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Caption: Board of Trustees Minutes - 1978
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1976] UNIVERSITY OF ILLINOIS 145 Exchange of Property, Urbana (22) O n September 15, 1976, the Board of Trustees authorized the exchange of 1201 West Oregon Street, Urbana (title to which was held by the University of Illinois Foundation), for a property at 1101 West University Avenue, Champaign. At the time of this action, it was reported that, based upon appraisals, the two properties supported equivalent values of $90,000. (The University had an option to buy the property on West Oregon Street from the Foundation for $80,000, having already been credited with a $10,000 equity in the property at the time it was acquired — in consequence of a payment to the previous owner, the University Club.) Through a competitive bidding procedure, an offer has been received to purchase the West University Avenue property for $125,000. Now, in order to equalize the exchange, the President of the University, with the concurrence of appropriate administrative officers, recommends the transfer to the University of a property at 1201 West Springfield Avenue, Urbana (title to which is now held by the University of Illinois Foundation), which has a present value of $45,000. T h e student advisory vote was: Aye, M r . Conlon, M r . Matthews, M r . V o l g m a n ; no, none. O n motion of M r . Livingston, this recommendation was approved by the following vote: Aye, M r . Forsyth, Mr. H a h n , M r . Howard, M r . Lenz, M r . Livingston, M r . Neal, Mrs. R a d e r , M r . Velasquez; no, Mrs. Shepherd ; absent, Governor Walker. T h e r e being no further business, the Board adjourned. EARL W . PORTER EARL L. N E A L Secretary President
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