University of Virginia Library

ACQUISITION OF 500 VALLEY ROAD, CHARLOTTESVILLE

WHEREAS, to accomplish the University's plans for development of the South Lawn it is necessary to acquire 500 Valley Road, a 8,316 foot lot in Charlottesville containing a 11⁄2 story house; and

WHEREAS, the owner of 500 Valley Road is interested in swapping the property for a property of equivalent value; and

WHEREAS, the University owns property at 1308 Wertland Street in Charlottesville, which is of substantially equivalent value to the property at 500 Valley Road; and

WHEREAS, the owner of 500 Valley Road has agreed to a swap of 500 Valley Road for the property at 1308 Wertland Street;

RESOLVED that the acquisition of 500 Valley Road is authorized; and

RESOLVED FURTHER, the disposition of 1308 Wertland Street is authorized as a swap for the benefit of the South Lawn project; and

RESOLVED FURTHER that the swap transaction may be accomplished through the University of Virginia Foundation; and

RESOLVED FURTHER that the Executive Vice President and Chief Operating Officer, with the concurrence of the Chair of the Finance Committee, is authorized to take any actions and to execute any and all documents necessary to accomplish the acquisition of 500 Valley Road, including the disposition of 1308 Wertland Street as a swap transaction.