Office of the President March 4, 2008
Members, Board of Trustees:
UK/VULCAN EXCHANGE OF PROPERTIES
Recommendation: that the Board of Trustees authorize the executive vice president for finance and administration to execute exchange deeds with Vulcan Lands, Inc. (Vulcan) for properties at and adjacent to Maine Chance Farm to create an easement for the Maine Chance Trail.
Background: By letter dated January 8, 2008, Mayor Jim Newbery invited the university to support and facilitate the implementation of the Maine Chance Trail, a bike trail designed to extend through the university's Maine Chance and Spindletop properties. The Kentucky Transportation Cabinet has approved federal funding for this community project which has become a cooperative effort between the university and the Lexington-Fayette Urban County Government (LFUCG). LFUCG endorses the proposed property exchange between Vulcan and the university that makes the alignment of this bike trail possible.
UK proposes to exchange subsurface mineral and mining rights under a portion of Maine Chance Farm for ownership of a portion of the surface area of Vulcan property. This exchange is to be based upon appraised values satisfactory to both UK and Vulcan. Vulcan is also to receive the right to place ventilation structures on both properties to enable subsurface mining in accordance with applicable safety requirements and standards.
Action taken: Approved Disapproved Other