Repository: UIHistories Project: Board of Trustees Minutes - 1976 [PAGE 32]

EXTRACTED TEXT FROM PAGE:

1974]

UNIVERSITY OF ILLINOIS

21

A schedule of the bids received has been filed with the Secretary of the Board for record. O n motion of M r . Livingston, these contracts were awarded by the following vote: Aye, M r . Forsyth, M r . H a h n , M r . Hughes, M r . Livingston, M r . Neal, Mrs. Rader, M r . Swain; no, n o n e ; absent, Dr. Bakalis, M r . Howard, M r . Steger, Governor Walker. Site Contract Modifications, Peoria School of Medicine (27) O n February 20, 1974, the Board of Trustees authorized the execution of a contract with the City of Peoria and the Capital Development Board for the acquisition of an urban renewal area in Peoria as the site for the Peoria School of Medicine. T h e City is currently engaged in acquiring the land. T h e contract provides that the conveyance to the University is to be subject to certain easements for water and sewer lines, and it is now necessary to make further provision for a gas main easement which will not interfere with the construction in the area. It is, therefore, recommended that a modification in the site acquisition contract for the Peoria School of Medicine be approved to specify that the conveyance to the University may also be subject to an easement in favor of Central Illinois Light Company for the installation and maintenance of a gas main in that portion of the right-of-way of present S.W. Globe Street in Peoria (approximately two blocks long, from Sanford Street to Main Street) located within the boundaries of the property to be conveyed. T h e terms of easement will also provide that at any time, at the University's request, the grantee will relocate the gas main and the easement will terminate upon the University's payment to the grantee of the undepreciated portion of the value of the installation. T h e installation is depreciated over a thirty-year period. I recommend approval of the contract modification. O n motion of M r . Swain, this recommendation was approved by the following vote: Aye, M r . Forsyth, Mr. H a h n , M r . Hughes, Mr. Livingston, M r . Neal, Mrs. Rader, M r . Swain; no, n o n e ; absent, D r . Bakalis, Mr. Howard, M r . Steger, Governor Walker. Request to Illinois Building Authority to Transfer Title to Land for Speech and Hearing Clinic, Urbana (28) T h e University is now planning construction of the Speech and Hearing Clinic building on a portion of the block bounded by Daniel, Sixth, Chalmers, and Fifth Streets, Champaign. Within this site, the Illinois Building Authority in 1964 purchased 509 East Daniel Street, Champaign, for $47,500. Under the lease between the Authority and the University, land costs for the Urbana campus totaling $1,000,200 (including the purchase of 509 East Daniel Street) were financed by the Authority. T h e University is scheduled to make rental payments totaling $1,857,856. Before construction can begin, it will be necessary to have title to this property, now owned by the Authority, transferred to the University. Paragraph nine of the lease provides that the University may request that title to a particular parcel be conveyed to it whenever the acquisition cost of that parcel and all parcels previously conveyed do not exceed the total rental payments which have been made under the lease, as computed by a formula set forth therein. Through September 1, 1973, the University has paid $767,731 in rentals and has previously received title to parcels of land valued at $118,500. Therefore, in accordance with the lease, sufficient rental payments have been made to request transfer of title to the East Daniel Street property at this time. Accordingly, the President of the University, with the concurrence of ap-