University of Virginia Library

APPROVAL OF ACQUISITION OF THE FONTAINE RESEARCH CENTER

WHEREAS, the School of Medicine has determined that a critical shortage of research space exists and will soon have a negative impact on continued growth in existing and future research programs; and

WHEREAS, the University requests that the University of Virginia Foundation construct the Fontaine Research Center, a laboratory building to be located at the Fontaine Research Park; and

WHEREAS, the University expects to buy the building upon completion, at a price not to exceed the appraised value of the property; and

WHEREAS, the project costs of the Fontaine Research Center acquisition are expected not to exceed $17.0 million;

RESOLVED that the Executive Vice President and Chief Operating Officer is authorized, consistent with applicable University and State policies, to seek state approval for acquisition of the Fontaine Research Center, provide construction loans, arrange bond financing and execute such documents as may be necessary to effect the transactions including acquisition of the completed facility and the land from the University of Virginia Foundation and/or the University of Virginia Real Estate Foundation.