Foundation pays for $1.9 million home for new chancellor

ATLANTA - Boosters of Georgia&#39;s university system want the new chancellor to feel right at home. They have provided him a nearly new $1.9 million home with one of the most prestigious street addresses in Atlanta. <br> <br> The University System of Georgia Foundation bought the two-year-old home last month to be used as a ``chancellory&#39;&#39; for Tom Meredith and future chancellors, according to Arlethia Perry-Johnson, a spokeswoman for the Board of Regents. <br> <br> Meredith, who became chancellor January first, already is residing in the traditional two-story house on West Paces Ferry Road where he could easily ride-share with Governor Barnes, since the state-owned governor&#39;s mansion isn&#39;t far away. <br> <br> Perry-Johnson said the university system maintained a home for its chancellors for 30 years until 1995, when the home was sold because it needed extensive repair. She said instead of a home, former Chancellor Stephen Portch was given a $65,000 housing allowance. <br> <br> The foundation which owns the house is legally separate from the Board of Regents, the governing body of Georgia&#39;s public colleges and universities. But the foundation is chaired by Regent Donald Leebern and includes several former regents on its roster. <br> <br> In a prepared statement, Leebern said, ``Providing a chancellor&#39;s residence provides Georgia&#39;s university system with the same assets as other superior public higher education systems. This move helps to secure our competitive position both now and in the years to come.&#39;&#39; <br> <br> The foundation is leasing the home to the Board of Regents for ten dollars a month with a future purchase option. <br> <br> Perry-Johnson said the board did not promise to provide Meredith a home as part of his contract negotiations. He is being paid a salary of $265,000 a year.