Language Page 569, after line 38, insert: "C-11.20 - - Acquire Property Laurel Ridge Community College Educational Foundation$3,500,000$0 Fund Sources: Higher Education Operating $3,500,000 $0 " The Virginia Community College System is hereby authorized to acquire, by purchase, certain real property and improvements located adjacent to the Laurel Ridge Community College campus, consisting of approximately 4.8 acres of land and including an existing facility and the associated site and adjacent parking area. The acquisition of such real property shall be from the Laurel Ridge Community College Educational Foundation and shall constitute a partial gift to the Commonwealth, whereby the purchase price shall be established at an amount below the appraised fair market value of the property. The consideration paid shall be derived exclusively from nongeneral fund sources available to Laurel Ridge Community College, including auxiliary enterprise reserves and revenues generated from noncredit workforce programs."
The Virginia Community College System is hereby authorized to acquire, by purchase, certain real property and improvements located adjacent to the Laurel Ridge Community College campus, consisting of approximately 4.8 acres of land and including an existing facility and the associated site and adjacent parking area. The acquisition of such real property shall be from the Laurel Ridge Community College Educational Foundation and shall constitute a partial gift to the Commonwealth, whereby the purchase price shall be established at an amount below the appraised fair market value of the property. The consideration paid shall be derived exclusively from nongeneral fund sources available to Laurel Ridge Community College, including auxiliary enterprise reserves and revenues generated from noncredit workforce programs."
Explanation
(This amendment authorizes $3.5 million NGF the first year for the community college system to acquire real property from the Laurel Ridge Community College Educational Foundation.)