University of Virginia Library

APPROVAL OF A REVISED BUDGET AND FUNDING PLAN FOR THE SOUTH LAWN PROJECT

WHEREAS, the Special Committee on the College and Graduate School of Arts and Sciences Facilities adopted a resolution on October 18, 2001, which set a $126.7 million budget for the South Lawn Project with $61.1 million to be provided by private gifts from the College Foundation, $61.1 million through a combination of state and University funds, and $4.5 million from the University Department of Parking and Transportation as a contribution to the parking garage; and

WHEREAS, the Buildings and Grounds Committee adopted a resolution on October 18, 2001, approving the report from the Special Committee setting forth the project budget and scope; and

WHEREAS, the Special Committee on the College and Graduate School of Arts and Sciences Facilities approved a revised budget and funding plan on October 28, 2002, for the South Lawn Project; and

WHEREAS, the Buildings and Grounds Committee at its December 18, 2002, meeting approved a new budget for the South Lawn project of $160 million, of which $94.4 million was to be provided by private gifts from the College Foundation, $61.1 million through a combination of state and University funds, and $4.5 million from the University Department of Parking and Transportation as a contribution to the parking garage; and

WHEREAS, since the December 18, 2002, meeting the University and College Foundation agreed to a two-phased implementation plan for the building components south of Old Cabell Hall; and

WHEREAS, the College Foundation, as a part of the phasing plan, committed to a fund raising schedule for Phase I using a present value basis; and

WHEREAS, the College Foundation also committed to a $1.0 million supplement for the Cocke Hall renovation project to capture additional space and provide needed enhancements;

RESOLVED that the new budget for the South Lawn Project is now $160.9 million, of which $95.3 million is to be provided by private gifts from the College Foundation, $61.1 million through a combination of state and University funds, and $4.5 million from the University Department of Parking and Transportation as a contribution to the parking garage; and

RESOLVED FURTHER that the building components south of Old Cabell Hall will be implemented in two phases with Phase I defined as 1) the buildings to be built on the B-1 parking lot, 2) parking for 400-500 cars, and 3) the plaza across Jefferson Park Avenue; and

RESOLVED FURTHER that the total cost of Phase I is $87 million with a University commitment of $25.8 million and a College Foundation commitment of $61.2 million; and

RESOLVED FURTHER that the College Foundation’s fund raising schedule for the Phase I project, which uses a present value basis and calls for 1/3 of the $61.2 million to be raised on or before April 30, 2004, 2/3 of the $61.2 million to be raised on or before December 31, 2005, and the full $61.2 million to be raised on or before December 31, 2006, is approved.