2005 Session

Budget Amendments - SB700 (Committee Approved)

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JMU - Acquire Rockingham Memorial Hospital Site

Item C-34.30 #1s

Item C-34.30 #1s

First Year - FY2005 Second Year - FY2006
Education: Higher Education
James Madison University FY2005 $5,000,000 FY2006 $0 GF

Page 498, line 35, strike "$10,000,000" and insert "$15,000,000".
Page 498, strike lines 2 through 35 and insert:
“1. James Madison University, with the approval of the Governor as otherwise provided by law, is hereby granted authority to enter into a written agreement with Rockingham Memorial Hospital for the acquisition of certain real property and improvements described generally as 15 acres, more or less, and improved by several structures totaling 600,000 gross square feet, more or less, situated on Cantrell Avenue, South Main Street, and South Mason Street that constitute the current physical location of the majority of the hospital’s operations in the amount of $50,600,000.
2.  The acquisition may be accomplished over a period of up to five years, and the payment in year one shall not exceed $15,000,000 from all sources. The appropriation in this item constitutes the first phase of this acquisition.  It is anticipated that sufficient general fund and nongeneral fund appropriations will be provided in future fiscal years to cover all phases of the project as specified in the final contract.
3. a.  The bond proceeds provided in this Item are for the auxiliary portion of the acquisition authorized herein.
b. The authorization and the issuance of bonds in this Item are contingent on the execution of an agreement for the acquisition of the property by April 25, 2005.
4.  In connection with this acquisition, James Madison University is hereby granted authority to enter into a written agreement to lease said property to Rockingham Memorial Hospital (RMH) for the amount of $1 (one dollar) per annum for a period of 5 years from date of closing, with the option to extend the lease for one additional year for all or a portion of said property, in order to provide sufficient time for the completion of construction and transfer of RMH operations to a new hospital facility.”

"C-34.30 Rockingham Memorial Hospital Site
Fund Sources: General

(This amendment provides $5.0 million GF in addition to the $10.0 million from 9(d) bond proceeds included in SB 700, as introduced, to acquire the Rockingham Memorial Hospital site adjacent to the James Madison University campus. It also consolidates language authorizing this acquisition into one budget item. The total cost is $50.6 million.)