Board of Visitors minutes September 29, 2006 | ||
APPROVAL OF CAPITAL LEASE FOR THE MEDICAL CENTER LONG-TERM ACUTE CARE HOSPITAL PARKING
(approved by the Finance Committee on September 11, 2006)
WHEREAS, the Medical Center has determined that it is cost- effective to add 40 long-term acute care beds to a facility off- site from the University Hospital; and
WHEREAS, the Kirtley Family Holdings desires to lease 3.5 acres and improvements to the University of Virginia on a long- term basis with an eventual purchase;
RESOLVED, the Board of Visitors approves a 40-year capital lease for the property located at 2985 Ivy Road, with an initial annual cost of $240,000, to be increased at three percent annually, and a purchase price of $6 million at the end of the term contingent on successful conclusion of a due diligence period; and
RESOLVED FURTHER that the Executive Vice President and Chief Operating Officer is authorized to execute any and all contracts and documents pertaining to the capital lease of the aforementioned property.
Board of Visitors minutes September 29, 2006 | ||