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«f?z/74. -*-••-•? UF THE Uiit, - -OtS tH UReAfcMNCMAMPAIOet UNIVERSITY OF ILLINOIS BOARD OF TRUSTEES Fifty-Seventh Report 1972-74 UNIVERSITY ...»

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(23) The President of the University, with the concurrence of appropriate administrative officers, recommends the adoption of the following resolution authorizing the exchange of the Hott Memorial Center property in Monticello for property at 905 West Green Street, Urbana, title to which now is held by the University of Illinois Foundation. As a part of the transaction, the University will assign to the Foundation an offer from Mr. Clinton C. Atkins to purchase the Hott Memorial Center property at a price of $95,500. The Foundation will pay This meeting was subsequently canceled.

The place of this meeting was subsequently changed to Peoria, Illinois.

438 BOARD OF TRUSTEES [December 19 the University $1,405 for furniture and equipment located in Hott Memorial Center. If the Foundation accepts the Atkins' offer, the proceeds of sale after deducting expenses, commission, debt retirement, and other costs will be substantially equal to the value of the Green Street property received by the University.

Resolution Authorizing Exchange of University Property Known As Hott Memorial Center, Monticello, Illinois, for Foundation Property Located at 905 West Green Street, Urbana, Illinois

BE IT, AND IT HEREBY IS RESOLVED by T H E BOARD OF

TRUSTEES OF THE UNIVERSITY OF ILLINOIS, a public Corporation of the State of Illinois, hereinafter referred to as "UNIVERSITY," that the Comptroller and Secretary of this Corporation be, and they hereby are, authorized for, and in the name of, and on behalf of, UNIVERSITY to enter into an agreement with the UNIVERSITY OF ILLINOIS FOUNDATION, a not-for-profit Corporation of the State of Illinois, with its principal office in Urbana, Illinois, hereinafter referred to as "FOUNDATION," providing for the conveyance to FOUNDATION of title to the property hereinafter described and referred to as Tract A in consideration of the conveyance by FOUNDATION to UNIVERSITY of title to the following described property which is hereinafter referred

to as Tract B, viz:

The North 170 feet of Lot 2 of Charles A. Besore's Subdivision of Lot 1 in Block 3 of Burpee, Curtiss and Somers Addition to the City of Urbana, Illinois, as shown by a survey and plat of said Subdivision recorded in Plat Record "A," Page 212 in the office of the Recorder of Deeds of Champaign County, Illinois, situated in the City of Urbana, in the County of Champaign, and State of Illinois.

and upon the following terms and conditions:

1. FOUNDATION to convey title to Tract B, to UNIVERSITY in fee simple absolute, free and clear of all liens and encumbrances by Warranty Deed and UNIVERSITY shall convey title to Tract A-to FOUNDATION in fee simple absolute, and whereupon the presently existing leases of said premises between UNIVERSITY and FOUNDATION shall be cancelled and terminated and UNIVERSITY shall have no further rental obligations under either of said leases.

2. UNIVERSITY to assign all interest it may have in the offer received from Clinton C. Atkins to purchase Tract A to FOUNDATION and FOUNDATION shall assume and agree to pay all realtor's commissions and related costs incurred in connection therewith, and to pay to UNIVERSITY the sum of One Thousand Four Hundred and Five Dollars ($1,405.00) for the furniture and equipment now located on Tract A, and agree to pay for all abstracting, title fees and recording costs.

3. Possession of Tract A and Tract B shall be delivered concurrently with the conveyances of title and free and clear of the rights of any tenants.

4. Such other terms and conditions as said Comptroller and Secretary may deem necessary or desirable.

IT HEREBY IS FURTHER RESOLVED that upon compliance with the terms of said agreement by FOUNDATION, and in accordance with the terms thereof, said Comptroller and Secretary be, and they hereby are, authorized and directed, to execute, acknowledge, and deliver, in the name, and in behalf of, this Corporation, and under its Corporate Seal, a Warranty Deed and such other documents in connection therewith as said Comptroller and Secretary may deem

necessary or desirable in order to convey to FOUNDATION title to the following-described property, viz:

Block Ten (10) of Rhoades' First Addition to the Town, now City of Monticello, situated in the County of Piatt in the State of Illinois, including the building known as Hott Memorial Center.

and which property is hereinabove referred to as Tract A.

