University of Virginia Library

DELEGATION OF AUTHORITY TO APPROVE A CONSTRUCTION LOAN AND AN EQUITY INVESTMENT FOR THE EMERGING TECHNOLOGY CENTER

WHEREAS, the local research community, including University faculty members, have identified a need for reasonably-priced high-technology and wet and dry laboratory space which will allow start-up companies to locate and grow their companies in the region; and

WHEREAS, suitable laboratory facilities for faculty start-up companies will assist the University in attracting and retaining faculty doing research on the cutting edge of science and technology; and

WHEREAS, the University of Virginia Foundation has endorsed the construction of the Emerging Technology Center; and

WHEREAS, the construction of facilities for the direct and indirect benefit of the University will require a construction loan made directly or indirectly by the University; and

WHEREAS, permanent financing may require an equity investment by the University of up to 25 percent of the costs of the facility; and

WHEREAS, total project costs are estimated to be $5.45 million.

RESOLVED that the concept of the Emerging Technology Center is approved and the Board of Visitors endorses the resolution on the Emerging Technology Center adopted by the Board of Directors of the University of Virginia Foundation on October 27, 2000; and

RESOLVED FURTHER that the Executive Vice President and Chief Operating Officer, subject to approval by the Rector and the Chair of the Finance Committee, is authorized to approve a construction loan, and make an equity investment from the University's endowment or other appropriate University funds of up to 25 percent of the building costs not to exceed $1.4 million, to assist the University Real

Estate Foundation in financing and building the Emerging Technology Center, with the understanding that due diligence will be accomplished on review of the business plan for the Emerging Technology Center; and

RESOLVED FURTHER that the University Real Estate Foundation will not be authorized to initiate the proposed project until the projected cost of the project and the business/financial plan has been approved by the Executive Vice President and Chief Operating Officer with the concurrence of the Rector and the Chair of the Finance Committee.