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RESOLUTION REGARDING THE TRANSFER OF PROPERTIES FROM THE ALUMNI ASSOCIATION TO THE UNIVERSITY OF VIRGINIA REAL ESTATE FOUNDATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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3104

RESOLUTION REGARDING THE TRANSFER OF PROPERTIES FROM THE ALUMNI ASSOCIATION TO THE UNIVERSITY OF VIRGINIA REAL ESTATE FOUNDATION

  • The following resolution was adopted:
  • Over the past two years, the University contracted with the Alumni Association of the University of Virginia to purchase certain real estate on behalf of the University, and loaned funds on an interest free basis to the Alumni Association for purchase of these properties. These contracts included provisions requiring the Alumni Association to convey the properties upon the request of the University to the University, its designees or assigns. Following the establishment of the University of Virginia Real Estate Foundation, and its recognition by the Internal Revenue Service as a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code of 1954, the University administration recommends that the properties be transferred from the Alumni Association to the Real Estate Foundation.
  • RESOLVED that the Vice President for Business and Finance be, and he hereby is, authorized to request the Alumni Association to transfer title to the following properties to the University of Virginia Real Estate Foundation:
          
    Palumbo Property  132 Emmet Street 
    Brunton Property  581 Brandon Avenue 
    AAA Property  104 Emmet Street 
    Westover Estate  Along 29/250 By-Pass 
    Faulconer Property  307 to 321 Park Place 
    Hurt/Dykes Property  Fontaine Avenue 
  • RESOLVED FURTHER, that upon transfer of title to the properties listed above from the Alumni Association to the Real Estate Foundation, that all debts owed by the Alumni Association in regard to these properties be marked satisfied and cancelled; that the Real Estate Foundation will assume the debts for these properties as evidenced by the delivery to the University of the Foundation's interest-free demand notes in the following amounts:
         
    Palumbo Property (132 Emmet St.)  $ 274,000.00 
    Brunton Property (581 Brandon Ave.)  115,000.00 
    AAA Property (104 Emmet St.)  200,000.00 
    Westover and Faulconer Property  6,716,431.45 
    Hurt/Dykes Property (Fontaine Ave.)  3,349,733.21 
    and; that the Vice President for Business and Finance be, and he hereby is, authorized to do all things necessary to accomplish these transactions.