MINUTES OF A REGULAR MEETING OF THE BOARD OF
VISITORS OF VIRGINIA COMMONWEALTH UNIVERSITY
July 16, 1992
A regular meeting of the Board of Visitors of Virginia Com-
monwealth University was held on Thursday, July 16, 1992, at 9
a.m. in the University Meeting Center.
Present were Messrs. Gregory (Vice Rector), Arenstein,
Framme, Siegel, Townes, Weinberg and Whitworth; Drs. Dombalis,
Gilmer, Holland, Johnson and Peay; and Mrs. Epps and Ms. Teig.
Mr. Meador and Dr. Berenguer were absent. Also present were
Drs. Trani, Dewey, Harris, Jones, Ruch, Schexnider and Wilson;
Messrs. Bruegman, Bunce, Cribbs, Fischer, Jez, Ross and Wyeth;
and Mesdames Halloran and Price. Ms. Allison Belsches, the student
representative to the Board, was also present.
The President's Report followed. VCU's three newest Board
members were introduced: Dr. Robert D. Gilmer, Mr. Lawrence H.
Framme, III, and Ms. Eva Teig. Dr. Trani also made the following
introductions:
Officer Linda A. Matthews has been selected to receive the 1992
Heroism Award from the International Association of Campus Law
Enforcement Administrators.
Mr. James E. Keaton has been selected for inclusion in the 1992
edition of Who's Who Among Students in American Universities and
Colleges. Mr. Keaton also served as the student representative to
the Board of Visitors this past year. Dr. Trani presented Mr.
Keaton with a gift as a token of appreciation for his hard work;
dedication to VCU.
Allison Michele Taylor, a participant in the Summer Economics Insti-
tute, is a student at John Randolph Tucker High School. Miss Tay-
lor is in the Spanish Honors Society and was awarded the PSAT
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Recognition Award. Miss Taylor plans a career in special education
either as a teacher or as a doctor.
Allison P. Belsches, VCU's new student representative to the
Board, received a BS in Biology from the College of William and
Mary in 1986 and received a MS in Zoology/Physiology from North
Carolina State University in 1990. Miss Belsches is presently a
graduate student in VCU's Department of Human Genetics.
Dr. Trani also reported on the General Obligations Bond,
Legislative Priorities, a meeting with the City Staff, a Research
Park update and a report on research dollars. A film on the MCV
Foundation was also presented.
On motion made and seconded, the following items from the
Consent Agenda were approved:
Board of Visitors
• Minutes of a Special Meeting held May 14, 1992
• Minutes of a Regular Meeting held May 15, 1992
Academic Policy Committee
^ Minutes of a Meeting held May 14, 1992
Advancement Committee
Minutes of a Meeting held May 15, 1992
Audit Committee
. Minutes of a Meeting held May 15, 1992
Health Affairs Committee
• Minutes of a Meeting held May 14, 1992
Property Committee
Minutes of a Meeting held May 14, 1992
• Project Plans: Medical Sciences Building Sitework
Demolition of Dooley and East Hospitals
Student Affairs Committee
. Minutes of a Meeting held May 14, 1992
On motion made and seconded, the following Resolution for
Virginia Public Building Authority/Virginia Commonwealth University
was approved as amended:
WHEREAS, the General Assembly of Virginia, at Chapter
922, Acts of the Assembly (1990), and Chapter 723, Acts of the
Assembly (1991), previously has authorized the acquisition of a site
for and the construction of a replacement steam plant for the MCV
Campus of Virginia Commonwealth University, which steam plant also
will serve, as does the current steam plant facility, a number of
additional, non-University buildings owned and/or occupied by the
Commonwealth of Virginia; and
WHEREAS, pursuant to the aforementioned authorization, and
the approval of the Virginia Department of General Services, Virginia
Commonwealth University has acquired a site for the replacement
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steam plant and is proceeding with necessary preliminary efforts to
initiate the construction of the replacement steam plant; and
WHEREAS, the General Assembly of Virginia also has direct-
ed that the replacement steam plant project be financed by the issu-
ance of bonds or other evidence of indebtedness through the Virgin-
ia Public Building Authority; and
WHEREAS, the Virginia Public Building Authority intends to
issue in August of 1992 the bonds which would finance the acquisition
of the replacement steam plant site and the construction of the
replacement steam plant facility ("Bond Financing"); and
WHEREAS, in order to facilitate the Bond Financing, it will
be necessary for the Board of Visitors of Virginia Commonwealth
University to transfer title to the land it has acquired as a site
for the replacement steam plant as described on Exhibit "A" hereto,
along with any and all appurtenances thereto (collectively the "Prop-
erty"), and also to enter into a lease agreement (the "Lease") with
