VCU Housing Project Language (language only)

Item C-79 #1c

Language
Page 401, strike lines 39 through 44 and insert:
"2. The General Assembly authorizes Virginia Commonwealth University to enter into a written agreement with a public or private entity to design, construct,  and finance a facility to provide additional student housing.  The facility or facilities may be located on property owned by the Commonwealth. All project proposals and approvals shall be in accordance with the guidelines cited in paragraph 1 of this Item."
Page 402, strike line 1.
Page 402, after line 6, insert:
"4. The General Assembly further authorizes Virginia Commonwealth University to enter into a written agreement with its affiliated real estate foundation to construct one or more facilities to provide additional student housing on University land to be leased to said foundation for such purposes.  Virginia Commonwealth University also is authorized to enter into a written agreement with said foundation for the support of such student housing facilities by including the student housing facilities in the University's student housing inventory and managing the operation and maintenance of same, by assigning students to the facility in preference to other University facilities, by restricting construction of competing student housing projects and by otherwise supporting said student housing facilities consistent with law, provided that the University shall not be required to take any action that would constitute a breach of the University's obligations under any documents or other instruments constituting or securing bonds or other indebtedness of the University or the Commonwealth of Virginia."

Explanation
(This amendment clarifies the terms of a potential agreement between Virginia Commonwealth University and its foundation for the construction of student housing.)