Repository: UIHistories Project: Board of Trustees Minutes - 1976 [PAGE 151]

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140

BOARD OF TRUSTEES

[December

18

Sponsors, was introduced and spoke in behalf of the work of the Center, calling attention in particular to its significance in the recruitment and retention of outstanding faculty. SECRETARY'S REPORT T h e Secretary presented for record appointments to the faculty and changes of status made by the President; resignations, terminations, and declinations; and leaves of absence. A copy of the report is filed with the Secretary. ANNOUNCEMENTS FROM THE PRESIDENT OF THE BOARD Future Meetings President Hughes called attention to the schedule of regular meetings for the next three months: January 15, Medical Center; February 19, Chicago Circle; M a r c h 19 (Annual Meeting), Urbana-Champaign. Mr. Hughes also announced that following adjournment of the executive session there would be a meeting of the General Policy Committee to conduct a hearing on the Springer Lake Project. RECESS AND EXECUTIVE SESSION President Hughes stated that an executive session had been requested and was being ordered for consideration of items relating to acquisition of property and pending litigation. Following a short recess, the Board reconvened in Executive Session and considered the following items of business: 1204 and 1206 West California Avenue, Urbana (18) On September 18, 1974, the Board of Trustees authorized the purchase of 1204 and 1206 West California Avenue, Urbana, at a price of $60,000, contingent upon funds being made available through the Capital Development Board. Subsequently, a contract was entered into with the owner of the property with possession to be delivered on January 1, 1975. The contract also provides for a payment of $17,500 before December 31, 1975. Capital Development Bond funds have been appropriated for this purchase. However, to finance the purchase of this property until such time as Capital Development Bond funds actually become available, the University of Illinois Foundation, on December 5, 1974, authorized the purchase of this property subject to the approval of the Board of Trustees. Accordingly, the President of the University, with the concurrence of appropriate administrative officers, recommends that the Foundation be requested to purchase these properties at a price of $60,000, and to lease the facilities to the University at a rental sufficient to pay the interest cost on a loan to the Foundation to purchase the property. It is further recommended that the University's contract with the owner be assigned to the Foundation. The property will be held by the Foundation until funds are available for its acquisition.