Repository: UIHistories Project: Board of Trustees Minutes - 1978 [PAGE 686]

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1978]

UNIVERSITY OF ILLINOIS

673

requested to enter into agreements extending the leases of the following properties at the Urbana-Champaign campus for the terms and the conditions as indicated and to sublease, subject to the availability of funds, the properties to the University on a fiscal year basis. Address 701 South Wright Street, Champaign 610 South Sixth Street, Champaign Gross Sq. Ft. 3 416 3 284 Term 7/1/78-6/30/83 12/1/78-6/30/83 Annual Rental

$11 000 11880

Funds have been included in the appropriation bill of the General Assembly to meet the ordinary and contingent expenses of the University for FY 1979 and will be included in the Urbana-Champaign campus operating budget authorization request for FY 1979 to be submitted to the Board of Trustees. These subleases are subject to the availability of such funds.

T h e student advisory vote was: Aye, Miss Conlon, Mr. Overstreet, Miss Winter; no, none. O n motion of Mr. Overstreet, this recommendation was approved by the following vote: Aye, Mr. Forsyth, Mr. H a h n , Mr. Howard, Mr. Lenz, Mr. Livingston, Mrs. Shepherd, Mr. Velasquez; no, none; absent, Mr. Neal, Mrs. Rader, Governor Thompson. Coal Lease, Hunter Farms Nos. 4 and 5

(40) The University has been the recipient of a number of farms under the terms of the wills of Mr. Ralph O. Hunter and his wife, Mrs. Mabel F. Hunter. The income from farms in Macoupin County and Sangamon County is to be used to provide scholarships for students in the College of Agriculture. T h e University has received an offer from the Sangamon County Land Company, Division of Piarnco, Inc., to enter into a coal lease covering 240 acres of the Hunter land, known as Hunter Farms Nos. 4 and 5, located near Auburn, Illinois. All reports indicate that a substantial income may be realized from the lease based on reports from the State Geological Survey. T h e lease provides for royalties of 2'/2 percent of the average price of coal per ton, but not less than thirty cents per ton for coal sold or used by the lessee. A special clause will be included in the lease to protect the University against surface damage and subsidence. T h e manager of the University Trust Farms has recommended that the University enter into this agreement for a period of twenty years. T h e chancellor at Urbana-Champaign has recommended that the comptroller and the secretary be authorized to execute the lease as described. I concur.

On motion of Mr. Livingston, authority was given as recommended. Oil and Gas Lease, Higginson Farm

(41) In 11*70 the University received a 120-acre farm in Wabash County trom the estate of Ethel V. Hi e e inson. Consistent with the terms of the will, the land is currently being farmed, with the Income reserved for the development of agricultural experiment station(s) in memory or M™. Hiesinson's husband, Glenn D. Higginson. An offer has been received from the Illinois Mid-Continent Company of Mt. Carmel, Illinois, to enter into a one-year oil and gas lease covering the 120 acres included in the Higginson farm. T h e University would receive $1,200. The