Board of Visitors minutes March 21, 1986 | ||
2991
AUTHORIZATION TO EXECUTE THE CONTRACT BETWEEN THE UNIVERSITY
AND THE ALUMNI ASSOCIATION WITH RESPECT TO THE ALUMNI ASSOCIATION
ACQUISITION OF THE WESTOVER AND PARK PLACE PROPERTIES
The University Administration has decided that it would be in the best interests of the University for the Alumni Association to proceed with the purchase of 2.25 acres situated in the City of Charlottesville, Virginia, from 307 Park Place to 321 Park Place and from 308 Park Place to 318 Park Place and shown as Parcel 136 on City Tax Map 10, and approximately 325 acres situated in Albermarle County along the 250 and 29 Bypass known as Westover.
- The following resolution was adopted:
- 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 to carry out the provisions of the attached letter of intent. (See Attachment A)
- RESOLVED FURTHER that the University lend $6,700,000, interest free, to the Alumni Association of the University of Virginia for use by the Alumni Association to execute the sale and acquisition agreement on the above-described properties.
- 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 execute the sale and acquisition agreement.
Board of Visitors minutes March 21, 1986 | ||