Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 468]

EXTRACTED TEXT FROM PAGE:

195*1

UNIVERSITY OF ILLINOIS

565

requested to have the land appraised and to submit a recommendation as to selling price and conditions of the sale. The Committee secured the following appraisal from Messrs. Sam W . Bunn, W . E. Moore, and M a r k Thomson, of Olney. Land, 96.31 acres at $100 an acre, or total $ 9 631 House, six room modern with basement 4 000 Barn 1 500 Garage 100 Other Buildings 250 Total $15 481 The Committee then proceeded to secure bids on the property subject to the following conditions: (1) possession March 1 with the right reserved by the University through 1952 to complete scientific studies on about 1500 fruit trees on the north tract; (2) one-half of all mineral rights to be reserved by the University; (3) sale to be for cash. Advertisements were published in three Olney newspapers offering this land for sale, and sale bids with check for 10 per cent of offering price were invited to be submitted not later than 10:00 a.m., Tuesday, February 13, 1951. A schedule of the bids received is attached. The highest bid was received from E. J. Hahn, Olney, Illinois, who offers $15,600. H e has agreed to the following additional conditions: 1. The University shall have the privilege of retaining the house and garage for occupancy by the Superintendent until such time as he can move to another location, but not later than September 1, 1951. 2. The University shall have the privilege of keeping machinery on the north tract during the crop season of 1951 and using farm buildings for storing that machinery. (Not all of the space is required for this purpose.) 3. It is understood that the buyer will receive the fruit crop from the farm for 1951 after the University has completed experimental work. 4. T h e University will take care of the spraying of trees for the seasons 1951 and 1952. The Committee recommends that the reservation on mineral rights be for a period of twenty-five years. The Committee recommends that the offer of E. J. Hahn be accepted subject to all of the above conditions and that the President and Secretary of the Board be authorized to execute a deed of conveyance subject to the usual conditions of liability for taxes, insurance, and abstract costs.

On motion of Mr. McLaughlin the report and recommendations were adopted and the sale of this land on the terms specified above was authorized by the following vote: Aye, Mr. Herrick, Mr. Hickman, Mr. Livingston, Mr. McLaughlin, Mrs. Watkins, Mr. Williamson; no, none; absent, Mr. Fornof, Mrs. Holt, Doctor Meyer, Mr. Nickell, Mr. Stevenson.

REPORT OF COMMITTEE O N AGRICULTURE O N SALE OF COOK COUNTY AGRICULTURAL EXPERIMENT STATION LAND

Mr. McLaughlin presented the following report:

On July 28, 1049, the Board of Trustees authorized the sale of the Cook County Experiment Station land near Des Plaines, Illinois. T h e Committee on Agriculture was authorized to have the land appraised and to employ a real estate broker to negotiate with prospective buyers. The property was appraised on September 10, 1949, by Messrs. Allan Kirkwood, H . M. Cornell, and Richard J. Leyden, real estate experts, as having a fair market value (defined as the present worth of the future benefits of ownership to typical users) of $33,500, broken down as follows: Land, 20.33 acres at approximately $600 an acre $12 000 House and well 9 500 Greenhouse and heating plant 10 000 Barns and sheds 2 000