358

336

east of the University Railroad, rectangular in shape and about 1,200 by 2,400 feet.

The sale of this 64 acres would not interfere with University development and expansion plans. It produces no revenue and has no use except as an occasional source of topsoil for the University campus. There is presently no access to the tract from the north. It has been appraised by the Chapel Hill Board of Realtors at $500 per acre.

The University Administration and the Trustees' Committee on Real Estate recommend:

1. That the tract of approximately 64 acres, as shown on a map prepared by the Office of the University Engineer and dated October 1, 1962, be sold to the Chapel Hill School Board for not less than $500 per acre;

2. That the University reserve a right-of-way across the 64 acres at a location to be agreed upon by the University and the School Board, in the event of said sale;

3. That the University be granted an easement to use a road that will be constructed from Homestead Road on the north to the 64-acre tract, in the event of such sale;

4. That since this land is currently an asset of the Horace Williams Fellowship Endowment Fund, the proceeds from such sale be deposited to the principal account of that Fund and invested to produce income for fellowship purposes.

5. That the President of the University, or his designated representative, be authorized to negotiate the sale of the property in accordance with the laws of the State of North Carolina and in cooperation with the North Carolina Department of Administration.

6. That this authorization expire one year from the date of its approval by the Executive Committee.

This proposal to sell University land was discussed at length, and the following motion was made by Mr. Hill and seconded by Mr. Bryant:

RESOLVED that it is the policy of the University of North Carolina not to sell real estate, except in special or unusual circumstances.

The motion was put to a vote and carried. Judge Mintz voted "present", and Mr. Noble voted "No."

Following the above action there was a discussion of the need for a long range study and plan for the Airport property, the Lake property and the Mason Farm property.

6. Gift of one-sixth undivided interest in "Quail Roost"

On January 14th of this year, the Executive Committee formally accepted a gift from Mr. and Mrs. George Watts Hill of an undivided one-sixth interest in their former country home known as "Quail Roost".

Mr. and Mrs. Hill have now delivered to the University a deed, dated October 21, 2063, for a further undivided one-sixth interest