University of Virginia Library

At the annual meeting of the Board of Visitors, called
for the consideration of the Financial Budget for 1913-1914.

Present: The Rector, Visitors Craddock, Flood, Norton,
White, Irvine, Drewry, Michie, Oliver, State Superintendent
Stearnes, and Acting President, Dean James M. Page.

The Rector having called the Board to order at 10:30
o'clock, the newly appointed member, (to fill vacancy
caused by resignation of Dr. W. M. Randolph), Mr. George
R. B. Michie, appeared, and being duly qualified, was accordingly
recognized as a member of this Board.

Report of Committee on Entrance Building

At a meeting of the Committee on Entrance Building
at 8:00 P.M., May 9th, 1913, there were present Messrs.
Lambeth, Michie, Newcomb, Smith, Forrest. The following was
moved by Mr. Newcomb, seconded and carried:-

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Resolved that it be the sense of this Committee that the
contract for the construction of the Entrance Building for
the University be and is herewith awarded to Vandegrift
and Fitch, the lowest competitive bidders, subject to the
approval by the Rector and Visitors of the University of
our resolution asking for $5,000.00 increased loan.

The following was presented by Mr. Forrest and moved
and seconded by Mr. Smith and Mr. Michie, and adopted for presentation
at next meeting of the Board, together with the preceeding
resolution for their information:-

To the Rector and Visitors of the
University of Virginia.

Your Committee on Improvements at the University entrance
beg to report that in harmony with your instructions they
secured bids on completed plans and specifications for the
building approved by you at your meeting February 10, 1913.

The lowest bid, even after making all such changes in the
plans as can reduce the cost without injuring the building in
appearance, structure or rent-yielding power, shows that the
building alone, with the architect's fees, will cost nearly
$20,000.00. Your provision for the building being only
$15,000.00, it has impossible to sign the contract and proceed
with the work.

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We therefore ask that you provide a further sum of
$5,000.00 making a total of $25,000. for the building and
outside improvements, interest upon which at the rate of six
per cent per year shall be deducted by the Bursar from
the gross revenues of the building paid into his hands. In
our judgement the rents will easily care for this annual
charge of $1,500.00 and leave a handsome surplus. We
also believe it would be a mistake to reduce the size of the
building, and that if reduced it would not carry an interest
charge of $1,200.00 as safely as the proposed building
will carry, $1,500.00.