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BUDGET AMENDMENTS AND CAPITAL PROJECT SCOPE CHANGE FOR THE UNIVERSITY OF VIRGINIA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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7234

BUDGET AMENDMENTS AND CAPITAL PROJECT SCOPE CHANGE FOR THE UNIVERSITY OF VIRGINIA

(approved by the Finance Committee on January 22, 2007)

WHEREAS, the budget amendments and scope decrease for Bavaro Hall have been carefully reviewed; and

WHEREAS, the recommendations represent additional high priority initiatives and are aligned with the mission of the institution; and

WHEREAS, the Board of Visitors authorized the Executive Vice President and Chief Operating Officer to transmit to the General Assembly any request not funded by the Governor as long as there are no material differences from the items already endorsed by the Board of Visitors; and

WHEREAS, the University proposes the following three capital projects:

  • Acquire Advanced Research and Technology Life Sciences Annex ($35.1 million NGF debt)
  • Acquire Sprigg Lane Property ($4.7 million NGF debt)
  • Upgrade Jordan Hall HVAC ($28.9 million NGF debt); and

WHEREAS, certain capital projects have experienced cost escalations or scope changes and some will require the issuance of debt to include:

                             
Academic Division:  
Construct Ruffin Hall ($3.2 million GF) 
Construct Claude Moore Nursing Education ($3.6 million GF) 
Renovate Gilmer Teaching Labs ($0.425 million GF)  
Acquire A.R.T. Building ($3.9 million NGF debt)  
Construct Bavaro Hall ($5.2 million NGF; scope decrease of
14 percent) 
Upgrade Main Heat Plant ($3.5 million NGF debt) 
Renovate & Expand Rouss Hall ($3.5 million NGF debt)  
Construct Arts Grounds Garage ($4.9 million NGF debt;
replacing NGF cash)  
Medical Center:  
Acquire Blake Center ($3.7 million NGF debt; replacing NGF
cash)  
College at Wise: 
Renovate & Expand Drama Building ($3 million GF)  
Renovate Science Building ($2.5 million GF)  
Renovate Smiddy Hall ($3 million GF)  

7235

RESOLVED that the Board of Visitors of the University of Virginia endorses and supports the additional 2006-2008 budget amendments and adjustments to certain capital project budgets; and

RESOLVED FURTHER that the Executive Vice President and Chief Operating Officer is authorized to transmit the final proposed budget amendments requiring authorization by the Commonwealth under the University Management Agreement to the General Assembly.