[1996-08-09] Minutes of a meeting of the Executive Committee of the Board of Visitors of Virginia Commonwealth University august 9, 1996.

              Minutes of a Meeting of the 
           Executive Committee of the Board of Visitors 
             of Virginia Commonwealth University 
                  August 9, 1996

    An Executive Committee Meeting of the Board of Visitors of Virginia Common- 

wealth University was held on Friday, August 9, 1996, at 10 a.m. in the conference 

room located at 910 West Franklin Street.

    Present were Messrs. Siegel (Rector) and Weinberg via telephone; Messrs. 

Townes and Flippen; and Ms. Powell via telephone. Also present in the conference 

room were Messrs. Farinholt, Jez and Timmreck; and Mesdames Ament de Nunez, 

Balmer, Burnside and Price. Present via telephone were Drs. Trani and Harris; and 

Messrs. Best and Ross.

    Mr. Siegel called the meeting to order. The unapproved lease for B.I. Chemicals, 

Inc. to relocate in Biotech One was presented. On motion made and seconded, the 

following resolution was approved:

RESOLVED, that Virginia Commonwealth University ("VCU"), as tenant under the 
Master Lease dated as of August 18, 1994, ("Master Lease"), between the Virginia 
Biotechnology Research Park Authority ("Authority"), as landlord, and VCU, as tenant, 
hereby is authorized, directed, and empowered to (a) consent to lease (the "Bl Lease") 
of space in the Biotech One building to B.I. Chemicals, Inc. ("BI"), as an Unapproved 
Space Lease (as defined in the Master Lease), (b) consent to a loan (the "TI Loan") 
from Crestar Bank to the Authority to finance the tenant improvements for the BI Lease, 
(c) amend the Master Lease (the "Master Lease Amendment") so as to increase the 
rent thereunder to finance repayment of the TI Loan and (d) effectuate the BI Lease, 
the TI Loan, and the Master Lease Amendment; and further

RESOLVED, that Eugene P. Trani or any other officer of VCU be, and they hereby are, 
authorized, directed, and empowered to do all acts and things on behalf of VCU as he, 
or any of them, may deem necessary or appropriate to effect the transactions contem- 
plated by these resolutions, in their sole discretion, with their signatures thereon to be
conclusive evidence of the authority granted hereby; with any changes approved by Dr. 
Trani or any other officer of VCU, and any previous such action hereby is ratified, con- 
firmed, authorized, and approved.

    The meeting was adjourned at 10:45 a.m.