University of Virginia Library

---

4333

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.