University of Virginia Library

DRAFT

AGREEMENT BETWEEN THE UNIVERSITY OF VIRGINIA AND THE UNIVERSITY OF VIRGINIA REAL ESTATE FOUNDATION AND THE DEPARTMENT OF FORESTRY CONCERNING FINAL COSTS FOR THE FORESTRY HEADQUARTERS OFFICE BUILDING AND ADMINISTRATIVE SUPPORT FACILITY

This Agreement reflects understandings and commitments reached among the University of Virginia ("University"), the University of Virginia Real Estate Foundation ("Foundation"), and the Virginia Department of Forestry ("Forestry"), concerning financial and other commitments related to the construction of a Forestry headquarters office building and administrative support facility on the Hillcrest site west of Virginia Route 20 and south of Interstate Route 64.

• In summary this agreement provides a framework under which the following will occur:
• 1. The Foundation will acquire Forestry's existing 32 acre site south of Charlottesville for $1.5 million.
• 2. The University or the Foundation will acquire and Liansfer a fee simple conveyance approximately 26 acres at the Hillcrest site to Forestry.
• 3. The University will make a financial contribution to Forestry's project reflecting additional site development costs, and inflation costs, resulting from a change from-the Originally planned site south of Virginia Route 53 and east of Virginia Route 20 to the Hillcrest site, and the delayed start to construction resulting from this change.
• 4. The University will assume financial responsibility for required off-site access road development, and off-site water and sewer development, for the Hillcrest site beyond that-to be provided by the

  ---

  0002

  
  
  original current land owner under the Foundation's purchase agreement.
• 5. At the conclusion of construction of the headquarters office building and administrative support facility, and at the time they occupy these facilities, Forestry will vacate and relinquish to the University, without any additional consideration, the property and facilities adjacent to Alderman and McCormick roads on the grounds of the University presently occupied by Forestry.

• In order to carry out this agreement, the parties hereby further agree as follows:
• 1. The parties will proceed immediately to carry out the required land purchase and exchange on the following basic
• a. The Foundation will complete the acquisition of the approximately 26 acre Hillcrest site at the agreed upon price of million The University, will exchange the Hillcrest for the existing Forestry 32 site south of Charlottesville and will provide additional payment to Forestry of $100,000, reflecting the difference between the $1.4 million purchase price of the Hillcrest site and the agreed upon $1.5 million price for the Forestry site.
• The Real Estate Foundation will complete the acquisition of the approximately 26 acre Hillcrest site. By no later than the thirtieth (30th) day following acceptance by the appropriate local authority of the improvements referenced in Paragraphs 1.c., below, the Real Estate Foundation will exchange the Hillcrest parcel for the existing Department of Forestry 32 acre site south of Charlottesville and will provide additional payment to the Department of $100,000.