University of Virginia Library

APPROVAL OF PROPERTY TRANSFER FROM UNIVERSITY OF VIRGINIA FOUNDATION (UNIVERSITY OF VIRGINIA REAL ESTATE FOUNDATION) FOR EMMET STREET PARKING STRUCTURE

WHEREAS, the "Valentine-Massie" properties and improvements containing a total of approximately 11.7 acres, on Ivy Road and Emmet Street in Charlottesville, were purchased by the Rector and Visitors of the University of Virginia in 1983 as part of the acquisition of properties along Ivy Road and Emmet Street; and

WHEREAS, the Board of Visitors approved the transfer of this property to the University of Virginia Real Estate Foundation at its October 1988 meeting under the terms of section 4-4.01p of the 1988 Virginia Acts of Assembly, which authorized the Governor of Virginia to approve transfers of real estate to an affiliated foundation of a public institution of higher education in Virginia when he finds that the property was acquired with local or private funds or by gift or grant to or for the institution; and

WHEREAS, an analysis of available property in close proximity to the Athletic Precinct and the Central Grounds indicates that the Ivy Road portion of this property would be an ideal site for the proposed Emmet Street Parking Structure;

RESOLVED, subject to the approval of the Governor of Virginia, that The Rector and Visitors of the University of Virginia authorizes the transfer and conveyance of 7.2 acres of said Valentine-Massie property back to the University of Virginia for the construction of the Emmet Street Parking Structure;

RESOLVED FURTHER that the Executive Vice President and Chief Operating Officer for the University of Virginia is authorized, upon securing the approval of the Governor of Virginia as aforesaid, to execute the appropriate deed or other documents approved by General Counsel necessary to effectuate the foregoing transfer and conveyance. The Executive Vice President and Chief Operating Officer is further authorized to reimburse the University of Virginia Foundation for costs incurred by the University of Virginia Foundation for improvements and management associated with the transferred portion of the Valentine-Massie property and for any costs associated with the use of the Cavalier Inn and/or adjacent property as egress from the parking garage site.