University of Virginia Library

ACQUISITION OF PROPERTY AT 914-918 EMMET STREET

The following resolution was adopted:

• WHEREAS, the University Real Estate Foundation recently reached agreement with the Mead Corporation to acquire property for use by the Rector and Visitors at 914-918 Emmet Street ("the Property"), at the price of $1,150,000; and

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• WHEREAS, the Rector and Visitors intend to use the property to house administrative and/or academic units; and
• WHEREAS, closing is expected to occur not earlier than December 31, 1991 and not later than December 31, 1992; and
• WHEREAS, occupancy is expected to occur not earlier than December 31, 1992; and
• WHEREAS, the University expects to make repairs and improvements to the Property in the approximate amount of $275,000;
• RESOLVED that the Senior Vice President and Chief Financial Officer be and he is hereby authorized (1) to seek state approval for the acquisition of the Property, (2) to take such action and execute such documents that are reasonably necessary to effectuate the acquisition of the Property, either from the Mead Corporation or from the University Real Estate Foundation; and (3) to advance funds not to exceed $1,425,000 from the University general fund for acquisition of and repairs and improvements to the Property, such advance to be repaid prior to June 30, 1995 from unrestricted private funds or such other funds as may be budgeted for that purpose.