Repository: UIHistories Project: Board of Trustees Minutes - 1978 [PAGE 41]

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30

BOARD OF TRUSTEES

[July 21

I t is also recommended that authorization be given to enter into a lease with the Foundation until June 30, 1977, with options for annual renewals thereafter during the term of the lease, subject to funds being made available in the operating budget of the Division of Campus Parking and Transportation. Funds through June 30, 1977, are available in the budget of the Division of Parking and Transportation, and funds required after that date will be included in that budget on an annual basis. T h e s t u d e n t a d v i s o r y v o t e w a s : Aye, M r . C o r d o n , M r . M a t t h e w s , M r . V o l g m a n ; no, none. O n m o t i o n of M r . V e l a s q u e z , t h e p u r c h a s e of t h i s p r o p e r t y a t t h e p r i c e i n d i c a t e d w a s a u t h o r i z e d b y t h e following v o t e : A y e , M r . F o r s y t h , M r . H a h n , M r . H o w a r d , M r . Lenz, M r . Livingston, M r . Neal, M r s . Rader, M r s . Shepherd, M r . Velasquez; no, n o n e ; absent, Governor Walker.

Acquisition of 1204 Vi West California Avenue, Urbana

(40) T h e Board of Trustees on January 2 1 , 1976, authorized the acquisition of I204V4 West California Avenue, Urbana, through condemnation proceedings. Funds were reappropriated to the Capital Development Board for this acquisition as a part of the Medical Sciences Building project. A recent audit by the Capital Development Board revealed that the funds for the acquisition of this land are not currently available. T h e Capital Development Board has requested that the University include these funds in its FY 1978 capital budget request. A judgment order has been entered in the Circuit Court of the Sixth Judicial District fixing the award for the property at $35,000. I t is recommended that the Board of Trustees request the University of Illinois Foundation to pay the amount of said award in accordance with the terms of said judgment order and other incidental costs of acquisition and lease the property to the University at a rental sufficient to pay the interest on a bank loan to finance the acquisition until the University has funds for its acquisition. Title to the property would be conveyed to the Foundation. T h e President of the University, with the concurrence of appropriate administrative officers, recommends adoption of the following resolution in accordance with the above:

Resolution Regarding Milum Property Located at 1204 Vi West California Avenue, Urbana, Illinois

Whereas the Judgment Order of the Circuit Court of the Sixth Judicial District, Champaign County, Illinois, entered in the condemnation case entitled " T h e Board of Trustees of the University of Illinois, a public corporation, Petitioner, vs. Nellie R. Milum (formerly Nellie R. Meenach) and Robert J. Milum, Defendants," No. 76-L-339, under date of June 17, 1976, provides that upon payment to the County Treasurer of Champaign County, Illinois, of the amount of the award in the. sum of Thirty-five Thousand Dollars ($35,000.00) title to the Milum Property hereinafter described shall vest in this public corporation; and Whereas this public corporation desires that the University of Illinois Foundation, a not-for-profit corporation of the State of Illinois, pay the amount of said award in accordance with the terms of said Judgment O r d e r and lease said Milum Property to this public corporation and under the terms of which lease this public corporation shall be granted an option to purchase said Milum Property; and Whereas it is contemplated the University of Illinois Foundation at a meeting of its Board of Directors to be held on August 5, 1976, will