Virginia Tech Finance and Resource Management Committee Minutes April 2026
Town of Saltville Ends Long-Term Lease of VT Property
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Description
Virginia Tech’s long-term lease of its 65-acre Saltville property to the Town of Saltville, initiated in 1999 for a nominal $1 rent and including a $64,500 purchase option, ended on June 30, 2025. The town declined to exercise its purchase option and terminated the agreement.
Contract Details
Contract Amount
Total rent of $1.00; purchase option price $64,500.00
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 20 years with renewal options; terminated June 30, 2025
Renewal Date
2025-06-30
Renewal Info
Lease included renewal and purchase options, but the Town did not exercise the purchase option. Lease was effectively extended through at least June 30, 2025 when the Town terminated it.
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Related Contracts
Virginia Tech Finance and Resource Management Committee Minutes April 2026
AMENDEDVirginia 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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