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U.Va. Foundation Will Not Place Conservation Easements On Kluge Properties

June 16, 2001-- The University of Virginia’s Real Estate Foundation, which last month received title to more than 7,000 acres in Albemarle County from John W. Kluge, has decided that the eventual sale of some of the property will be without conservation or open space easements.

"In large part, this is to avoid diminishing their sales value," said John P. Ackerly III, rector of U.Va.’s Board of Visitors and chair of the University of Virginia Foundation board. "Our objectives in selling some of the land over time are to build an adequate endowment to support educational programs on the core property, to develop buildings and infrastructure to support those programs, and to fund maintenance of the core property in perpetuity. To achieve these goals within the timeframe necessary, we will seek to receive the highest value for the properties designated for sale.

"For the coming year, our primary goal is to protect and enhance the property values, as well as their rural character, by maintaining leases on all houses and farms and attending to landscaping and maintenance needs," he said.

Ackerly also noted that any tax advantage to be gained by the placing of easements would apply only to the purchasers, not to the foundation.

"Neither the University nor the foundation objects to future purchasers’ placing conservation or open space easements on the properties," he said.

Ackerly said the foundation will spend the next several months assessing the potential of each property and developing a comprehensive marketing plan for selected properties, based on each one’s unique characteristics.

"Until that plan is developed, we are not encouraging offers and do not intend to negotiate the sale of any of the properties," Ackerly said. "We also will not enter into agreements for the listing or marketing of any of them with third parties at this time.

Contact: Louise Dudley, (434) 924-1400

FOR ADDITIONAL INFORMATION: Contact the Office of University Relations at (804) 924-7116. Television reporters should contact the TV News Office at (804) 924-7550.
SOURCE: U.Va. News Services

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Last Modified: Tuesday, 19-Jun-2001 08:20:09 EDT
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