University of Virginia Library

MADISON HALL LEASE

The President announced that further negotiations had been had with the YMCA Board of
Trustees concerning the arrangement of a long-term lease of Madison Hall by the University. A
long-term lease was desired, the President stated, because of the necessity of making a rather
extensive renovation of Madison Hall in order to convert the facilities for efficient University
use. A proposal had been made by the YMCA Board of Trustees that a fifty-year lease be
negotiated with an annual rental payment of $7,000. Included in the proposal was an arrangement
whereby the annual rental of $7,000 would be adjusted at five-year intervals on the basis of
the cost-of-living index prepared by the U. S. Bureau of Labor Statistics.

Considerable discussion ensued among the Visitors as to the need for an upper and lower
limit to be included in the lease. At the conclusion of this discussion, the following resolution
was adopted

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia
that the President be and he is hereby authorized to continue to negotiate for a long-term lease
of Madison Hall by the University and that any agreement which may be reached be subject to the
approval of the Executive Committee if that approval be needed before the October meeting of the
Board.