Repository: UIHistories Project: Book - History of the University (Powell) [PAGE 230]

EXTRACTED TEXT FROM PAGE:

200

History University of Illinois

The agreement stated that the company was the owner of certain tracts of land lying between Wright street on the west and Lincoln avenue on the east, Springfield avenue on the south, and north beyond the city limits, amounting to 193.9 acres which it agreed to plot and lay off into town lots, except eight acres thereof, upon which should be erected a building suitable for a seminary of learning. The building was to have a stone foundation and brick walls of equal size, capacity, and of the general form and model of Clark seminary at Aurora, Illinois. It was to cost no more than Clark seminary would if made of brick and was to be built between August 1,1860, and November 15, 1862. The citizens on their part agreed to secure by August 1, 1860, a valid subscription list of stock, acceptable to the company, to the amount of forty thousand dollars. One share of stock was quoted at one hundred dollars. Each subscriber to the stock was to be permitted, on payment of fifteen percent of his subscription and giving notes for the remainder, to select a town lot, or lots from those not disposed of, to the amount of his subscription, at an average price of two hundred dollars per lot. Such lots would be conveyed by deed in fee to the subscriber, or his heirs, on payment of the promissory notes. When the whole cost of the eight acres and the construction of the seminary building upon the said eight acres had been paid for from the subscriptions of stock, the promoters of the enterprise, were to turn over to the stockholders, or their trustees, the said seminary and the eight acres upon which it was located. The amount paid by the company for the 193.9 acres of land was $19,298.7940 As the amount of subscribed stock asked for in the agreement was $40,000 and from this the cost of the building and eight acres was to be paid it seems quite" apparent that the $40,000 was expected to cover the cost of these two items. Profit to the promoters would come, then, from the sale of lots adjacent to the seminary grounds, other than those assigned to the subscribers of stock. It was known that the price of the lots at an average of $200 per lot was exorbitant but as shares in the seminary building were included it was considered not so bad.

*This is shown in three deeds, two made on June 30, 1860 and the third of August 17, 1860, purchased from William H. Romine James S. Wright, and the Busoy heirs.