 | Board of Visitors minutes June 5, 1964 |  |
CONSTRUCTION OF BUILDING FOR ASSOCIATED UNIVERSITIES, INC.
The President presented a plan for the construction by the University of a building on the
Grounds to house the headquarters staff of the National Radio Astronomy Laboratory which is
being operated by Associated Universities, Inc. He stated that the Finance Committee had
approved on 4 June 1964 a plan by which the cost of the building, estimated at not to exceed
$750,000, would be amortized in five years after which the title to the building would vest in
the University. In addition, the building would be leased to Associated Universities, Inc. for
an additional 15 years with payments to be made to the University for the costs of maintenance.
After discussion the following resolution was adopted:
RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia
that the Comptroller be and he is hereby authorized to enter into an agreement with Associated
Universities, Inc. for the construction of a building by the University from current funds to
house the headquarters staff of the National Radio Astronomy Laboratory at a cost not to exceed
$750,000, the costs to be amortized in 5 years at an interest rate of 4½ per cent, and
RESOLVED FURTHER that the Comptroller be and he is hereby authorized to enter into an
agreement with Associated Universities, Inc. for the occupancy of the building for an additional
15 years on the payment of the costs of maintenance.
| Board of Visitors minutes June 5, 1964 | |