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Council consents to EDA conduit financing for Alumni Association’s planned rebuild of Alumni Hall
Summary
The Charlottesville Economic Development Authority will act as a conduit issuer to enable tax‑exempt financing for the University of Virginia Alumni Association’s planned rebuild of Alumni Hall, with City Council consenting to the EDA action on Aug. 26.
Charlottesville City Council consented Aug. 26 to an Economic Development Authority recommendation to act as a conduit issuer for a tax‑exempt revenue bond financing sought by the University of Virginia Alumni Association for a demolition and rebuild of Alumni Hall on Emmett Street.
Chris Singel, the city’s economic development director (speaking as EDA secretary), explained that conduit financings are a common mechanism under Virginia law that permit qualifying nonprofit entities to access…
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