the Virginia Public Building Authority pursuant to which the Virginia
Public Building Authority will lease back to Virginia Commonwealth
University the Property and the buildings, structures and improve-
ments thereon (collectively the "Leased Project") in order that the
University can operate the Leased Project and, along with the larger
Commonwealth of Virginia, derive the benefits of such operations; and
WHEREAS, it is the desire of the Board of Visitors of Virgin-
ia Commonwealth University to approve the conveyance to the Virgin-
ia Public Building Authority of the Property and to authorize the
President and the Controller of the University, or either of them, to
execute and deliver, in the name of Virginia Commonwealth Universi-
ty, any and all deeds, assignments of rights or other documents
which may become necessary to effectuate the aforementioned convey-
ance to the Virginia Public Building Authority of the Property and,
further, to approve the Lease from the Virginia Public Building
Authority of the Leased Project on terms and conditions substantially
in accordance with the form presented to the Board of Visitors and,
similarly, to authorize the President of and the Controller of the
University, or either of them, to execute and deliver in the name of
and on behalf of Virginia Commonwealth University, any and all
documents necessary to effectuate the Lease with the Virginia Public
Building Authority and to facilitate closing of the Bond Financing;
and
NOW, THEREFORE, be it RESOLVED by the Board of Visi-
tors of Virginia Commonwealth University that the conveyance of the
title to the Property is hereby APPROVED and, further, that the
President of Virginia Commonwealth University and the Controller of
Virginia Commonwealth University, or either of them, are hereby
delegated and invested with full power and authority to execute and
deliver, on behalf of the Board of Visitors of Virginia Commonwealth
University, a deed of conveyance, assignment of rights and any and
all additional documents which might be deemed necessary to accom-
plish the conveyance of the Property to the Virginia Public Building
Authority; and
BE IT FURTHER RESOLVED, that the Lease from the Virgin-
ia Public Building Authority of the Leased Project, which Lease
includes, among other things, the obligation of Virginia Commonwealth
University to pay rentals in an amount equal to the payments due on
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the bonds issued to finance the last of the Leased Project and to
construct, operate and maintain the Leased Project, is hereby AP-
PROVED and, further that the President of Virginia Commonwealth
University and the Controller of the University, or either of them,
also are hereby delegated and invested with full power and authority
to execute and deliver, on behalf of the Board of Visitors of Virgin-
ia Commonwealth University, the Lease in substantially the form
submitted to the Board at this meeting with such changes, insertions
or omissions as may be approved by the President or the Controller
whose approval shall be evidenced conclusively by the execution and
delivery of the Lease, and any other documents or certificates as may
be deemed necessary to carry out the transactions authorized by the
Resolution, the Leased Project, and to facilitate closing of the Bond
Financing.
The following items were submitted for information:
Academic Policy Committee
Honors Program
1992-94 SCHEV Supported Projects
Advancement Committee
• Alumni Activities Report
University Relations Report
Governmental Relations Report
Health Affairs Committee
Report of Chairman:
AHA Trustee Forum - Leadership in Hospital
Governance: Designing Your Hospital's
Future
• Hospital Financial Report
Hospital Statistics - July 1, 1991 to May 31,
1992
Accounts Receivable Update
Contracts
Sutures
Mansfield Catheters, Balloons, Biopsy Forceps
and Accessories
• Report of the Vice President for Health Sciences
Report from the School of Allied Health on
Hospital Administration MHA Program(s)
Status Report on Cath Lab
Property Committee
Capital Project Status Report
Contract Notification: Student Housing
Renovations, Phase I, Roof Replacements and
Repairs
Parking Task Force Report
Student Affairs Committee
• Report on International Students and Activities
• Department of Athletics - Annual Report
The Conflict of Interests Guidelines were presented. These
Guidelines are designed to provide a framework within which the
5
propriety and advisability of a proposed contract for research and
development can be addressed. The guidelines apply to all employ-
ees of Virginia Commonwealth University. On motion made and sec-
onded, the Conflict of Interest Guidelines were approved:
On motion made and seconded, the following Resolution honor-
ing Mr. Eric Lipman's years' of service to VCU was approved.
