University of Virginia Library

APPROVAL OF THE ACQUISITION OF CITY PROPERTY

The following resolution was adopted:

WHEREAS, the University wishes to purchase from the City of Charlottesville real estate located on the east side of Emmet Street at the intersection of Emmet Street and Massie Road in Charlottesville, to support future University growth and to protect and enhance one of the University's major entrance corridors; and

WHEREAS, the land may be acquired through a blanket capital outlay authorization approved in 1998 by the General Assembly; and

WHEREAS, University staff have represented to the Board that all required internal policies, procedures, guidelines, reviews and approvals have been complied with in connection with the purchase; and

WHEREAS, the City of Charlottesville wants to receive real estate taxes or their equivalent for the assessed value of the Emmet Street Property; and

WHEREAS, the University agrees to add approximately $1,750 annually to the base amount the University pays to the City as a voluntary fire services contribution, which is an amount equivalent to the city tax rate for the Emmet Street property; and

WHEREAS, approval of the acquisition of real estate under 2.1-504.2 of the Code of Virginia has been delegated to the Board of Visitors;

RESOLVED that the Board of Visitors approves the purchase of the property owned by the City of Charlottesville and located on Emmet Street, for a price not to exceed the appraised value as determined by an outside independent appraisal, plus reasonable costs of the transaction.

RESOLVED FURTHER that the Executive Vice President and Chief Operating Officer is authorized to execute any and all contracts or documents pertaining to the acquisition of the aforementioned property.