UVa is already selling off portions of their 7,000 acres that John Kluge donated back in May. The land is along Route 20 south, between Scottsville and Carter’s Bridge. It’s speculated that most of the land will go to private owners looking for an estate, and not to developers. Eric Swensen has the story in today’s Progress.
7 thoughts on “UVa to Sell Kluge Land”
Does anyone here know (or remember, if we’ve ever heard) where the proceeds of such a sale will go? The coffers of the Real Estate Foundation? The (now officially closed) Capital Campaign?
And has anyone ever heard as much as the faintest *peep* about UVa’s plans for the 1.4 BILLION they raised in the capital campaign? I doubt it . . .
The money goes into the foundation. This will pay for property taxes and upkeep. Some money will go to the University at first, eventually all of it will. This doesn’t include the land that must be set aside for education and charity puposes. Remember that alot of this land transfers on Kluge’s DEATH.
If you have not heard what UVA has been doing or plans to do with the money you must not read the Progress or Cav daily. Most of the money goes into an endowment and the interest goes to many different projects all over the U. This endowment will help the University though tough times, like now. It will endow chairs in various departments. It will help pay for the NEW new cabell hall. Drive around the grounds- look for something new or the maintanence of something old, that’s where some of it went as well.
SInce when did the University begin paying property taxes? Is this something new?
the foundation pays not the university. They are seperate entities. If a property is given to the foundation ever becomes university property then it goes off the tax rolls. If someone donates a house to the U, it probably won’t keep it. That’s all handled by the foundation. However if it is a property the U wants to keep, for future expansion or current use, it goes off the tax rolls because it’s state property.
Hope that helps
Got some links?
Kluge donates historic estate to the University [click here]
Answers all the questions I had, thanks for the link
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