k :



University of the Virgin Islands Resolution

To Purchase Approximately 210 acres Known as Adelphi and Brewer’s



Bay from VIRCO, Ltd. for $2,344,672



WHEREAS, on January 11, 2000, the President received a letter from VIRCO, Ltd., a Virgin

islands Limited Partnership, expressing an interest in selling to the University approximately 210

acres of land in Estate Adelphi and Brewer's Bay (the “Property”) which abuts the western boundary



- of the St. Thomas campus of the University of the Virgin Islands; and



WHERBAS, acquisition of the Property would facilitate the achievement of three strategic

goals of the University, namely, the growth and expansion of the St. Thomas Campus, revenue

generation, and protection against development next to the Campus that is detrimental to the



University’s mission, goals or programs; and



WHEREAS, in negotiations between Attorney Samuel H. Hall, Jr., representing the

University of the Virgin Islands, and Henry L. Kimmelman, representing VIRCO, Ltd., the offering

price of the Property was reduced for sale to the University from $3,250,000 to $2,344.672; and



WHEREAS, in response to a directive from the Executive Committee to obtain a second

appraisal, Attorney Hall secured the services of Elissa Rock Runyon, (V.I. Certification #003), to

estimate the fair market value of the Property based on its highest and best use under its current



zoning; and



WHEREAS, in a letter to Attorney Hall dated April 25, 2000, Elissa Rock Runyon advised

that the value of the property is between $2,130,000 and $2,556,000; and



WHEREAS, the President asked Attorney Hall to obtain and he did obtain an Option to Buy

the Property for $2,344,672 and said Option to Buy was obtained from the Seller to be exercised no



later than June 10, 2000; and



WHEREAS, on May 11, 2000, the Executive Committee approved a motion to recommend

to the Board of Trustees that the property be purchased for $2,344,672 in accordance with the



following terms referred to in the Option to Buy;



$344,672 on the date of execution of the contract, the sum of $300,000 upon closing,

with interest payable thereafter at the rate of 8% per annum, payable in quarter-

annual installments of interest of $34,000 each, and the principal balance of

$1,700,000, plus accrued interest, to be paid five years from the closing date.



NOW, THEREFORE, be it resolved that:



The acquisition of the Property facilitates the achievement of the University’s strategic

thrusts and, as a result, the President and Vice President of Administration and Finance,

subject to the written consent of American Capital Access to purchase the Property, are



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hereby authorized to purchase the Property, consisting of 210 acres, more or less, known as

Estate Adelphi and Brewer's Bay, from VIRCO, Ltd. for $2,344,672 substantially in

accordance with the terms of the Option to Buy dated May 3, 2000 and presented at the

meeting; and the President and Vice President of Administration and Finance are hereby

authorized, in the exercise of their discretion, to execute and deliver any and all contracts,

checks, promissory notes, mortgages, security agreements, financing statements, instruments

and other documents, and to do and cause to be done any and all things necessary or

appropriate to accomplish the foregoing.



The undersigned does hereby certify that the foregoing is a true and exact copy of the

resolution of the Board of Trustees of the University of the Virgin Islands adopted at its meeting on

June 3, 2000 and recorded in the minutes of said meeting.



Dated: G- 3-00 CO wy, Ka.



Orville Kean,

Secretary of the Board



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