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[[underlined]] Other Matters:  Henry Murray Property [[/underlined]]

The Henry Murray property, a 128-acre parcel of land at the Chesapeake Bay Center for Environmental Studies, was purchased in April for $422,000, exceeding by almost $100,000 the amount originally authorized by the Regents.  To recoup the outlay of funds in excess of the originally approved budget, it was


VOTED that the board of Regents authorizes the Secretary to sell a portion of the Henry Murray property, consisting of a residence and nearby acreage.

[[underlined]] Belmont Conference Center [[/underlined]]

The Treasurer informed the Regents of proposed actions to be taken in preparation for the sale of Belmont to a responsible purchaser.  These include the acquisition of further appraisal, discussions with experts in historic conservation regarding appropriate restrictive use easements, and evaluation of marketing alternatives.  Following discussion, it was

VOTED that the Board of Regents authorized the Secretary to sell the Belmont Conference Center and property, with the approval of the Chairman of the Executive Committee on specific terms of sale.

[[underlined]] Investment Policy Committee report [[/underlined]

The Treasurer reported that investment performance by the Institution's endowment fund managers has remained roughly in line with marked averages since the last Board meeting.  With the full support and approval of the Board, the Chancellor appointed Mr Humelsine to fill the vacancy on the Investment Policy Committee created by the resignation as Regent of Mr. Watson.

[[underlined]] Quadrangle Development [[/underlined]]

The Secretary reported on progress in planning, including the schedule for reviews by the National Capital Planning Commission and the Joint Committee on Landmarks for the District of Columbia.  The environmental impact statement, now in draft, is expected to be circulated in final form around October 31.  Next steps will include developing tentative drawings for further review by the Commission of Fine Arts and the NCPC.  Sources for FY 1981 planning funds were identified in prospective appropriations and in trust funds.

Reference was made to a tentative financial plan and a report was given on the status of fund raising in Japan, Korea, the Middle East, Hong Kong and Singapore.  It was noted that approaches will soon be made to African nations and a major effort will be launched by the National Board of Smithsonian Associates to interest U.S. corporations.