Repository: UIHistories Project: Board of Trustees Minutes - 1948 [PAGE 349]

EXTRACTED TEXT FROM PAGE:

348

BOARD OF TRUSTEES

[April 24,

urgent need for these machines and requests that the order be permitted to stand, the excess cost to be paid from the special building fund. The Comptroller concurs in this request, and I recommend that the Board approve the purchase in spite of the increased price.

On motion of Mr. Davis, this increase in price was approved.

UNIVERSITY CENTER IN CHICAGO (20) For several years the Alumni Association has been operating in the LaSalle Hotel an Illini Center as a headquarters for alumni activities in Chicago. When the University Placement Bureau was established by the Board it was understood that the Chicago end of this service would be a part of the Illini Center. A temporary arrangement was made within existing space. The fire in the LaSalle Hotel delayed the development of a complete program. The Hotel is preparing to open in the near future. It has offered the University the complete space of about 3,000 square feet on the 20th (top) floor of the building. This is about four times the amount of previous space and is offered at a rental of $4,SOO a year, or about $1.50 a square foot, which is reasonable in comparison to other rentals in the Loop. In addition to the interest of the Alumni Association and the Placement Bureau, the Extension Division has need of a Chicago headquarters. The Registrar also requires a center for information activities during several weeks in the spring. A number of general University officers are interested in having such space available. It is desirable that the University have an attractive and well-located center in Chicago which can serve the needs of these various activities and constitute an informational headquarters for the University as a whole. Dining service is available on the floor below, and the Chicago Illini Club intends to establish its headquarters on that floor. To make the project fully useful, an additional clerical position, telephone service, and minor incidental expenses are involved, representing a total budget of about $7,350 a year. It is proposed to finance this budget by an equal distribution of $1,850 a year among the Alumni Association, the Placement Bureau, the University Extension Division, and general University purposes, the latter including a present allotment of $350 to the Registrar's Office. Thus, an additional appropriation of $1,500 a year would be required. A nonrecurring appropriation also would be necessary for furnishings and for such remodeling and decorating as the Hotel might not be able to furnish, the amount of which should not exceed $10,000. It is proposed to make the lease for a two-year period with an option of renewal. All officers concerned have indicated their approval of the location and of the financial plan. I recommend that the Comptroller be authorized, in conference with the officers concerned, to conclude a lease with the LaSalle Hotel under the conditions mentioned, effective July 1, 1947, or as soon thereafter as the space can be made available, with the understanding that provision for the expense will be included in the internal budget beginning with 1947-1948 and that at a later time a specific request for a nonrecurring appropriation for furnishings and other expense will be submitted. O n m o t i o n of M r . D a v i s , t h i s l e a s e w a s a u t h o r i z e d a s r e c o m m e n d e d . SALE OF STOCK RIGHTS (21) The University holds 45 shares of American Tobacco Company stock on which rights have been issued to subscribe to one share of Common B stock for each five shares of stock held. The First National Bank of Chicago recommends that these rights be sold rather than to increase the holdings in this company, and the Finance Committee concurs in such recommendation. In order to complete such sale, the approval of the following resolution is necessary:

RESOLUTION REGARDING SALE OF STOCK R I G H T S ON AMERICAN TOBACCO COMPANY STOCK

Whereas, the Board of Trustees of the University of Illinois is the owner of 45 shares of American Tobacco Company stock and has the right to subscribe to one share of Common B stock of such corporation for each five shares now held, and