Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 469]

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566

BOARD OF TRUSTEES

[February 15

On January 11, 1951, the Chairman of your Committee (the other members were unable to participate) conferred at the University with Mr. H . M. Cornell of Des Plaines, one of the real estate brokers with whom the property is listed for sale. Comptroller Lloyd Morey, Professor C. J. Birkeland, Head of the Department of Horticulture, and Mr. A. J. Janata, Secretary of the Board of Trustees, also participated in this conference. Later Messrs. Raymond Tures of Des Plaines and Hubert J. Tures of Skokie came into the conference and presented an offer of $25,000 cash for the property and stated that they would confirm it in writing and tender a check for $2,000 as earnest money. The written offer and check have now been received. Their proposal would permit the University to retain possession of the buildings, including the greenhouse, and a small area of the land for a period of six months from the date of sale. This is an important consideration, because the Department of Horticulture and the College of Pharmacy wish to use the greenhouse through the 1951 crop season. This is the first offer the University has received since the property was placed upon the market more than a year ago and listed with five brokers. The broker through whom the present offer is presented submits the accompanying letter which explains how recent developments have affected the marketability of the property. It is unlikely that a price approximating the original appraisal made in 1949 can be secured. It should be noted that the greenhouse was given a value of $10,000 in the original appraisal, so that the offer of $25,000 is $1,500 more than the appraisal of the land and buildings other than the greenhouse. On the other hand, it probably would not be of any financial advantage to the University to remove the greenhouse because the cost of dismantling, transporting, and erecting it on another site would be almost as much as the cost of a new greenhouse. T h e present market value of the property can, therefore, be determined only by offers received from potential buyers. After the offer of the Tures brothers was received, all other brokers with whom the property was listed were advised that a firm offer had been made at less than the appraised value and would be considered by the Board of Trustees on January 23, 1951. On January 22 an offer was received by the Comptroller from Fred J. Gillick, representing the Central Manufacturing Company of Chicago, of $25,000 cash. This proposal would also permit the University to retain possession of the buildings for a period of six months from date of sale, but there is the further condition that the buyer be able to secure permission from local government authorities for the use (testing of paints) to be made of the property. If such permission is not forthcoming, the sale would not be consummated. The foregoing report was prepared for presentation to the Board of Trustees at its meeting on January 23, 1951, but since only the chairman on the Committee of Agriculture was present no recommendation was made. There have been these subsequent developments: ( a ) the Central Manufacturing Company has withdrawn its contract; and (b) the Messrs. Tures have offered the University the right to occupy or remove the greenhouse and its heating plant from the premises, or otherwise dispose of them, within six months from the date of contract. The Committee on Agriculture therefore recommends acceptance of the offer of Raymond and Hubert J. Tures and that the President and Secretary of the Board be authorized to execute the necessary documents of sale and transfer of the property.

On motion of Mr. McLaughlin, the report and recommendations of the Committee were adopted, and the sale of the land was authorized under the conditions specified in the Committee's report 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.

PARTICIPATION OF FARM A N D HOME ADVISERS IN UNIVERSITY RETIREMENT SYSTEM OF ILLINOIS

Mr. McLaughlin, for the Committee on Agriculture, reported on a proposal submitted to the Board and referred to the Committee that