Part 1 - The Institute Libraries - Institute for Advanced Study

leased. The Institute would advznce the costs of subdivision and con-
struction to be emortized over twenty-five years. The benefits were
sumrized: the professors would get homes, the Institute would receive
the rate of return it was receiving on high grade bonds, and would be
protected £ram the perils of the landlord. Each professor would select
his ovn architect and builder.
No mention wss.mzde of a recapture clause.
The Board approved the general plan, but ordered that when the final
details were worked out, the Committee on Buildings and Grounds should
secure the authorizstion of the Executive Cornittee before procediilg. 84
The interval allowed the Director so visit Mr. Bmberger and
Mrs. Fuld in Arizona in February, and to persuade them to permit the Xn-
stitute to sell the lots for $1,500 as had been suggested by &. kicks-
dorf, instead of the $5,000 ~pparently set by the Board earlier.*' Fur-
ther action was taken by the Cmittee en Buildings 2nd Grounds in March,
and by the hcutive Committee on its report in April. As the Executfve
Cornittee approved it, the houses were to be plznned by one architect and
built by one cantractor; $30,000 was the limit for each; the neu price 05
the lots was $1,500 plus the prorated costs of subdivision, and it was
provided that each deed should contain a recapture clause "by which the
Institute would be vested with the right to repurchese the respective
properties from the owners." Interest charges were ta begin with OCCU-
The first contracts, with Professors Merftt, Riefltr and Weyl
and their respective wives, received Board approval in January, 1938.
The interest cherges began on the 1st March, 1938, In October each owner
uas called an to sign a second bond and mortgage coverfng his share of