WHEREAS, Virginia Commonwealth University has been privileged to
share and benefit from the life of Eric M. Lipman. Eric's commitment
to Virginia Commonwealth University was unequaled, and we, his
former colleagues on the Board of Visitors, honor his memory, mourn
his loss and give thanks for his life among us.
WHEREAS, at his death on April 16, 1992, Mr. Lipman was a member
of the MCV Foundation Board of Trustees and was vice-chairman of
the Massey Cancer Center's Advisory Board. In addition to his in-
volvement with the MCV Foundation Board of Trustees and the
Massey Cancer Center Advisory Board, Eric's contributions to the
University include service on the Virginia Commonwealth University
Board of Visitors. While a member of the Board, he served as its
vice-rector from 1986-87 and from 1990-91. Eric also served on
numerous volunteer committees on both the Academic and MCV Cam-
puses for close to ten years.
WHEREAS, Eric also generously gave his time and energy to a vari-
ety of community organizations and committees. He served on the
Board of Trustees of the Virginia Museum of Fine Arts for over ten
years and was involved with a number of Jewish organizations, in-
cluding the Jewish Federation, the Beth Sholom Home of Virginia,
and the American Jewish Congress. Eric also served as a volunteer
teacher of French and German for the Richmond Public School Sys-
tem.
WHEREAS, Eric had a wide variety of cultural interests and owned
both a specialized collection Preclassic Precolumbian art works and a
collection of Postimpressionlist French Art and German Expressionism
works. He also had a deep and abiding love for music. He was
quite learned in this particular form of art and generously provided
support for the music community. Eric was also interested in litera-
ture and had an extensive collection of books and musical recordings.
WHEREAS, throughout his life, Eric shared his time, energy and
resources with the Richmond community and, in so doing, helped to
enhance and enrich the Commonwealth of his fellow Virginians. He
will be greatly missed by all who had the privilege to know him.
NOW THEREFORE, be it RESOLVED by the Board of Visitors of Virgin-
ia Commonwealth University that this memorial resolution be placed in
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our Minutes and that a copy of this resolution be transmitted to his
wife, Jeanette.
On motion made and seconded, the following Resolution on
Refunding Bonds was approved:
WHEREAS, in 1983, the Board of Visitors (the "Board") of Virginia
Commonwealth University (the "University") adopted a resolution (A)
authorizing the financing of the MCV Gymnasium and the Academic
Campus Parking Deck (together, the "1983 Projects") through the
issuance by the Commonwealth of Virginia (the "Commonwealth") of
$5,450,000 of its $57,015,000 Higher Educational Institutions Bonds,
1983 Series D, E, F and G (the "1983 Bonds") and (B) pledging cer-
tain revenues derived from or related to the 1983 Projects to the
payment of that portion of the 1983 Bonds:
WHEREAS, in 1985, the Board adopted a resolution (A) authorizing
the financing of Parking Deck E (the "1985 Project") through the
issuance by the Commonwealth of $2,500,000 of its $24,690,000 High-
er Educational Institutions Bonds, Series 1985 (the "1985 Bonds") and
(B) pledging certain revenues derived from or related to the 1985
Project to the payment of that portion of the 1985 Bonds:
WHEREAS, to lower the aggregate debt service payments owed on
the 1983 Bonds and the 1985 Bonds, the Commonwealth has refunded
some of the 1983 Bonds and the 1985 Bonds through the issuance of
the Commonwealth's Article X, Section 9 (c) Higher Educational Insti-
tutions Refunding Bonds, Series 1992 (the "Refunding Bonds"), all
as permitted by the Commonwealth of Virginia Article X, Section 9 (c)
Refunding Bond Act of 1992, Chapter 265 of the Virginia Acts of
Assembly of 1992 (the "Act"); and
WHEREAS, the aggregate debt service payments owed by the Univer-
sity with respect to the 1983 Projects and the 1985 Project was
reduced as a result of the refunding of some of the 1983 Bonds and
the 1985 Bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF VISITORS
OF VIRGINIA COMMONWEALTH UNIVERSITY:
Section 1. The Board acknowledges that the Commonwealth has is-
sued its Refunding Bonds in order to lower the aggregate debt ser-
vice payments due on the 1983 Bonds and the 1985 Bonds. As a
result, the University owes lower aggregate debt service payments
with respect to the 1983 Projects and the 1985 Project. The Board
further acknowledges and agrees that the University has an obligation
to pay its proportionate share of debt service and other costs owed
with respect to the 1983 Projects and the 1985 Project, whether such
payments are due on the 1983 Bonds which are not refunded by the
Refunding Bonds, the 1985 which are not refunded by the Refunding
Bonds or the Refunding Bonds, by the same method and on the same
terms on which the University is currently making payments relating
to the 1983 Bonds and the 1985 Bonds.
