University of Virginia Library

AUTHORIZATION TO PURCHASE PROPERTY ON 10TH STREET N.W. IN CHARLOTTESVILLE

WHEREAS, a parcel of .684 acres (29,795 square feet) situated between West Main Street and 10th Street in Charlottesville, and known as 129 10th Street N.W., has become available for purchase adjacent to University property on West Main Street (the legal description of this property is as follows:

TMP 100039000, having been acquired by Seller by deeds dated January 2, 2002, and September 27, 2002, recorded in the Office of the Clerk of the Circuit Court of the City of Charlottesville, Virginia, in Deed Book 835, page 551, and in Deed Book 871, page 581, respectively, together with all of Seller’s right, title and interest in and to 10-1/2 Street [collectively, the “Property”]); and

WHEREAS, this property contains a surface parking lot but no structures; and

WHEREAS, the property will provide additional parking space for Health System employees and additional street access for future redevelopment of the Stacy Hall property on West Main Street; and

WHEREAS, the University of Virginia Foundation has entered into a purchase agreement with the owners of this property, subject to authorization by the Board;

RESOLVED that the Executive Vice President and Chief Operating Officer, with the concurrence of the chair of the Finance Committee, is authorized to negotiate an appropriate purchase price for the property at 129 10th Street N.W. in Charlottesville; and to execute, or authorize execution of, any and all contracts and other documents pertaining to the acquisition of such property by the University or by the University of Virginia Foundation.