Bill > SB773

This bill authorizes the State Board for Community Colleges, which governs the state's community college system, to purchase a 4.8-acre property and its existing facilities adjacent to the Laurel Ridge Community College campus from the Laurel Ridge Community College Educational Foundation. Because the purchase price will be set below the appraised fair market value, the transaction includes a partial gift to the Commonwealth of Virginia, and the purchase will be funded entirely through the college's existing nongeneral funds, such as auxiliary reserves and workforce program revenues, without requiring any taxpayer-funded general funds or capital appropriations. Once acquired, the property will come under state control and be eligible for state maintenance and capital programs, allowing the college to renovate the existing building to support student services, career and technical education instruction, and workforce training in fields like health care, information technology, and skilled trades.