Friday, June 2, 2023

Williamsburg City Council Approves Sale Of Tax-Exempt Bonds To Build William & Mary’s New “West Campus”

Sign up here for our free newsletter that tells you about the newest stories, three mornings each week.

WILLIAMSBURG –The College of William & Mary’s plan to replace 80 percent of its student housing and build a new dining hall moved a step forward with the approval of a request from the city’s Economic Development Authority to allow for the issuance of up to $350 million in tax-exempt bonds to fund construction. The City Council unanimously approved the sale at its May 11 meeting.

Neither the city nor the EDA are responsible in any way for repaying the bond debt, which is being orchestrated by the Provident Resources Group Inc., a nonprofit whose “primary mission is to assist higher education institutions with financing capital projects,” according to Steve Hicks, president and CEO of the firm, which is headquartered in Baton Rouge, LA.

“The bonds must be issued by a duly authorized entity in the state they are being offered, which is why we went through the EDA,” Hicks said. “But they are secured by a ground lease with the college, and the improvements which will be constructed on the grounds. The city is just serving as the conduit through which the bonds are issued.”

The bonds will be repaid with the revenue generated from student housing and dining fees. Hicks expects the bond sale to take place by June 30.

Want to read the rest of the article?

Already a subscriber? Log into your Transact account.

New user? Create a Transact account and read the article for free. Transact gives you $3 in credit to get you started.

Purchase a subscription for a year, month, or day on Transact, and get access to all articles.

Transact payments script could not be loaded

Transact.io respects your privacy, does not display advertisements, and does not sell your data.

To enable payment or login you will need to allow third party scripts from transact.io.

Cookies are disabled

Transact.io respects your privacy, does not display advertisements, and does not sell your data.

To enable purchase or subscriptions you will need to enable cookies.

You must purchase this article or be a subscriber to comment on it.

HRBT Expansion Project Making Strides

HAMPTON – For the Hampton Roads Bridge-Tunnel (HRBT) project, it’s full-bore ahead in every sense of the word. Ryan Banas, the project director for the HRBT expansion, provided an update on the progress Wednesday, May...

York County To Study Alternate Entrance To Tranquility Construction Site

YORK – Could relief from truck traffic be en route for the residents of Springfield Road? York County Administrator Neil Morgan has tasked the county’s engineering contractor, AH Environmental of Newport News, to study...

Enterprise Center At Hazelwood Farms Sold For $12 Million

JAMES CITY-The Enterprise Center at Hazelwood Farms in the upper part of James City County recently sold. The property, which sits on 328 acres along Olde Stage Road, was sold for $12,000,000, according to a...

Williamsburg Architectural Review Board To Consider Spotswood Design Plan

WILLIAMSBURG -Normally, meetings of the city’s Architectural Review Board are quietly procedural, involving detailed discussions about the merits of single-pane vs. double-pane windows, appropriate color palettes, or the city’s aversion to all things vinyl. But...