University of Virginia Library

Search this document 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
expand section
 
 
 
 
expand section
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
REPORT BY THE RECTOR ON THE ACTION OF THE EXECUTIVE COMMITTEE REGARDING THE AUTHORIZATION FOR THE VICE PRESIDENT FOR BUSINESS AND FINANCE TO ENTER INTO A LETTER OF AGREEMENT WITH THE ALUMNI ASSOCIATION WITH RESPECT TO THE FONTAINE AVENUE PROPERTY
 
 
 
 
 
 
collapse section
 
 
 
expand section
expand section
expand section
expand section
 

REPORT BY THE RECTOR ON THE ACTION OF THE EXECUTIVE COMMITTEE
REGARDING THE AUTHORIZATION FOR THE VICE PRESIDENT FOR BUSINESS
AND FINANCE TO ENTER INTO A LETTER OF AGREEMENT WITH THE ALUMNI
ASSOCIATION WITH RESPECT TO THE FONTAINE AVENUE PROPERTY

  • The Rector announced that the Executive Committee acting for the Board of Visitors pursuant to The Manual and Section 13.1-216 of the Code of Virginia, adopted the following resolution:

  • 2989

  • As of March 4, 1986, the Alumni Association of the University of Virginia entered into contract to purchase the options between Carr Realty Management & Sales, Inc. and (1) Stuart F. Carwile Trustee of South 29 Land Trust and Ivy Land Company and (2) Sarindale Corporation. That option agreement covered real estate situated in the County of Albemarle, Virginia, located along Fontaine Avenue consisting of approximately 55 acres. The University Administration has decided that it would be in the best interests of the University for the Alumni Association to purchase the options.
  • RESOLVED that the Vice President for Business and Finance, be and he hereby is, authorized to enter into a letter of agreement, dated March 4, 1986, with the Alumni Association of the University of Virginia which, among other things, provides for:
  • (1) The purchase, by the Alumni Association, of the options, dated as of March 1, 1985 as amended, between the Carr Realty Management & Sales, Inc. and (1) Stuart F. Carwile Trustee of South 29 Land Trust and Ivy Land Company and (2) Sarindale Corporation.
  • (2) An interest free advance from endowment by the University to the Alumni Association of up to $355,000 to cover the cost of acquiring the options;
  • (3) Examination of title by the Alumni Association and approval of any objections to title by the University;
  • (4) The exercise of the options upon the University's direction, and closing of the purchase by the Alumni Association;
  • (5) An interest free advance from endowment by the University to the Alumni Association of the purchase price of the property and reimbursement of expenses; and
  • (6) 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 advance up to $355,000, interest free, to the Alumni Association of the University of Virginia for use by the Alumni Association to accomplish the purchase of the options.
  • RESOLVED FURTHER that the University be, and it hereby is, authorized to reimburse the Alumni Association for expenses incurred by it in the acquisition of the options.
  • 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.