 | Board of Visitors minutes February 05, 2004 |  |
APPROVAL OF TRANSFER OF WERTLAND AND 14th STREET PROPERTIES TO THE UNIVERSITY OF VIRGINIA FOUNDATION
WHEREAS, the University owns two unimproved parcels of land in the City of Charlottesville: one fronting on 14th Street (tax map parcel 4-296) containing 12,984 square feet, and the other fronting on Wertland Street (tax map parcel 4-302) containing 42,497 square feet, with both parcels sharing a common alleyway; and
WHEREAS, the University has requested from the City of Charlottesville that the alley separating these two parcels be closed and conveyed to the University; and
WHEREAS, the University acquired the Wertland and 14th Street properties in 1968 and 1971 using local funds for the purpose of future development; and
WHEREAS, it is now in the best interests of the University to transfer the properties to the University of Virginia Foundation for future development opportunities benefiting the University, including a sale of the properties, or a "swap" as part of the purchase price for other property; and
WHEREAS, section 4-4.01q of the 1996 Virginia Acts of Assembly authorizes the Governor of Virginia to approve transfers of real estate to the affiliated real estate foundations of the public institutions of higher education in Virginia where he finds that the property was acquired with local or private funds or by gift or grant to or for the institution.
RESOLVED, upon and subject to the approval of the Governor of Virginia as aforesaid, that the Rector and Visitors of the University of Virginia hereby authorize the transfer and conveyance of that parcel of land on 14th Street described as parcel 296 of Section 4 of the tax map of the City of Charlottesville; and that parcel of land on Wertland Street described as parcel 302 of Section 4 of the tax map of the City of Charlottesville to the University of Virginia Foundation, including the alley separating the two properties; and
RESOLVED FURTHER that the Executive Vice President and Chief Operating Officer is authorized, upon securing the approval of the Governor of Virginia as aforesaid and with the concurrence of the Chair of the Finance Committee and the review of the General Counsel, to execute any and all contracts and other documents to effect the transfer and conveyance of the above-mentioned properties to the University of Virginia Foundation, and to support the sale or "swap" of the properties by the University of Virginia Foundation for other property necessary for future development of the University.
| Board of Visitors minutes February 05, 2004 | |