Council consents to EDA conduit financing for Alumni Association building project

Charlottesville City Council on Aug. 26 voted to consent to an Economic Development Authority financing arrangement that will allow the University of Virginia Alumni Association to issue tax‑exempt revenue bonds for a demolition and rebuild of Alumni Hall on Emmett Street. Chris Singel, the city’s Economic Development Director speaking as secretary to the EDA, said the EDA conducted the required public hearing and recommended approval. The resolution before council does not commit city funds or impose liability on the city or the EDA; it simply consents to the EDA acting as a conduit issuer so the Alumni Association can access lower‑cost, tax‑exempt financing if it otherwise qualifies under federal tax law. Why it matters: Proponents said the Alumni Association hosts large events that generate local economic activity — including reunions and community rentals — and that redevelopment would support jobs and local hospitality and events spending. Opponents and some councilors pressed for stronger evidence of local benefit and questioned why the university would not contribute directly; councilors also noted the longtime issue of large tax‑exempt institutions and the city’s revenue base. Council discussion and vote: The EDA’s public hearing produced no public comments. The council discussion reviewed statutory criteria used by the EDA, including whether a project furthers the comprehensive plan or increases local employment and tax revenues. The council motion to consent passed; staff said the vote authorizes the EDA to be the conduit issuer. City staff and the EDA said the Alumni Association would pursue financing through the EDA route to obtain favorable rates; no city or EDA funds are at risk. Next steps: The Alumni Association and its financing team will proceed with the bond issuance process through the EDA. Councilors asked staff to track economic impacts and to ensure events and public access that support city visitors and hospitality revenues.