On motion of Mr. Hahn, the foregoing resolution was adopted by the following vote: Aye, Mr. Forsyth, Mr. Hahn, Mr. Howard, Mr.

1973] 439

UNIVERSITY OF ILLINOIS

Hughes, Mr. Livingston, Mr. Neal, Mrs. Rader, Mr. Swain; no, none;

absent, Dr. Bakalis, Mr. Steger, Governor Walker.

ESTATE OF AL1FF Z. WILLARD (24) Under the Last Will and Testament of Aliff Z. Willard, deceased, a trust of the residuary estate is created with the Valley National Bank and Trust Company of Tucson, Arizona, with the decedent's sister as the life income beneficiary.

The Will further provides that "in the event that a trust has been created for the benefit of my sister and there should be monies remaining in said trust account at the time of the death of my sister, I hereby leave said monies in said trust for the creation of a scholarship fund to be established at the University of Illinois with the College of Agriculture. Such scholarship foundation shall be in the name of my grandfather, Jefferson G. Willard. That said scholarship fund is not a loan but is to be given as gifts to deserving students who are undergraduate, male and unmarried. That this scholarship fund is to be controlled and regulated under the rules and laws of the University of Illinois in regard to such scholarship funds." The principal asset of the estate is approximately 320 acres of land in Macon County, Illinois.





The Citizen's National Bank of Decatur, administrator with the will annexed of Aliff Z. Willard, deceased, has filed a complaint to construe the Will in the Circuit Court of Macon County, Illinois, and the University of Illinois has been named as a defendant in the proceedings. The issues raised by the will construction proceeding include whether or not, at the death of the life tenant, the University is to receive (1) only the "monies" then in the trust, or (2) only the portion of the "monies" then in the trust which does not represent the proceeds of any sale of real property subsequent to the decedent's death, or (3) distribution of all property then in the trust, free of the trust, or (4) distributions of income from the trustee in perpetuity, or (S) nothing.

In addition the administrator with the will annexed has filed a petition to sell real estate in the estate and, further, a petition to pay income to the trustee.

The University Counsel has stated that in his opinion the correct construction of the Will is that the University is entitled to receive all property in the trust at the death of the life tenant, including the real estate, and recommends that he be authorized to take such steps as are necessary or appropriate, including the employment of special counsel, to represent the University and to protect the University's interest in the proceedings.

I concur.

On motion of Mr. Swain, authority was given as recommended by the following vote: Aye, Mr. Forsyth, Mr. Hahn, Mr. Howard, Mr.

Hughes, Mr. Livingston, Mr. Neal, Mrs. Rader, Mr. Swain; no, none;

absent, Dr. Bakalis, Mr. Steger, Governor Walker.

On motion of Mr. Swain, the Board adjourned.

–  –  –

The February meeting of The Board of Trustees of the University of Illinois was held at the Ramada Inn, 415 St. Mark Court, Peoria, Illinois, on Wednesday, February 20,1974, beginning at 10:00 a.m.

President Earl M. Hughes called the meeting to order and asked the Assistant Secretary to call the roll. The following members of the Board were present: Mr. William D. Forsyth, Jr., Mr. Ralph C. Hahn, Mr.

George W. Howard III, Mr. Earl M. Hughes, Mr. Park Livingston, Mr.

Earl Langdon Neal, Mrs. Jane Hayes Rader, Mr. Timothy W. Swain.

Dr. Michael J. Bakalis, Mr. Russell W. Steger, and Governor Daniel Walker were absent. The following non-voting student trustees were present: Mr. Michael J. Crowley, Urbana-Champaign campus; Mr.

Kenneth J. Kosten, Medical Center campus; Mr. Lloyd Zimmerman, Chicago Circle campus.

Also present were President John E. Corbally Jr.; Vice Presidents Eldon Johnson and Barry Munitz; Chancellor Joseph S. Begando, Medical Center campus; Chancellor Warren B. Cheston, Chicago Circle campus; Mr. V. L. Kretschmer, University Director for Capital Programs; Mr. George H. Bargh, Executive Assistant to the President;

Mr. C. E. Flynn, Assistant to the President and University Director of Public Information; and the officers of the Board, Mr. Ronald W.

Brady, Comptroller (also Vice President for Planning and Allocation for the University); Mr. R. R. Manchester, Treasurer; Mr. R. C.

