Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 252]

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UNIVERSITY OF ILLINOIS

349

Hickman, Mrs. Holt, Mr. Livingston, Mr. McLaughlin, Dr. Meyer, Mrs. Watkins, Mr. Williamson; no, none; absent, Mr. Nickell, Mr. Stevenson.

PURCHASE OF PROPERTY AT 6 0 1 EAST SPRINGFIELD A V E N U E , CHAMPAIGN

(5) The Water Resources Building of the State Water Survey Division was constructed on property at 603-607 East Springfield Avenue, Champaign, purchased for this purpose by the University. The University also owns a small parcel of property at 601^2 East Springfield Avenue. The Board of Natural Resources and Conservation has requested the University to purchase the corner immediately west of this at 601 East Springfield Avenue to provide land for the future expansion of the Water Resources Building. The Comptroller and the Director of the Physical Plant have investigated this property. After several months of negotiation, the owner has offered to sell the property to the University for $14,250. If the offer is not accepted the owner proposes to construct some improvements on the property. The Director of the Physical Plant and the Comptroller recommend acceptance of this offer and authorization of the purchase. An appropriation of $14,250 from the General Reserve Fund will be required. I concur. O n motion of M r . Livingston, the purchase of this property was authorized, and an appropriation of $14,250 was m a d e from the General Reserve F u n d , by the following vote: Aye, M r . Fornof, M r . Herrick, M r . Hickman, M r s . Holt, M r . Livingston, M r . McLaughlin, D r . Meyer, M r s . Watkins, M r . Williamson; no, none; absent, Mr. Nickell, M r . Stevenson.

APPROPRIATIONS FOR APPROVED PURCHASES O F LAND

(6) On April 21, 1949 (Minutes, page 310), the Board of Trustees approved the purchase of the 320-acre McCullough Farm and the purchase of eighty acres from the Sullivan heirs. On May 21, 1049 (Minutes, page 360), the Board of Trustees approved the purchase of the property at Sixth and John Streets in Champaign. All these purchases are on the basis of contracts providing for annual payments and in some cases for pre-payments. The Comptroller reports that in the year 19501951, the maximum payments which can be made under these contracts are $153,815 and recommends that such payments be made. These payments are to be made in accordance with the following schedule: , ,_ A mount of Payment Property Principal Interest Total Rolfe Property S28 250 S565 S28 815 (Completes payments for this purchase) Sullivan Property 15 000 (Interest charged to income from the property. Remaining balance after this payment which can not be paid until 1952 — #15,000) McCullough Property 110 000 n o 000 (Interest charged to income from the property. Completes payments on this property) Total $153 815 I recommend an appropriation of $153,815 for these payments. O n motion of Mr. McLaughlin, this appropriation was m a d e by the following vote: Aye, Mr. Fornof, M r . Herrick, M r . Hickman, M r s . Holt, M r . Livingston, M r . McLaughlin, D r . Meyer, M r s . W a t k i n s , M r . Williamson; no, n o n e ; absent, Mr. Nickell, M r . Stevenson.