1. The State Board for Community Colleges, with the approval of the Governor as otherwise provided by law, is authorized to convey title, at no cost, to a foundation of J. Sargeant Reynolds Community College, for certain real property described generally as five acres, more or less, of the central portion of the Western Campus of J. Sargeant Reynolds Community College, and 10 acres, more or less, of the southern portion of the Western Campus of the College.

2. The conveyance provided for in this section is authorized for the beneficial purpose of improving said property through construction on the central grounds parcel of an approximately 6,000-10,000 square foot academic and training facility, with an estimated cost of construction of approximately $800,000 to $1,200,000. The cost of construction and facility operations shall be borne entirely by nonstate sources. Improvements to the southern parcel shall be limited to construction of a YMCA facility, making available to the college and the community certain mutually beneficial programs. The cost of construction and facility operations on this parcel shall equally be borne entirely by nonstate sources.

3. The conveyance shall further provide that the plans and specifications for any facilities to be provided shall be approved by the State Board for Community Colleges, and that title to said properties shall not be further conveyed to any other entity or individual other than the Commonwealth.