If approved by the Board of Supervisors as expected at its September 12 meeting, the Jefferson Scholars Foundation will be on their way to a $21 million loan to help finance the purchase, renovation and possible expansion of the former Beta Theta Pi frat house at 124 Maury Ave., near the intersection of JPA and Fontaine Avenue.
With a $130 million endowment that some small colleges would envy, the nonprofit Jeff Scholars Foundation is hardly a pauper. While the Foundation has long funded full undergraduate rides for "merit" students, it has more recently started offering graduate fellowships—and those grad students want their study space, apparently. The Foundation bought the Maury property for $3 million in February with the plan to develop a graduate fellowship center and to house the Foundation’s corporate offices. The purchase followed a failed effort to buy property in the Lewis Mountain neighborhood, stymied by existing zoning and strong neighborhood opposition.
A little help from my friends: Jefferson Scholars are looking to secure a $21 million loan with support from Albemarle County supervisors to renovate the former Beta Theta Pi house.
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The loan, which increased from an $18 million request earlier this summer, would help cover renovations to the 4,600-square-foot disgraced frat house. "Beta" lost its University charter in 2005 after violating General Fraternity regulations, notably those concerning alcohol intoxication. Getting rid of the smell of stale beer alone might take a few mil.
With the approval of the supes, the Albemarle County Industrial Development Authority can issue tax-free bonds for the Foundation. If for some reason the Jeff Scholars can’t pay back the loan, the county won’t be liable—making everybody a seeming winner. So long as the Jeffs don’t start hazing.
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