Board of Visitors minutes January 31, 1986 | ||
REPORT BY THE RECTOR ON THE ACTION OF THE EXECUTIVE COMMITTEE
REGARDING THE EXERCISE OF OPTION FOR THE AUTOMOBILE CLUB OF
VIRGINIA REAL ESTATE
- The Rector reported that the Executive Committee,
acting for the Board of Visitors, adopted the following resolution
on November 17, 1985:
RESOLVED that the Vice President for Business and Finance be, and he hereby is, authorized to enter into a contract with the Alumni Association of the University of Virginia which should, among other things, provide for: - (1) The exercise, by the Alumni Association, of the option, dated as of October 17, 1985, between the Alumni Association and Automobile Club of Virginia, covering the real estate situated in the City of Charlottesville, Virginia, located at 104 Emmet Street shown as Parcel 6 on City Tax Map 8.
- (2) A loan by the University of the Alumni Association of $200,000 to cover the cost of acquiring the property;
- (3) Examination of title by the Alumni Association and approval of any objections to title by the University;
- (4) The closing of the purchase by the Alumni Association; and
- (5) The agreement by the Alumni Association to convey the property upon the request of the University to the University, its designees or assigns.
- RESOLVED FURTHER that the University lend $200,000,
interest free, to the Alumni Association of the University of Virginia
for use by the Alumni Association to accomplish the purchase and acquisition of the above-described property;2942
- RESOLVED FURTHER that the University be, and it hereby is, authorized to reimburse the Alumni Association for expenses incurred by it in the acquisition and management of the property;
- RESOLVED FURTHER that the Vice President for Business and Finance be, and he hereby is, authorized to execute the contract between the University and the Alumni Association and to instruct the Alumni Association to exercise the option.
Board of Visitors minutes January 31, 1986 | ||