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It was recommended to the Board that a major portion of this projected net gain be reserved for the South Quadrangle. In fiscal year 1981, $2.5 million will be needed for engineering, planning and design work of this project, and the proposed FY 1981 federal budget submission requests half of this amount from appropriated funds. In order to stress to the OMB and the Congress the high priority of this project, we propose that these federal funds be matched with trust funds. The net gains of FY 1979 provide an opportunity to set these funds in reserve, and accordingly the projected fiscal year 1979 results (Schedule C) provide for a transfer to Plant Funds for the Quadrangle in the amount of $1,250,000, to be used in concert with federal funds requested for FY 1981. Approval of this recommendation would result in some $550,000 of net gain for the year being available for other purposes. It was recommended to the Board that up to $500,000 of this be transferred to Unrestricted Endowment, in addition to the $2.0 million already transferred this year; a lesser amount would be transferred if, by the end of September, it appeared that the current projections were overly optimistic.

Also included in Plant Fund Transfers is a reserve of $325,000 for purchase of the Henry Murray property at the Chesapeake Bay Center. At the May meeting, the Regents authorized the Secretary to negotiate purchase of this 128-acre parcel for up to $325,000, with the Chairman of the Executive Committee to authorize any reasonable additional sums should they be necessary for the acquisition. The Estate of Henry Murray has recently released its appraisal of the land, indicating a possible value more than twice the figure contemplated. The Estate has encouraged an offer from the Institution, specifying that such a bid should be based