ILLINOIS - The University of Illinois Board of Trustees

19791 UNIVERSITY OF ILLINOIS 259
The student advisory vote was: Aye, Miss Kooper, Mr. Sobotka, Mr.
Watson; no, none.
On motion of Mr. Neal, these items were appnwed by the following
vote: Aye, Dr. Donoghue, Mr. Forsyth, Mr. Hahn, Mr. Howard, Mr.
Lenz, Mr. Neal, Mr. Stone, Mr. Velasquez; no, none; absent, Mrs. Shep
herd, Governor Thompson.
Acquisition of 504 East Chalmers, Champaign
(28) The president of the University, with the concurrence of appropriate ad-
ministrative officers, recommends that the University of Illinois Foundation be
requested to purchase the property at 504 East Chalmers Street, Champaign, at a
price of $24,300 and to lease it to the University at a rental sufficient to enable the
Foundation to pay the interest on the bank loan to finance the acquisition.
The lot consists of 3,928 square feet of land. The improvements were de-
molished in a fire, and the site has been cleared and filled. The University will
construct needed surface parking facilities for the Housing Division on the
property.
Authorization is now requested to enter into an agreement with the Foundation
to lease this property until June 30, 1979, with options for annual renewals there-
after, subject to the availability of funds.
Funds for rental costs until June 30, 1979, are available in the budget of the
Housing Division, and funds for any of the annual renewal periods would be
included in the Housing Division budget authorization request submitted to the
Board of Trustees. It is further recommended that the comptroller be authorized
to exercise the option to lease this property for any subsequent annual period, sub-
ject to the availability of funds. (A schedule of the appraisals received is filed with
the secretary for record.)
Acquisition of 103 South Gregory, Urbana
(29) The president of the University, with the concurrence of appropriate ad-
ministrative officers, recommends that the University of Illinois Foundation be
requested to purchase the property at 103 South Gregory Avenue, Urbana, at a
price of $32.000 and to lease it to the University at a rental sufficient to enable
the Foundation to pay the interest on the bank loan to finance the acquisition.
This lot consists of 8,633 square feet, improved with an older, single-story
frame house in fair condition. The property will be assigned to the Housing Divi-
sion for student housing if economically feasible, or for surface parking.
Authorization is now sought to enter into an agreement with the Foundation to
lease this property until June 30, 1979, with options for annual renewals thereafter,
subject to the availability of funds.
Funds for rental costs until June 30, 1979, are available in the budget of the
Housing Division, and funds for any of the annual renewal periods would be in-
cluded in the Housing Division budget authorization request submitted to the
Board of Trustees. It is further recommended that the comptroller be authorized
to exercise the option to lease this property for any subsequent annual period,
subject to the availability of funds. (A schedule of the appraisals received is filed
with the secretary for record.)
Acquisition of a Portion of the Cruse Farm, Urbana
(30) In 1965 the University of Illinois Foundation acquired the Cruse farm
(298.93 acres) in Champaign County at a cost of $3.050 per acre and leased it
to the University. The lease agreement gives the University an option to purchase