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Section 2. The Board acknowledges and agrees that, as stated in
Section 8 of the Act, upon the issuance of the Refunding Bonds, the
net revenues derived from or related to the 1983 Projects and the
1985 Project previously pledged to the payment of the 1983 Bonds
and the 1985 Bonds, respectively, also will be pledged to that por-
tion of the Refunding Bonds allocable to the 1983 Projects and the
1985 Project.
Section 3. The Board covenants that the University will not take or
omit to take any action the taking or omission of which will cause
the 1983 Bonds, the 1985 Bonds or the Refunding Bonds to be "arbi-
trage bonds" within the meaning of Section 103 of the Internal Reve-
nue Code of 1954, as amended (the "1954 Code"), or Section 148 of
the Internal Revenue Code of 1986, as amended (the "1986 Code"),
or otherwise cause interest on the 1983 Bonds, the 1985 Bonds or
the Refunding Bonds to be includable in the gross income of the
holders thereof for federal income tax purposes under existing laws.
Without limiting the generality of the foregoing, the University will
pay from time to time its proportional share of any rebate to the
United States of the earnings derived from the investment of the
gross proceeds of the Refunding Bonds.
Section 4. The Board covenants that the University has not and
will not permit the proceeds of the 1983 Bonds, the 1985 Bonds or
the Refunding Bonds to be used in any manner that would result in
(a) 25% or more of such proceeds being used in a trade or business
carried on by any person other than a governmental unit, as provid-
ed in Section 103 of the 1954 Code, (b) 25% or more of such pro-
ceeds being used with respect to any output facility within the
meaning of Section 103 of the 1954 Code considered as being used in
a trade or business carried on by any person other than a govern-
mental unit or (c) 25% or more of such proceeds being used directly
or indirectly to make or finance loans to persons other than a gov-
ernmental unit, as provided in Section 103 (o) of the 1954 Code.
The University need not comply with such covenants if the Universi-
ty obtains the written approval of the State Treasurer and an opinion
of nationally recognized bond counsel acceptable to the Treasury
Board that such covenants need not be complied with to prevent the
interest on the 1983 Bonds, the 1985 Bonds and the Refunding
Bonds from being includable in the gross income of the owners there-
of for federal income tax purposes.
Section 5. The Board covenants that for so long as any of the 1983
Bonds, the 1985 Bonds or the Refunding Bonds are outstanding, the
University will not enter into any operating lease, management con-
tract or similar agreement (or any amendment to any existing lease,
management contract or similar agreement) with any person or enti-
ty, other than a state or local governmental unit, for all or any
portion of the 1983 Projects or the 1985 Project without first ob-
taining the written approval of the State Treasurer and an opinion of
nationally recognized bond counsel acceptable to the Treasury Board
that entering into such agreement will not cause the interest on the
1983 Bonds, the 1985 Bonds or the Refunding Bonds to be included
8
in the gross income of the owners thereof for federal income tax
purposes.
Section 6. The Board covenants that for so long as any of the 1983
Bonds, the 1985 bonds or the Refunding Bonds are outstanding, the
University will not sell or dispose of all or any part of the 1983
Projects or the 1985 Project or allow any 1983 Project or the 1985
Project to cease being a revenue producing capital project of the
University within the meaning of the Act without first obtaining the
written approval of the State Treasurer and an opinion of nationally
recognized bond counsel acceptable to the Treasury Board that such
sale or disposition or cessation will not cause interest on the 1983
Bonds, the 1985 Bonds or the Refunding Bonds to be included in
the gross income of the owners thereof for federal income tax purpos-
es and will not otherwise violate the Act.
Section 7. The officers of the University are authorized and direct-
ed to execute and deliver all certificates and instruments and to
take all such further action as may be considered necessary or desir-
able in connection with the sale and issuance of the Refunding
Bonds.
