Virginia Tech Finance and Resource Management Committee Minutes April 2026
Saltville Lease Terminates, Property To Be Sold
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Description
Virginia Tech’s long‑term $1 lease with the Town of Saltville for approximately 65 acres, which included a $64,500 purchase option, ended on June 30, 2025. With the lease terminated and no further municipal interest, the university is moving to sell the surplus property.
Contract Details
Contract Amount
$1.00 total rent for 20-year lease; option to purchase for $64,500.00 at appraised value
Vendor
TOWN OF SALTVILLE
Agency
Virginia Polytechnic Institute And State University, VA
Contract Type
FACILITIES
Document Date
April 14, 2026
Contract Term
Lease dated March 17, 1999 for a term of 20 years with renewal options and an option to purchase during the term; lease terminated June 30, 2025
Renewal Date
2025-06-30
Renewal Info
Lease included renewal and purchase options, but the Town did not renew or exercise the option and instead terminated effective June 30, 2025.
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Related Contracts
Virginia Tech Finance and Resource Management Committee Minutes April 2026
COMPLETEDVirginia Tech Resolution Sale of Saltville Property March 2026
TERMINATEDVirginia Tech Resolution Sale of Saltville Property March 2026
APPROVEDsmyth-county-meeting-minutes-2024-09-26_7fd.pdf
approvedtown-of-saltville-meeting-minutes-2022-06-21_977.txt
approvedIssuing Agency
Virginia Polytechnic Institute And State University
Higher Ed
Blacksburg, VA
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