Repository: UIHistories Project: Board of Trustees Minutes - 1948 [PAGE 218]

EXTRACTED TEXT FROM PAGE:

1947]

U N I V E R S I T Y OF I L L I N O I S

217

University should "recover its present investment and expenses incurred in holding this property" (Minutes, February 24, 1945, page 364). Since that time continued efforts have been made by University officers to secure an offer which would accomplish this result. This has not been found possible. T h e best offer received is from Russell L. Earl of Champaign to buy all land owned by the University in the Cemetery, consisting of 789 quarter lots, 239 single lots, and a small, unplatted area in the northwest corner for a purchase price of $14,000, payable, cash on execution of contract, $5,000, balance within three years with 3 % interest on the unpaid balance, a contract to be drawn mutually satisfactory to the University and the purchaser. On this basis, the University would not realize its complete investment expenses by $2,204.15. However, it has not been necessary to expend any part of the appropriation of $2,220 made by the Board for improvement of the Cemetery in May, 1945; consequently, that expense has been saved. T h e Legal Counsel has advised that it is not possible for the University to attempt to recover any land, in which interments have been made or use any vacant lots now or formerly owned by the University, for building purposes. For that reason, it seems highly desirable to dispose of the University's holdings at the earliest possible date. The Finance Committee recommends that the offer of Russell L. Earl for the purchase of this land be accepted and the officers of the Board authorized to conclude a contract and execute all necessary documents.

F R A N K H . MCKELVEY, Acting CHESTER R. D A V I S K. E. WILLIAMSON Chairman

The President recommended that this offer be accepted. On motion of Mr. McKelvey, this sale was authorized as recommended, by the following vote: Aye, Mr. Davis, Mr. Fornof, Mrs. Grigsby, Mr. Livingston, Mr. McKelvey, Dr. Meyer, Mr. Nickell; no, none; absent, Mr. Green, Dr. Luken, Mr. McLaughlin, Mr. Williamson.

LEASE OF NAVY PIER AND PURCHASE OF NAVY EQUIPMENT (4) Officers of the University have been negotiating a lease with officials of the City of Chicago for a portion of Navy Pier for use by the Chicago Undergraduate Division. They have also been discussing with them and with officials of the Navy Department a basis for purchase of certain equipment left on the Pier by the Navy, which the University needs. Complete agreement has now been reached by representatives of all parties, the principal conditions of which a r e : 1. T h e lease of approximately 373,350 square feet of space at a rental of $115,000 for the 11 months ending June 30, 1947, and $117,000 a year thereafter, from August I, 1946, to June 30, 1951, with renewal privilege for three additional years. 2. T h e University is to pay for electricity, gas, water, and heat. 3. T h e University is to pay $1,120 a year in lieu of insurance, and to provide public liability insurance protection to the City. 4. T h e University is to pay the cost of restoration of the Pier to the condition when Navy took possession, which is estimated at $200,000, the sum of $100,000, to be deposited in escrow with the First National Bank of Chicago on the signing of the lease, and an additional $100,000 on or before August 1, 1947. 5. All equipment left on the Pier by the Navy Department to be sold by the City to the University for the sum of $85,000, with the provision that the University may sell surplus equipment and credit proceeds against this payment to an amount not in excess of $22,000, any realization in excess of this amount to be paid to the City. T h e University will use at least seventy-five per cent of this property. I recommend that this lease and purchase be approved, that the Comptroller and the Secretary of the Board be authorized to execute the lease when approved by the Legal Counsel, and that the Comptroller be authorized to conclude the