Section 8. The Board acknowledges that the Treasury Board will
rely on the representations and covenants set forth herein in issuing
the Refunding Bonds, that such covenants are critical to the security
for the Refunding Bonds and the exclusion of the interest on the
1983 Bonds, the 1985 Bonds and the Refunding Bonds from the
gross income of the owners thereof for federal income tax purposes,
that the Board will not repeal, revoke, rescind or amend any of
such covenants without first obtaining the written approval of the
Treasury Board, and that such covenants will be binding upon the
Board and the University so long as any of the 1983 Bonds, the
1985 Bonds or the Refunding Bonds are outstanding.
Section 9. This resolution shall take effect immediately upon its
adoption.
ADOPTED: July 16, 1992 BY (THE EXECUTIVE COMMITTEE OF)
THE BOARD OF VISITORS OF VIRGINIA COMMONWEALTH UNIVERSI-
TY.
On motion made and seconded, the following Resolution on
the- Research Park was approved:
WHEREAS, the Board of Visitors previously approved a study of the
development, in cooperation with the City of Richmond, Richmond
Renaissance, the Commonwealth of Virginia, and the Richmond busi-
ness community, of a biomedical research park in downtown Rich-
mond; and
WHEREAS, the President of Virginia Commonwealth University, with
the support of the Board of Visitors, has assumed a leadership role
in bringing together distinguished representatives of the aforemen-
9
tioned entities in furtherance of the biotechnology research park
development efforts; and
WHEREAS, there has been formed a not-for-profit corporation under
the name of the Virginia Biotechnology Research Park, Inc. , with
representation on its board of directors from all the aforementioned
entities including, as the representative of Virginia Commonwealth
University, the President of Virginia Commonwealth University; and
WHEREAS, Board of Directors of the Virginia Biotechnology Research
Park, Inc. , has caused to be undertaken active efforts in furtherance
of the development of the biotechnology research park in downtown
Richmond, including the identification of space in existing City of
Richmond facilities for the initial research park operations and the
identification of sites for the construction of new research park
facilities, which sites include a block of land fronting on Leigh
Street between Ninth and Tenth Streets currently owned by the
University; and
WHEREAS, the Board of Visitors continues to be encouraged about
the prospects of the development of a successful biotechnology re-
search park in downtown Richmond and about the attendant signifi-
cant benefits which would accrue to the University as a result there-
of ; and
WHEREAS, the Board of Visitors wishes to confirm its support for
the continued efforts to pursue development of the biotechnology re-
search park, including the efforts taken to date by the President of
Virginia Commonwealth University;
NOW THEREFORE, be it RESOLVED by the Board of Visitors of Vir-
ginia Commonwealth University that all actions heretofore undertaken
by the President of Virginia Commonwealth University on behalf of
the University in furtherance of the biotechnology research park
effort are hereby ratified and affirmed; and
BE IT FURTHER RESOLVED, that the President of Virginia Common-
wealth University is hereby authorized and empowered to continue to
act on behalf of Virginia Commonwealth University, both in his capac-
ity as President of the University and as the University's represen-
tative on the Virginia Biotechnology Research Park Board of Direc-
tors, in furtherance of the development of the biotechnology research
park in downtown Richmond; and
BE IT FINALLY RESOLVED, that the Board of Visitors of Virginia
Commonwealth University hereby confirms its agreement, in princi-
ple, subject to all applicable laws and regulations and necessary
approvals of the Commonwealth of Virginia, and subject, further, to
such terms as may be required by the Commonwealth of Virginia,
with the concept of conveying to such entity as is best able to
facilitate the aforesaid research park developments, such land cur-
rently owned by the University as ultimately is deemed necessary for
the successful development of the biotechnology research park in
downtown Richmond.
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Dr. Johnson reported for the Nominating Committee consist-
ing of himself, Messrs. Siegel and Townes, and Dr. Berenguer.
The Committee unanimously recommended that Mr. Roger L. Gregory
be elected Rector for the 1992-93 year. On motion made and second-
ed, Mr. Gregory was unanimously elected Rector of the Board for a
one-year term.
Mr. Gregory thanked the Board for the confidence placed in
him and stated that this was a great honor.
Mr. Gregory announced that Dr. Peay will serve as Chair of
the Nominating Committee to recommend other officers and members
of the Executive Committee. Additionally, Dr. Johnson and Mrs.
