108

99
The total appraised value of this land and improvements is $375,000. The deeded one-sixth interest amounts to $62,500.

This is the most recent of a series of benefactions received from Mr. and Mrs. Hill and it is understood that they will convey the remaining interest in Quail Roost Farm in the future and that this program is protected in Mr. Hill's will.

In making this gift, Mr. and Mrs. Hill have expressed the hope that the house will be used as a conference house, not only by the faculty at the University in Chapel Hill but also by the faculties of State and the Woman's College. While the gift is of a one-sixth undivided interest, Mr. Hill has indicated that the University can begin to enjoy the use of the property, without charge, in late spring of 1963. He has also indicated that he will be glad to give the University the use of the furniture which will be placed in the house, again without charge.

Mr. Hill was not in the meeting during this presentation by Mr. Friday.

On motion of Mr. Umstead, seconded by Mr. Bryant, this generous gift from Mr. Hill was accepted for the University with thanks to Mr. and Mrs. Hill.

Chinqua-Penn Plantation

President Friday presented the following resolution and requested its adoption:

RESOLUTION

WHEREAS, Mrs. Betsy Penn has conveyed Chinqua-Penn Plantation, Rockingham County, to the University of North Carolina, and has established a substantial Foundation for the support thereof; and

WHEREAS, Mrs. Penn has released from her current lease of the Plantation a tract of land on which to establish a Regional Center and 4-H Club Camp, and has given the University $250,000 to finance the construction of this facility; and

WHEREAS, it is desirable to acquire an additional 16.62 acres of land adjoining the tract of Chinqua-Penn Plantation that has been set aside for the Regional Center and 4-H Club Camp in order to protect that area; and

WHEREAS, Mrs. Penn has signified her willingness to provide the necessary funds, $4,986, for the purchase of this 16.62 acres; and

WHEREAS, the President and the Business Officer and Treasurer of the University have recommended to the Committee on Real Property the acquisition of this additional acreage, and the Committee on Real Property, in turn, has so recommended to the Executive Committee;

NOW, THEREFORE, be it resolved that the Executive Committee gratefully accepts the offer of Mrs. Penn and authorizes the President or his designated representative, working with the North Carolina State Department of Administration, to proceed with the purchase of