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1998 Session

Budget Amendments - HB29 (Conference Report)

VPI Catawba Property (language only)

Item C-26.70 #2c

Item C-26.70 #2c

Education: Higher Education
Virginia Polytechnic Institute and State University

Language
Page 152, after line 9, insert:
"C-26.70  
1.  The General Assembly authorizes Virginia Polytechnic Institute and State University, with the approval of the Governor, to enter into written agreements with the Virginia Tech Foundation, a related foundation, to lease certain property, which is described further in this Item, for an initial period not to exceed twenty years;  said lease, however, may give the Foundation the option to renew the agreement for a term, or succession of terms, not to exceed fifty years in total.
2.  The lease agreement described in paragraph 1. above  involves that certain property under the control of Virginia Polytechnic Institute and State University which is known generally at the Catawba Research Station, and more specifically relates to a portion of a 378 acre tract, more or less, located along Virginia secondary highway route 779 in Roanoke County.
3.  The lease agreement described in paragraph 1. above is authorized pursuant to §2.1-511 B., Code of Virginia, for the beneficial purpose of providing improvements to said property, and  promoting the academic and research related interests of the university involving the transgenic livestock company (PPL).
4.    Any improvements constructed by the foundation or PPL under the terms of the agreement described in this Item shall be exempt from §2-0 and §4.4.01 of this Act, and any proceeds from the lease shall be held, used, and administered by the university as provided in §23-4.1 the provision of §2.1-512 notwithstanding."


Explanation
(The amendment authorizes Virginia Tech to lease certain real property adjacent to the Catawba Research Station to a university-affiliated foundation for economic and property improvements, and to retain the proceeds from the lease of the land. The language further exempts any improvements that the foundation or private company may make to the property from state capital outlay procedures.)