University of Virginia Library

APPROVAL OF TRANSFER OF CURRIE ESTATE PROPERTY TO UNIVERSITY OF VIRGINIA FOUNDATION (UNIVERSITY OF VIRGINIA REAL-ESTATE FOUNDATION)

The following resolution was adopted:

• WHEREAS by deed of gift dated December 18, 1964, certain property (hereinafter "Currie property") containing 207 acres, more or less, in Prince William County, Virginia, was conveyed by Rent D. Currie and Helen L. Currie to The Rector and Visitors of the University of Virginia; 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 acquired with local or private funds or by gift or grant to or for the institution; and
• 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 the said Currie property to the University of Virginia Real Estate Foundation for management on behalf of the University and with the stipulation that the said property may not be sold, assigned, transferred, mortgaged, liened, hypothecated or otherwise disposed of without the concurrence of the Board of Visitors for the University of Virginia, and that any sales proceeds will be applied to benefit the University as may be authorized hereafter by the Board of Visitors. Furthermore, the deed of conveyance shall additionally stipulate that the property shall be disposed of as may be further directed by the Board of Visitors, and no buildings or other structures shall be placed on or removed from the property without approval of the Board of Visitors for the University of Virginia; and
• RESOLVED FURTHER that the Executive Vice President and Chief Financial Officer for the University of Virginia is authorized, upon securing the approval of the Governor of Virginia as aforesaid, to execute the appropriate deed or other documents approved by General Counsel necessary to effectuate the foregoing transfer and conveyance. The Executive Vice President and Chief Financial Officer is further authorized to approve and agree to such other terms and conditions regarding the Foundation's management of the Currie property, including a fair and appropriate management fee to the Foundation for the care and oversight of the Currie property, the disposition of any rental income or leasing of the property within delegated authority, and providing for the payment of taxes and other reasonable and necessary carrying charges; and
• RESOLVED FURTHER that the Board.of Visitors may, at its discretion, invest funds in the improvement and repair of the property as may be necessary or advisable.