Repository: UIHistories Project: Board of Trustees Minutes - 1954 [PAGE 1186]

EXTRACTED TEXT FROM PAGE:

1953]

UNIVERSITY OF ILLINOIS

1183

sity, at its expense, by August 15, 1954, of all buildings and material thereof above the normal ground level from said latter land and the restoration of the surface thereof (all building foundations to be removed to a depth of at least one foot below the finished surface of said tract) ; (c) the establishment, at the University's expense, by a competent licensed surveyor of said boundary line situated 75 feet south of and parallel to the east and west center line of the block and its adequate monumentation to the satisfaction of both parties; (d) the assumption by the University of all unpaid assessments upon the property to be conveyed by the Foundation to it which become payable after the date of acceptance of the offer; (e) the payment by the University to the Foundation of the sum of $117,500; and (f) the erection by the University, at its expense, within ten days of the date of transfer and sale of the properties of a suitable fence of a temporary character on said joint boundary line, which fence may consist of cedar posts at not more than 16-foot intervals and three strands of wire or their equivalent. The offer contemplates the waiver by the Foundation of all claims for unpaid rent, up to the date of said transfer and sale, upon the property of the Foundation which the University has been and is occupying if the sale is consummated by January 30, 1054, but with the proviso that if not effected by that date, the University shall pay $300 per month for the use of said property subsequent to that date and until the sale and transfer has been effected, and also contemplates that the necessary deeds be executed and delivered upon tender of said purchase price by the University to the Foundation and completion of the necessary legal details. The offer further provides that the conveyance to the University by the Foundation of a tract located in the southwest corner of said block and designated as "Parcel A" upon a diagram or plat attached to the written offer, is to be subject to an existing lease covering the same which expires on June 30, 1954, and that the rent becoming due and payable under said lease be pro-rated between the parties as of the date of the transfer and sale. After Mr. Megran and the other members of the Special Committee commented upon the negotiations and the offer, the Committee recommended acceptance of the offer by the Board of Trustees. Following full discussion, in which all members of the Board participated, Mr. Johnston moved that the Board accept the Wesley Foundation's offer upon the conditions and terms stated therein, but subject to the following additional conditions, viz: ( a ) That both the Wesley Foundation and the University enter into an agreement to the effect that neither will erect nor maintain any building or other structure within fifteen feet either immediately north or south of the above mentioned boundary line located 75 feet south of and running parallel with the east and west center line of said block; (b) That the legal descriptions of the property to be conveyed by the Foundation to the University, and that to be conveyed by the University to the Foundation, be ascertained and included in the deeds and that said legal descriptions and the title to the property to be conveyed by the Foundation to the University be acceptable to and approved by the University Legal Counsel, and the legal description and title to the property to be conveyed by the University to the Foundation be acceptable to and approved by the attorney for the latter; ( c ) That all deeds, agreements, and other documents and papers used or executed in consummating this transaction be approved by the University's Legal Counsel; and further moved that the Acting Comptroller and the Secretary of the Board be authorized to execute in behalf of the University all