university of illinois - UIHistories Project

1146 BOARD OF TRUSTEES
ceedings since at that time the owner was unwilling to sell except at a price which
University officers deemed exorbitant and excessive. The owner has now agreed to
enter into a contract to sell on these terms: price, $92,500 of which $50,000 shall be
payable within twenty days after the agreements are executed and the balance of
$42,500 at the time of possession; the seller to retain possession, rent free, until
July 1, 1958, to pay all taxes levied for 1957, taxes levied for 1958 to be pro rated,
and insurance, and to maintain the buildings during the entire period of his occupancy.
The Committee on Buildings and Grounds, informed that negotiations
with the owners had been reopened to determine if the property can be acquired
by purchase at a price and on terms acceptable to the University, approved the
steps which were being taken. The price at which the property is offered for sale
is within appraisals made of it, is reasonable considering the improvements on the
land, and is consistent with the policy authorized by the Committee on Buildings
and Grounds to govern negotiations for property acquisitions.
Funds are available in the state capital appropriations for 1957-59 for land
acquisitions and have been released by the Governor.
I recommend the purchase of the property at the price and on the terms stated
above, and that the Secretary and the Comptroller be authorized to execute the
necessary documents for the acquisition of this property, subject to approval of
the title by the Legal Counsel.
On motion of Mr. Johnston, the purchase of this property, on the
terms indicated, was authorized, and the Comptroller and the Secretary
of the Board were authorized to execute the necessary documents.
This action was taken by the following vote: Aye, Mr. Bissell, Mrs.
Holt, Mr. Johnston, Mr. Livingston, Mr. Nickell, Mr. Swain, Mr.
Williamson; no, none; absent, Mr. Herrick, Mr. Hughes, Mr. Stratton,
Mrs. Watkins.
On motion of Mr. Johnston, the Board adjourned.
A. J. JANATA
Secretary
PARK LIVINGSTON
President