University of Virginia Library

APPROVAL OF TRANSFER OF KENWOOD PROPERTY TO UNIVERSITY OF VIRGINIA FOUNDATION (UNIVERSITY OF VIRGINIA REAL ESTATE FOUNDATION) AND CONSTRUCTION OF LIBRARY FACILITY

The following resolution was adopted:

• WHEREAS, certain property and improvements (hereinafter "Kenwood") containing 78.5 acres, more or less, in Albemarle County, Virginia, was devised by will to The Rector and Visitors of the University of Virginia; and
• WHEREAS, the Board of Visitors approved the acceptance of the terms of the Kenwood gift at its June 2, 1972 meeting; and
• WHEREAS, said property has been leased in part to the Thomas Jefferson Memorial Foundation (TJMF) for purposes of housing the International Center for Jefferson Studies, a joint educational and research venture. The Center offers courses, seminars, conferences, talks, and lectures and provides research opportunities and fellowships for visiting scholars; and
• WHEREAS section 4-4.01q. of the 1996 Virginia Acts of Assembly authorizes the Governor of Virginia to approve transfers of real estate to the affiliated real estate foundations of the public institutions of higher education in Virginia where he finds that the property was acquired with local or private funds or by gift or grant to or for the institution;
• RESOLVED, upon and subject to the approval of the Governor of Virginia as aforesaid, that The Rector and Visitors of the University of Virginia hereby authorize the transfer and conveyance of the said Kenwood property to the University of Virginia Real Estate Foundation for management on behalf of the University in accordance with the terms of the will and bequest of Mrs. Frances Nash Watson (Albemarle Circuit Court Book, 46, pages 475-484) and with the further stipulation that the said property may not be sold, mortgaged, liened, or hypothecated without the concurrence of the Board of Visitors for the University of Virginia, and that any sales proceeds shall be applied in accordance with the will or as may be directed by the Board of Visitors. Furthermore, the deed of conveyance shall additionally stipulate that the property shall be disposed of as may be further directed by the Board of Visitors; and
• RESOLVED FURTHER that the Executive Vice President and
• Chief Financial 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 Financial Officer is further authorized
• to approve and agree to such other terms and conditions regarding the Foundation's management of the Kenwood property and lease thereof to the Thomas Jefferson Memorial Foundation, including a fair and appropriate management fee to the University of Virginia Foundation for the care and oversight of the Kenwood property, the disposition of any rental income or leasing of the property within delegated authority, and providing for the payment of taxes and other reasonable and necessary carrying charges; and
• RESOLVED FURTHER that the Executive Vice President and Chief Financial Officer is authorized to enter into agreements with the University of Virginia Foundation, and the University of Virginia Foundation in turn with the Thomas Jefferson Memorial Foundation, to effect a lease of such land as may be necessary to allow the construction of a library facility by the Thomas Jefferson Memorial Foundation consistent with the conditions outlined below:
• The current lease, dated December 30, 1992, will likely be subsumed in the new agreement and the term extended.
• The term of the new lease will likely be 35 years. The lease may be extended as provided in the current lease at the end of any five-year period for an additional five years up to a maximum of 99 years.
• The revised lease will include a commitment by the TJMF that the proposed library will not compete with the Alderman Special Collections Library.
• TJMF will be solely responsible for the proper maintenance and upkeep of the leased premises, as required in the lease agreement of December 30, 1992. Appropriate provisions for inspection of the premises will be provided in the new lease.
• RESOLVED FURTHER that the Board of Visitors may, at its discretion, invest funds in the improvement and repair of the property as may be necessary or advisable.