Treasury Board Approval of George Mason University IDIA Lease (March 25, 2022)

Summary

A letter dated March 25, 2022 from the Treasurer of Virginia, on Department of the Treasury letterhead, to the chairs of the Senate Finance & Appropriations Committee and the House Appropriations Committee, headed Treasury Board Approval of George Mason University IDIA Lease. It notifies them that the Treasury Board approved a long-term lease involving George Mason University (GMU) and its IDIA project, which is authorized by Chapter 1289, 2020 Virginia Acts of Assembly. It states that at its March 16, 2022 meeting the Treasury Board provided conditional approval, with final approval delegated to the State Treasurer. The signature block names Manju S. Ganeriwala.

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                    COMMONWEALTH OF VIRGINIA
                                    Department of the Treasury
 MANJU S. GANERIWALA                                                                 P. O. BOX 1879
TREASURER OF VIRGINIA                                                           RICHMOND, VA 23218-1879
   FAX (804) 225-3187                                                                (804) 225-2142




                                            March 25, 2022

Via Electronic Delivery

The Honorable Janet D. Howell
Chair of Senate Finance & Appropriations Committee
Pocahontas Building
Richmond, Virginia 23219


The Honorable Barry D. Knight
Chair of House Appropriations Committee
Pocahontas Building
Richmond, Virginia 23219


RE: Treasury Board Approval of George Mason University IDIA Lease


Dear Ms. Howell and Mr. Knight,


        On behalf of the Treasury Board, I am writing to notify you of the Treasury Board’s approval
of a long-term lease involving George Mason University (GMU) and its Institute for Digital
InnovAtion (IDIA) project. The IDIA project is authorized by Chapter 1289, 2020 Virginia Acts of
Assembly, as amended and re-enacted. The authorization provides financing for this project through
several sources, including an authorization for GMU to enter into a long-term lease. The language
provides direction that any component of the financing considered to be a long-term lease is subject
to § 4-3.03 b.2. of the Appropriation Act, which sets forth that certain projects are subject to Treasury
Board approval.

        At its March 16, 2022 meeting, the Treasury Board reviewed the terms of the lease and
provided conditional approval, with final approval delegated to the State Treasurer. Final approval
was to be provided upon the receipt of additional information from GMU and upon hearing the results
of further negotiation of certain terms related to a Ground Lease. Following receipt and consideration
The Honorable Janet D. Howell
The Honorable Barry D. Knight
March 25, 2022
Page 2 of 2

of this information, I, acting as the State Treasurer and through the delegated authority by the Treasury
Board, provided approval to GMU to enter into its lease arrangements, subject to any additional
approvals necessary by policy or law.

       In accordance with § 4-3.03 b.2., I am providing you with this notification of action by the
Treasury Board.


                                                Sincerely,



                                                Manju S. Ganeriwala

Cc: via email
Stephen Cummings, Secretary of Finance
Donald Ferguson, Senior Assistant Attorney General


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