Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 315]

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312

BOARD OF TRUSTEES

[April 21

is well within the Small Homes Council estimate. However, due to improvements in the site plan and landscaping, and the addition of garages and breezeways to all houses, the total cost of the project is now estimated at $465,000. A loan of $140,000 plus the appropriation of $325,000 will provide enough funds to complete the project. The Comptroller has surveyed sources of borrowing and all replies indicate that net income from rentals will be adequate to amortize a loan of $140,000 in approximately fifteen years, the amortization period specified by the Board. Submitted herewith are Schedule A, Capital Budgets for this Project; Schedule B, Estimated Annual Income and Expenses; and Schedule C, List of Bids Received. The Director of the Physical Plant and the Comptroller recommend the award of contracts to the following firms who were the lowest bidders in each case: General work Continental Builders, Joliet 1 $361 090 15 Site improvements. . . .General Paving Co., Champaign.. 41 648 40 Landscaping Grundstrom Co., Glenview II 277 13 I concur and recommend that the Comptroller and the Secretary of the Board be authorized to execute these contracts. I further recommend that the Comptroller be authorized to secure offers of funds to be borrowed and to submit such proposals to the Board of Trustees through the Finance Committee. On motion of Mr. Livingston, authorization was given as recommended. C O N T R A C T F O R C O L L E G E O F VETERINARY MEDICINE IMPROVEMENTS (3) The Director of the Physical Plant Department and the Comptroller recommend an addition to the standing contract with Lewis S. Colbert, Champaign, for remodeling in the Veterinary Pathology Laboratory at an estimated cost of $21,583. Funds are available in a special appropriation made by the Board of Trustees for this purpose. I concur and recommend that the Comptroller and the Secretary of the Board be authorized to execute this contract. On motion of Mr. Fornof, authorization was given as recommended. RESOLUTION AUTHORIZING CONVEYANCE O F EASEMENT (4) Whereas, the residue and remainder of the Estate of H a r r y G. Wright was devised to the University of Illinois, to be administered by the College of Agriculture of the University insofar as practicable in the judgment of its Board of Trustees, and used for the purpose of promoting agricultural education and for founding scholarships, but nevertheless the use made of the devise and bequest thereunder was to rest in the sole discretion and judgment of its Board of Trustees; and Whereas, a portion of said residue was a certain lease of land on the southerly shore of Big Sand Lake in Vilas County, Wisconsin (theretofore assigned to said decedent whereon was erected a small summer home), together with an easement for a private road over adjoining property to connect with Wisconsin State Highway No. 70; and Whereas, R. F . McCormick and H . D. Fisk, the Executors under said will, pursuant to an order entered May 20, 1941, in the County Court of DeKalb County, Illinois, executed and delivered to P a r k Livingston, as purchaser, an instrument purporting to convey the aforementioned property and interest; and Whereas, said purchaser has been advised that the said Executors' deed may not be under the laws of the State of Wisconsin sufficient to convey the title or interest of Mr. Wright, and has requested that the University of Illinois, as such residuary devisee, execute and deliver to him a deed, in form now before this meeting, conveying the interest of the University in said premises: Now, Therefore, Be It and It Is Hereby Resolved that, in the discretion and judgment of this Board of Trustees, the property and interests so conveyed by the Executors of the Estate of H a r r y G. Wright, due to the character and location

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See below, page 313.