Wicklund, Assistant Secretary; and Mr. James J. Costello, University Counsel.

442 BOARD OF TRUSTEES [February 20

NOTICE CONCERNING CANCELLATION OF JANUARY MEETING

In the process of preparation of the agenda for the January 16 meeting of the Board, it became apparent that there was an exceptionally small number of items and that all major items could be deferred until February. Under these circumstances, President Hughes has determined that the amount and nature of the business to be presented is not sufficient to justify a meeting and he has, in accordance with the By-Laws of the Board, cancelled the January 16 meeting.

The next regular meeting of the Board will be held at 10 a.m. on February 20 at the Chicago Circle campus rather than at the Medical Center as previously announced.1

INTRODUCTION OF NON-VOTING STUDENT TRUSTEES

FROM THE CHICAGO CAMPUSES

Mr. Hughes introduced the student members of the Board of Trustees from the Chicago campuses: Mr. Kenneth Kosten, Medical Center campus, and Mr. Lloyd Zimmerman, Chicago Circle campus.

MEETINGS OF BOARD COMMITTEES

President Hughes announced there would be a meeting of the Buildings and Grounds Committee following the regular Board meeting.

BUSINESS PRESENTED BY THE PRESIDENT OF THE UNIVERSITY

The Board considered the following reports and recommendations from the President of the University.

President Corbally presented a report on selected topics of current interest, copies of which were distributed at the meeting, and a copy was filed with the Secretary of the Board.

Report on the Selection of Student Non-Voting Members of the University of Illinois Board of Trustees, 1973-74 President Corbally presented a report on the selection of non-voting student members of the Board of Trustees. A copy of the report is filed with the Secretary.

Report on 1974-75 Budget Matters President Corbally commented briefly on various matters related to the 1974-75 budget.

Peoria School of Medicine — Site Contract Modifications President Corbally presented the following report and recommendations regarding site contract modifications for the Peoria School of Medicine.

(1) At its meeting on November 21, 1973, the Board of Trustees adopted a resolution designating approximately 25 acres in an urban renewal area in the City of Peoria as the site for the Peoria School of Medicine, subject to certain conditions being met by the City of Peoria within certain specified times. These conditions incorporated representations and assurances previously made by the City of Peoria and included (1) acquisition by the City of title to a designated area of approximately 5.67 acres for the construction site on or before June 1, 1974; (2) completion of demolition and construction site preparation by the City, and delivery of title and possession thereof to the University, on or before September 1, 1974; (3) completion of demolition and site preparation by the City of the balance of the 25-acre site, and delivery of title and possession thereof to the The meeting place was subsequently changed to Peoria, Illinois.

1974] 443

UNIVERSITY OF ILLINOIS

University, on or before January 1, 1976; and (4) transfer of title to the entire tract to the University by the City at a total cost to the State of not more than $280,000. The resolution contemplated that the City and the University would enter into an agreement on or before January 1, 1974, for the acquisition of the urban renewal site.

The Board of Trustees had previously, at its meeting on May 17, 1972, designated approximately 25.8 acres of land at the intersection of Route 74 and Gale Avenue in Peoria as the site for the Peoria School of Medicine (the Gale Avenue site). The Board also authorized a lease and option agreement for the Gale Avenue site under which the University leased the property for one year commencing September 28, 1972, at an annual rental of $10,000, with options exercisable at least 30 days prior to the commencement of an option year to continue the lease for two additional one-year periods at the same annual rental.

The first lease option was exercised and the lease will expire September 27, 1974, unless the second lease option to extend is exercised at least 30 days prior to that date. The agreement further provides an option to purchase the Gale Avenue site while the lease is in effect at a price of $275,000 less $1,000 paid upon execution of the agreement, and less any sums previously paid as rental. The November 21, 1973, resolution of the Board with respect to the new urban renewal site states that it is the intent of the Board of Trustees that, should the time schedule for that site not be adhered to, the Board will consider again designating the Gale Avenue site for the Peoria School of Medicine.

Since November 21, 1973, negotiations concerning the urban renewal site have proceeded between representatives of the U.S. Department of Housing and Urban Development, the Capital Development Board, the City of Peoria, and the University. As a result, certain modifications of the November 21, 1973, Board of Trustees resolution with respect to the urban renewal site acquisition contract

are now recommended, as follows:



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