As you know, One University Circle, since 1988, has been owned by the Phi Delta Theta Renovation Limited Partnership (“PDTRLP”) of which the house corporation, Virginia Beta Incorporated (“VBI”), serves as general partner. Earlier this year, pursuant to a mandate from the Virginia Beta Board, Board President, Harry Marshall approached Charlottesville based Piedmont Facilities Management (“PFM”), to explore the possibility of it being engaging as property manager for One University Circle as the Board was looking for a responsible firm, which could undertake the tasks now being undertaken by the Historic Renovation Corporation (“HRC”) in a more cost effective manner. PFM, a subsidiary of a highly respected Charlottesville contractor, R. L. Lee and Sons, is managing a number of fraternity and sorority houses at the University, several of which had been formerly managed by HRC. PFM indicated serious interest, and after due diligence inquires, Harry Marshall and former Board Member, Brendan Dignan, negotiated a management agreement with PFM which was approved by the VBI Board and signed on October 21, 2014 to take effect on January 1, 2015. The VBI Board is looking forward to working with PFM and expects considerable savings will result from the new arrangement.