Epps have agreed to serve with Dr. Peay.
On motion made and seconded, the Board convened into
executive session to discuss certain personnel matters involving the
performance of identifiable employees or faculty of VCU, and to
discuss the evaluation of performance of departments or schools of
VCU where such matters regarding such individuals might be affect-
ed by such evaluation including Faculty Appointments and Changes
in Status, Full and Consultative Hospital Privileges, Executive
Salaries, Continuing Faculty Salaries, Proposed Faculty Compensation
Plan, Proposed School of Dentistry Private Practice Scale, Proposed
School of Medicine Faculty Scale, Reappointment of Affiliate and
Clinical Faculty, a Report of the Committee on the Evaluation of the
President, Report on Academic Achievement of Student Athletes,
Audit Reports of individually identified departments and/or schools,
and to discuss the condition, acquisition or use of real property for
public purpose or of plans for the future of a state institution of
11
higher education which could affect the value of property owned or
desirable for ownership by such institution, and to discuss legal
matters, active and recently resolved litigation and probable litiga-
tion with its attorney, and to discuss the investing of public funds
including a report on Revisions to Investment Objectives, Policies
and Guidelines and an Investment Report for the Quarter Ended
March 31, 1992, and to discuss matters relating to gifts, bequests,
and fund-raising activities including a Development Report, a Report
on Total Private Support, a Report on Fundraising Activities and the
approval of Naming Proposals as authorized by Section 2.1-344 a(1),
a(3), a(6), a(7) and a(8) of the Virginia Freedom of Information Act.
Following executive session, on motion made and seconded,
the following Resolution was approved by roll call vote:
Virginia Commonwealth University hereby certifies that, to the best
of each member's knowledge, (i) only public business matters lawfully
exempted from open meeting requirements by Virginia law were dis-
cussed in the executive session meeting to which this certification
resolution applies, and (ii) only such public business matters as
were identified in the motion convening the executive session meeting
were heard, discussed or considered by the Board of Visitors of
Virginia Commonwealth University.
ROLL CALL VOTE: AYES NAYS
Mr. Roger L. Gregory (Rector) X
Mr. Richard A. Arenstein X
Dr. Thomas J. Berenguer Absent
Rev. Constantine N. Dombalis X
Mrs. Rozanne G. Epps X
Mr. Lawrence H. Framme, III X
Dr. Robert D. Gilmer X
Dr. William E. Holland X
Dr. Harry I. Johnson, Jr. X
Mr. Richard L. Meador Absent
Dr. Clifton L. Peay X
Mr. Stuart C. Siegel X
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AYES NAYS
Ms . Eva S . Teig X
Mr. Clarence L. Townes, Jr. X
Mr. Jay M. Weinberg X
Mr. F . Dixon Whitworth, Jr. X
VOTE:
AYES : 14
NAYS : 0
ABSENT DURING MEETING: 2
ABSENT DURING VOTING: 2
On motion made and seconded, the Board accepted the Re-
port of the President, approved Executive Salaries, as amended, ap-
proved Consent Agenda Action items, including Faculty Appointments
and Changes in Status and other Personnel Actions, Full and Consul-
tative Hospital Privileges, Continuing Faculty Salaries, Proposed
Faculty Compensation Plan, Proposed School of Dentistry Private
Practice Scale, Proposed School of Medicine Faculty Scale, Reappoint-
ment of Affiliate and Clinical Faculty, Naming Proposals, and Revi-
sions to Investment Objectives, Policies and Guidelines as amended
and accepted Consent Agenda Information items including a Develop-
ment Report, Review of Fundraising Activities, Total Private Support,
the Audit Committee Report, the Investment Report for Quarter End-
ed March 31, 1992, accepted the Property Committee Report and the
Report on Academic Achievement of Student Athletes, accepted the
Report of the General Counsel, the Report of the Committee on the
Evaluation of the President, approved the service of President Trani
on the Boards of Richmond Renaissance and the Metropolitan Founda-
tion, accepted the recommendation of the Property Committee that
the Board of Visitors confirm to the VCU Real Estate Foundation its
interest in acquiring the Universal Ford Property with Dr. Peay
13
abstaining, and approved the recommendation of the Property Commit-
tee that the VCU Foundation be requested to acquire the 17-27 S.
Pine Street Property with Dr. Peay abstaining.
The meeting adjourned at 1:40 p.m.
