Repository: UIHistories Project: Board of Trustees Minutes - 1978 [PAGE 100]

EXTRACTED TEXT FROM PAGE:

1976]

UNIVERSITY OF ILLINOIS

89

Mr. Livingston, Mr. Neal, Mrs. Rader, Mrs. Shepherd, Mr. Velasquez; no, none; absent, Governor Walker. Exchange of Property, Urbana

(40) T h e President of the University, with the concurrence of appropriate administrative officers, recommends adoption of the following resolution authorizing the exchange of 1201 West Oregon Street, Urbana, title to which is now held by the University of Illinois Foundation, for property at 1101 West University Avenue, Champaign. The latter is being acquired by the University through a legacy, subject to an existing lease and to the obligation to refund in the event the estate is not sufficient to pay claims, expenses, and taxes. It does not appear likely that the latter eventuality will occur and can be insured against. When the exchange is completed, the property the Foundation is acquiring could then be sold on the basis of its fair market value. The two properties are of substantially equivalent value and support a current appraised value of $90,000. However, the University presently has an option to buy the property at 1201 West Oregon from the Foundation for the amount of the Foundation borrowing in the sum of $80,000. This differential resulted from the University's previous payment of $10,000 to the University Club and for which credit was given by the club at the time the property at 1201 West Oregon was acquired. If the property at 1101 West University is sold, it is contemplated that the Foundation will use the net proceeds to reduce its borrowing and acquire additional property. At that time, the University's $10,000 payment under the option referred to will be honored by the Foundation.

Resolution Authorizing Exchange of Foundation Property Located at 1201 West Oregon Street, Urbana, Illinois, for University Property Located at 1101 West University Avenue, Champaign, Illinois

Be It, and It Hereby Is Resolved by the Board of Trustees of the University of Illinois, a public corporation of the State of Illinois, hereinafter referred to as " U N I V E R S I T Y , " that the Comptroller and Secretary of this corporation be, and they hereby are, authorized for, and in the name of, and on behalf of, U N I V E R SITY to enter into an agreement with the U N I V E R S I T Y O F I L L I N O I S FOUND A T I O N , a not-for-profit corporation of the State of Illinois, with its principal office in Urbana, Illinois, hereinafter referred to as " F O U N D A T I O N , " providing for the conveyance to F O U N D A T I O N of title to the property hereinafter described and referred to as Tract A in consideration of the conveyance by F O U N D A T I O N to U N I V E R S I T Y of title to the following-described property which is hereinafter referred to as Tract B, viz.: Lot One (1) in Block Three (3) in Nina B. Branson's Subdivision of a part of the East One-half (E Vi) of the Southwest Quarter (SW Vt) of the Northeast Quarter (NE M) of Section Eighteen ( 1 8 ) , Township Nineteen North ( T 19 N ) , Range Nine East ( R 9 E) of the Third Principal Meridian (3rd P.M.), situated in the City of Urbana, in the County of Champaign, and State of Illinois, commonly known as 1201 West Oregon, Urbana, Illinois, and upon the following terms and conditions: 1. F O U N D A T I O N to convey title to Tract B, to U N I V E R S I T Y in fee simple absolute, free and clear of all liens and encumbrances, by Warranty Deed, and U N I V E R S I T Y shall convey title to Tract A to F O U N D A T I O N in fee simple absolute, and whereupon the presently existing lease of Tract B between U N I V E R S I T Y and F O U N D A T I O N shall be cancelled and terminated and U N I V E R S I T Y shall have no further rental obligations under said lease.