Board of Visitors minutes January 19, 2001 | ||
UNIVERSITY OF VIRGINIA REAL ESTATE FOUNDATION PROPERTIES
The following resolution was adopted:
WHEREAS, The University of Virginia Real Estate Foundation (UREF) was created to buy and hold properties for the benefit of the University of Virginia; and
WHEREAS, The Rector, the Chair of the Finance Committee and the Chair of the Buildings and Grounds Committee, who are members of the UREF Board, have been working with the UREF to develop a long-term financing strategy.
RESOLVED that the University is authorized to provide subordinated loans and/or equity investments in lieu of noninterest bearing loans to the University of Virginia Real Estate Foundation; and
RESOLVED FURTHER that the Executive Vice President and Chief Operating Officer, with the concurrence of the Chair of the Finance Committee, may enter into comfort letters reviewed by the General Counsel of a duration of not more than two years, and cannot be renewed without the prior approval of the Board of Visitors, with respect to private financing of construction loans or projects for the University of Virginia Real Estate Foundation; and
RESOLVED FURTHER that prior to an equity investment in a project of the University of Virginia Real Estate Foundation, the University shall enter into a management agreement with the University of Virginia Real Estate Foundation which is satisfactory to the Executive Vice President and the Chair of the Finance Committee. If any building owned by the University of Virginia Real Estate Foundation and financed by an equity investment of the University is transferred to the University, the building, or that portion of the building financed by an equity investment of the University, shall be acquired by the University at no cost.
Board of Visitors minutes January 19, 2001 | ||