize the expenditure of $15,000 for the acquisition and repair of this property. 3. 301 West Pennsylvania Avenue, Urbana — $19,250. Robert Thompson, owner. Lot size 6 0 ' x 115'. House — frame, 7 rooms; living room, dining room, kitchen, and study on first floor; three bedrooms and bath on second floor. Oilfired warm air heater (new installation), automatic gas water heater, water softener, new kitchen equipment, one-car garage. The house was purchased two years ago by present owner, who made extensive internal and external improvements, and it is in an excellent state of maintenance. Appraised at $18,500; purchase price, $19,250. The owner has an appraisal of $20,000; the University's appraisal is $18,500. The owner agreed on a price half way between the two. Option, $500. 4. 709 West Michigan Avenue, Urbana — $22,500. Warren A. Ruth, owner. Lot size IOO" x 193'; well landscaped. House •— frame, shingle siding, 7 rooms; living room, dining room, kitchen, general room (which may be used as a study or library), master bedroom with complete bath on the first floor; two bedrooms and bath on the second floor; large storage space in attic which could be converted into another room. Large porch in front of house and a terrace in the rear. Stoker warm air heating recently overhauled. Automatic gas water heater. The house has been occupied by only one family, the present owner, who built it 34 years ago. It has been well maintained and is in good condition. Original asking price, $28,000; appraised at $22,500; purchase price, $22,500. Option, $200. In negotiations with the owner it was agreed that the University would pay the 1948 real estate taxes payable in 1049. T h e 1947 taxes payable in 1948 amounted to $268.15. T h e University has secured from the Champaign County Real Estate Board an independent appraisal of each of these properties. Mr. Newton C. F a r r of F a r r and Company, Chicago, who has served as consultant to the University on real estate acquisitions, was also consulted. H e has inspected the properties and concurs in the prices recommended. The University has purchased options on these properties, as indicated in each case, to June 1, 1948As reported to the Board at a previous meeting, the Board of Directors of the Athletic Association has also decided to purchase a house for rental to a member of the Athletic Department staff. Authority is requested to transfer any