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Q: Budget for acquisition of building cost of 12m is quite high. Can’t VCU look at acquiring or using one of the properties from Members who cannot pay and retrofit or hold on acquisition at this time of uncertainty.
A: The budget for the proposed building for San Fernando is up to $12M. There are legal and time challenges with using Member’s collateral. With the current contraction of business a number of commercial properties, in good condition, are coming on the market at competitive prices which makes this a good time to consider purchase.
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