Board of Visitors minutes :: January 23, 1992 :: University of Virginia Library

RESOLUTION AUTHORIZING THE SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER TO ENTER INTO A LEASE WITH THE DARDEN SCHOOL FOUNDATION FOR THE SITE OF THE NEW DARDEN SCHOOL AND THE ADDITION TO SPONSORS HALL

WRITE-OFF OF BAD DEBTS AND FREE SERVICE FOR THE MEDICAL CENTER

APPROVAL OF INCREASE IN SUMMER SESSION, CONFERENCE, AND SPECIAL PURPOSE FACILITIES RATES FOR 1992-1993

APPROVAL OF INCREASE IN STUDENT HOUSING RATES FOR 1992-1993 FOR THE ACADEMIC DIVISION

APPROVAL OF INCREASE IN STUDENT HOUSING RATES FOR 1992-1993 FOR CLINCH VALLEY COLLEGE

AUTHORIZATION FOR THE PRESIDENT TO SIGN A RESOLUTION REGARDING THE ROUTE 29 CORRIDOR

GIFTS, GRANTS AND CONTRACTS

APPROVAL OF THE 1992 ANNUAL AUDIT SCHEDULE

ATTACHMENT A RESOLUTION

ADDENDUM TO THE OFFICIAL MINUTES OF THE MEETING OF THE BOARD OF VISITORS OF THE UNIVERSITY OF VIRGINIA

CERTIFICATION OF EXECUTIVE MEETING

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ADDENDUM TO THE OFFICIAL MINUTES OF THE MEETING OF THE BOARD OF VISITORS OF THE UNIVERSITY OF VIRGINIA

CERTIFICATION OF EXECUTIVE MEETING

[section]

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RESOLUTION AUTHORIZING THE SENIOR VICE PRESIDENT AND CHIEF
FINANCIAL OFFICER TO ENTER INTO A LEASE WITH THE DARDEN
SCHOOL FOUNDATION FOR THE SITE OF THE NEW DARDEN SCHOOL AND
THE ADDITION TO SPONSORS HALL

The following resolution was adopted:

( Mr. Leigh B. Middleditch, Jr., abstained from voting).
WHEREAS, the Darden School Foundation wishes to construct a new academic facility for use by the Darden School and a new facility for expansion of Sponsors Hall (collectively, the "Projects");
WHEREAS, the Darden School Foundation wishes to lease the sites for the Projects from the University in order to construct the Projects; and
WHEREAS, the Darden School Foundation wishes to use tax-exempt bond financing requiring a mortgage on the Foundation's leasehold interest in the sites and the Projects; and
WHEREAS, the Darden School Foundation wishes to donate the Projects to the University upon termination of this lease, and the University wishes to accept such donation;
NOW THEREFORE BE IT RESOLVED that the Senior Vice President and Chief Financial Officer, with the concurrence of the President and the Finance Committee of the Board of Visitors, be and he is hereby authorized to enter into a ground lease between the University and the Darden School Foundation for a period not to exceed forty (40) years; provided that if the lease term exceeds the period of construction, then the University will lease back the academic facility for use by the Darden School and further provided that measures are included in the ground lease to protect the University's interests in the Projects from limitation by the leasehold mortgagee. The Sponsors Hall expansion will be operated and maintained by the Darden School Foundation under an amendment to the existing Sponsors Hall lease dated September 19, 1980 and amended September 29, 1984, the term of which shall be amended to expire fifty (50) years from the date of amendment;
RESOLVED FURTHER that the Senior Vice President and Chief Financial Officer is similarly authorized to seek requisite State approvals and to execute necessary documents on the University's behalf in order to implement the Projects.