sentences:  Evans and Lunt initially each donated $5,000 to endow the university which permitted them to purchase 16 lots on the northeast corner of Jackson Boulevard and LaSalle Street for $8,000 as a potential site for the campus.In 1853, the trustees elected Clark T. Hinman as the first president of the university and committed to raising $200,000.Hinman insisted that a university, rather than a preparatory school, be constructed first and that it should be built outside of Chicago.