2003 Session

Budget Amendments - SB700 (Conference Report)

LU - Housing (language only)

Item C-25.05 #1c

Item C-25.05 #1c

Education: Higher Education
Longwood University

Page 515, after line 41, insert:
1. Subject to § 4-4.01 x. of this act, the General Assembly authorizes Longwood University to enter into a written agreement or agreements with the Longwood University Real Estate Foundation (LUREF) to support student housing projects through alternative financing agreements including public-private partnerships.
2. Longwood University is further authorized to enter into written agreements with LUREF to support such student housing facilities; the support may include agreements to (i) include the student housing facilities in the University's student housing inventory; (ii) manage the operation and maintenance of the facilities, including collection of rental fees as if those students occupied University-owned housing; (iii) assign students to the facilities in preference to other University-owned facilities; (iv) restrict construction of competing student housing projects; (v) seek to obtain police power over the student housing as provided by law; and (vi) otherwise support the 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."

(This amendment allows Longwood University to enter into a public-private partnership for $44 million of student housing.)