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Caption: Board of Trustees Minutes - 1976
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700 BOARD OF TRUSTEES [June 16 ANNOUNCEMENT FROM THE PRESIDENT OF THE BOARD President Neal announced that an executive session had been requested and would be convened to consider items relating to acquisition of property. RECESS AND EXECUTIVE SESSION Following a short recess, the Board reconvened in executive session and considered the following items of business: Exchange of Property with the Chicago Transit Authority (43) T h e President of the University, with the concurrence of appropriate administrative officers, recommends the adoption of the following resolution authorizing the exchange of certain parcels of land in the Medical Center District between the Chicago Transit Authority (CTA) and the University of Illinois to facilitate both the construction of the replacement hospital and a new C T A station at West Polk Street. T h e University will receive encumbered fee ownership and license in approximately 10,161 square feet of land owned by the authority, along and under the C T A elevated track right-of-way, contiguous to the site of the replacement hospital in the block bounded by West Polk Street, South Paulina Street, West Taylor Street, and vacated South Hermitage Avenue. T h e Chicago Transit Authority will receive fee ownership, easements, and air rights of approximately 11,556 square feet of land, owned by the University, the north end of the same block, surrounding and under the authority's right-of-way. T h e Board of the Chicago Transit Authority agreed to the transfer at its June 9, 1976, meeting. Resolution Whereas, the Chicago Transit Authority, a Municipal Corporation, duly organized and existing under and by virtue of the Laws of the State of Illinois, hereinafter referred to as " C T A , " has offered to convey title to hereinafter described property now owned by it and located in the city block bounded by Polk, Taylor, Paulina, and (vacated) Hermitage Streets in Chicago, Illinois, to T h e Board of Trustees of the University of Illinois, a Public Corporation of the State of Illinois, hereinafter referred to as "University," in exchange for conveyance by the University of title to the hereinafter described property now owned by it and located in said same city block in Chicago, Illinois, to the CTA, upon the following terms and conditions: 1. Each party will convey title or other appropriate interest as indicated free and clear of all liens and encumbrances and subject only to such easements and covenants as the University and the C T A may require. 2. Possession shall be delivered and title shall be conveyed by Quit-Claim deed by each party to the other simultaneously and on or before November 15, 1976. 3. Each party shall receive interest to said land subject to restrictions contained in and created by "An Act in Relation to the Establishment of a Medical Center District in the City of Chicago and for the Control and Management Thereof," approved June 14, 1941 (91 111. Rev. Stat. Section 126 et. seq.). 4. T h e CTA shall simultaneously grant unto the University, at the time of the mutual exchange of property, licenses for the construction and maintenance of driveways, sidewalks, and alleys for ingress and egress as needed by the University under and through the CTA's right-of-way and easements in said block. Now therefore be it and it hereby is resolved by T h e Board of Trustees of the University of Illinois, a Public Corporation in the State of Illinois, that the Comp-
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