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Minutes of the University of Kentucky Board of Trustees, 1953-03-apr7.

Part of Minutes of the University of Kentucky Board of Trustees

Minutes of the Meeting of the Board of Trustees of the University of Ken- tucky, April 7, 1953. The Board of Trustees of the University of Kentucky met in the President' 8 Office at 10:00 a. m. , Tuesday, April 7, 1953, with the following members pres- ent: Guy A. Huguelet, Vice Chairman; Carl Dempewolfe, H. D. Palmore, Herndon J. Evans, Smith D. Broadbent, Jr., Harper Gatton, Wendell P. Butler, Ben S. Adams and M. W. Moore. Absent were: Governor Lawrence W. Wether- by, Mrs. Paul G. Blazer, Paul M. Basham, John C. Everett, Thomas A. Ballantine, and R. P. Hobson. President H. L. Donovan and Secretary Frank D. Peterson met with the Board. A. Approval of Minutes. On motion duly made, seconded and carried, the minutes of the Board of Trustees of December 19, 1952; and the minutes of the Executive Committee of February 20 and March 20, 1953, were approved as published. B. Purchase of Property at 400 Rose Street. President Donovan stated that, by authority of the Board of Trustees, the University of Kentucky entered into a Lease and Agreement with Mr. and Mrs. C. K. Morrell, under date of July 22, 1948. The Lease was to run for a period of five years. The Agreement provided that, at the end of the five-year term, the University had the option to continue the Lease or purchase the property for the sum of $ 10, 000. President Donovan stated that 400 Rose Street was on the southeast corner of the intersection of Euclid Avenue and Rose Street. It is a very valuable piece of property, adjacent to the campus. This property could be sold at public auction for more than the option held by the University. He recommended that the Comptroller be authorized to notify the owner of this property of the decision of the Board of Trustees of the University to purchase the property upon termination of the lease period July 31, 1953. Members of the Board being advised, upon motion duly made, seconded and carried, authorized the property at 400 Rose Street purchased for the sum of $ 10, 000, purchase price to be paid from the Haggin Fund, and income from this property to be used to repay the Haggin Fund for the purchase price. C. Change in the Budget. President Donovan stated that, through the death of President Emeritus Frank L. McVey, the University budget should be changed by decreasing the appropriation to the President' s Office in the amount of $ 1761. 36, for the remainder of the current fiscal year. He recommended that the change be au- thorized.