 | Board of Visitors minutes June 16, 1956 |  |
RILEY PROPERTY OFFER
Mr. Smith read to the Board the following letter, and laid before the Board other
correspondence of April, May, and June 1956 relating to same subject:
FALLS CHURCH,
VIRGINIA
June 4, 1956
Richmond 24, Virginia
This is to advise you that the City of Falls Church proposes to offer the sum
of $100,000.00 for that tract of land in the City know as the Joseph H. Riley
tract, located at the corner of Park Avenue and Little Falls Street, containing
8.321 acres of land.
The terms of this offer will be contingent upon approval by the voters of
a bond issue to finance the purchase.
The City would want to take possession of approximately three acres of land
upon settlement, Mrs. Parker & Mrs. Gage to retain their life interest in the
remainder tax free.
In the event the University does not wish to take the full amount in cash
at the time of settlement, necessary arrangements for a deferred purchase money
trust and interest thereon to be made.
I trust that this offer will meet with the approval of your Committee and of
the University of Virginia. If the above offer is acceptable, I would suggest
that an agreement be entered into by all parties concerned spelling out the
conditions upon which the property is to be sold.
Council Committee on
City Hall
Noting the great increase in the Falls Church offer, and the fact that the former
difficulties involving the Riley life tenants had now been satisfactorily ironed out, Judge Smith
urged acceptance of the offer and reported that Mr. Gray concurred in this opinion.
The Board resolved that the offer of the City of Falls Church to purchase the Joseph H.
Riley tract, as set forth in the foregoing letter from Mr. Pedersen, be accepted, subject to
approval of the proposed bond issue; and that the letters laid before the Board by Mr. Smith be
delivered to Mr. C. Venable Minor, with the request that he prepare a contract in these terms for
future submission to the Board.
| Board of Visitors minutes June 16, 1956 | |