Repository: UIHistories Project: Board of Trustees Minutes - 1948 [PAGE 832]

EXTRACTED TEXT FROM PAGE:

1947]

UNIVERSITY OF ILLINOIS

831

This matter was presented by Director Dickason. After discussion, no action was taken. The Comptroller presented the following items for the President of the University.

SALE OF HOUSES PURCHASED FOR STAFF

(5) On May 29, 1946 (Minutes, page 1115), the Board approved a resolution authorizing the Comptroller and the Secretary of the Board to execute all documents relating to the staff housing project for the purchase of 50 prefabricated houses. This resolution authorized the conveyance of the properties to the Foundation for the purpose of borrowing additional funds and requires the return of the properties to the University when all indebtedness has been paid. Under this program 44 houses, the maximum possible within the available funds, have been erected. The University now has the opportunity to sell one of these houses at a price equal to the total cost of the house to a staff member who would otherwise be eligible to rent such a unit. By selling the house, funds will be released which will enable the University to purchase an additional unit. To complete this sale, it is necessary that the Board of Trustees approve the following revised resolution which will enable the University of Illinois Foundation to complete such sales and to hold the funds for direction by the Board of Trustees of the University of Illinois. I recommend adoption of this resolution, the sale of the property, and reinvestment of the funds realized from the sale in an additional unit. Whereas, the Board of Trustees of the University of Illinois, at its meeting on May 29, 1946 (Minutes, pages 1113-1115), adopted a Resolution pertaining to the Staff Housing Project which read as follows: "Therefore, be it resolved, that the Comptroller of the University of Illinois and the Secretary of the Board of Trustees of the University of Illinois be and the same are hereby authorized to execute all agreements and documents necessary, to acquire sites for fifty (50) units to be constructed and used for faculty housing; to construct thereon such units within the limitation of $176,000 expenditure; to convey such sites and units to the University of Illinois Foundation under an agreement that they will be reconveyed to the Board of Trustees when all indebtedness against them has been paid and to enter into a lease agreement with the University of Illinois Foundation whereby the Board of Trustees as Lessee is given the right to operate and manage such units." and Whereas, the sale of individual houses and lots which form a part of said project will be facilitated by a restatement of this Resolution; Therefore, be it resolved that the Resolution above quoted be and the same is hereby amended to read as follows: Therefore, be it resolved, that the Comptroller of the University of Illinois and the Secretary of the Board of Trustees of the University of Illinois be and the same are hereby authorized to execute all agreements and documents necessary, to acquire sites for fifty (50) units to be constructed and used for faculty housing; to construct thereon such units within the limitation of $176,000 expenditure; to convey such sites and units to the University of Illinois Foundation under an agreement whereby the University of Illinois Foundation will lease all of said properties to the Board of Trustees of the University of Illinois with full right to operate and manage such sites and units; that the University of Illinois Foundation may sell and convey in fee simple, free and clear of encumberance and lease, by appropriate instruments of conveyance any or all of said sites and units to purchasers at prices per site or unit not less than the amount required to liquidate a pro rata share of the total indebtedness outstanding at the date of the sale of said sites and units, the proceeds of such sale to be held or disposed of as the Board of Trustees of the University of Illinois shall direct; the purchasers of said sites or units shall be under no duty to see to the application of the purchase money; that any sites or units not so sold and conveyed shall be reconveyed by the University of Illinois Foundation to the Board of Trustees of the University of