CO - VCU - Acquisition (language only)

Item C-22.10 #1s

Language

Page 619, strike lines 37 through 39 and insert:

"The provisions of Item C-13.10 A., B., C.2., C.3., and D., Chapter 854, 2019 Acts of Assembly, as it relates to the Virginia Commonwealth University acquisition of the Virginia Alcoholic Beverage Control Authority property are hereby extended for the 2020-22 Biennium.   The provisions of Item C-13.10 C.1. shall be replaced as follows:

C. 1. The Authority shall offer for sale the Property to VCU at the fair market value determined by the lower of the two appraisals received pursuant to paragraph B. Any other conditions of the transfer, as negotiated between the Authority and VCU, shall be based on usual and customary terms for such intergovernmental transfers. If the Authority and VCU cannot agree on the terms, other than price as price shall be the fair market value described herein,  of the sale of the Property, the Authority may sell the property pursuant to § 2.2-1156 and on such terms as it determines are in the best interest of the Authority, however any sale terms negotiated shall be presented to VCU, prior to any sale, to enable VCU to make a counter offer to the Authority. Should such counter offer be received by the Authority, the Authority shall consider the VCU counter offer and if determined favorable by the Authority, may sell the property to VCU.".