Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 975]

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966

BOARD OF T R U S T E E S

[January 12

10 10 35 20 000 000 000 000

Dairy Science New calf unit New goat unit New bull barn Improvement in milk handling facilities Other Improvements For minor additions and improvements at the feed storage center and to remodel space urgently needed by the Department of Food Technology. Specific allocation of this will depend on the results of further study by the Departments of Animal Science and Food Technology I concur in these recommendations.

75 000

70 uoo ^>JUJ uuu

On motion of Mr. Livingston, this matter was referred to the Committee on Agriculture for consideration and report.

FEDERAL FUNDS FOR CONSTRUCTION OF HOUSING FOR MARRIED STUDENTS AND STAFF, URBANA-CHAMPAIGN (5) The Federal Housing Act of 1949 provides for certain assistance by the Federal Government to local housing agencies in the redevelopment of land and construction of low cost public housing facilities. T h e University of Illinois needs additional housing facilities for married students and junior staff members of the character proposed by the Housing Act and it needs to eliminate as rapidly as feasible the temporary housing facilities now in use. A program is recommended (see attached memorandum) which proposes the following: 1. The University shall purchase land and convey it to the Champaign County Housing Authority. 2. The Champaign County Housing Authority shall borrow funds under the provisions of the Federal Housing Act and construct an apartment building of ninety-five units, such building to be similar to that now under construction on the Urbana campus but with sufficient reduction in cost to bring the cost within the limitations of the Housing Act. 3. The Champaign County Housing Authority will lease the building when completed to the University for a fixed annual rental adequate to pay the annual debt service on the obligation. 4. When the debt has been paid, the Champaign County Housing Authority will reconvey the land and improvements to the University. This program represents a possible way in which the University can participate in the benefits proposed under the Federal Housing Act of 1949. 1 recommend that I be authorized to submit this program to the Champaign County Housing Authority and endeavor to secure its acceptance. It is understood that any final program would be submitted to the Board of Trustees for their consideration and further notice. O n m o t i o n of M r . M c L a u g h l i n , a u t h o r i t y w a s g r a n t e d a s r e c o m mended. CHICAGO HOUSING PROJECTS (6) The Comptroller presents a review of recent estimates of cost secured on the proposed student residence hall and staff apartment building at the Medical Center, and reports from the Equitable Life Assurance Society as to the maximum loan that could be secured. The reports show that the estimated costs exceed the maximum that can be borrowed.

Mr. Livingston and Dr. Ivy made statements on this matter. Mr. Amos Watts, of the firm of Chapman and Cutler, commented on this matter, with special reference to the requirements of equity and income necessary to support a marketable bond issue.