During a recent government meeting, discussions centered around the establishment of the 18/30 Foundation by the University of North Alabama (UNA), aimed at facilitating the construction of a new stadium. Amber Fite Morgan, legal counsel for UNA, introduced the foundation, highlighting its role as a non-governmental entity that lacks tax exemption for goods and services and the ability to issue bonds.

To address these limitations, the creation of a Public Educational Building Authority (PEBA) was proposed. This entity would enable the university to access tax-exempt status and issue bonds necessary for the stadium project. Alina Arbuthnot from Maynard Nexon, serving as bond counsel, explained that the PEBA is a common mechanism used by educational institutions in Alabama for similar construction projects.

The meeting also revealed a procedural hiccup, as members noted the absence of documentation regarding the proposed members of the PEBA. City attorney Musgrove had reviewed the applications, but the necessary documents were not included in the meeting agenda. The council agreed to resolve this oversight and ensure that the names of the proposed members, including Deborah Bell Pesser, would be shared promptly.

This initiative reflects a broader trend among educational institutions to establish multiple foundations for various purposes, including real estate development, as they seek innovative funding solutions for infrastructure projects.