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[41] > Image [41] of Minutes of the University of Kentucky Board of Trustees, 1970-02-feb17.

Part of Minutes of the University of Kentucky Board of Trustees

Finance Committee Report February 17, 1970 Members, Board of Trustees: EASEMENT TO KENTUCKY UTILITIES COMPANY Recommendation: that the Board of Trustees of the University of Kentucky authorize the Acting Vice President - Business Affairs and Treasurer to execute, on behalf of the Board, and in consideration of the payment of a purchase price based on fair market value, a trans- mission line easement to Kentucky Utilities Company over University of Kentucky property on the Viley Road in Fayette County. Background: The proposed easement provides for the installation of two 138 KV double circuit steel towers, with conductors attached, on property of the University located approximately three miles from the City of Lexington, Fayette County, Kentucky, near the southeast corner of the Leestown Pike and Viley Road, and containing approximately 89. 39 acres. This property was conveyed to the University of Kentucky by deed from the United States of America, by and through the Secretary, Department of Health, Education, and Welfare, dated March 28, 1957. The compensation which Kentucky Utilities Company proposes to pay for the easement from the University of Kentucky is $7, 750. This sum is based on the fact that 3. 1 acres will be included within the easement area. Kentucky Utilities Company's independent appraisers have placed a value of $2, 000 to $3, 000 per acre on land in the vicinity of Viley Road and Old Frankfort Pike. This represents approximately $2, 500 per acre in the easement. In any event, the easement will be executed upon receipt of payment of the purchase price based on fair market value. The proposed easement will cover a period of five years, and such time thereafter as any electric transmission and distribution line may be maintained by Kentucky Utilities; further, Kentucky Utilities Company is granted the right, power, and privilege to construct, inspect, maintain, operate, rebuild and repair the transmission line. Additionally, the proposed easement provides the usual protective covenants.