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EDA to administer bonds for ODU Barry Art Museum expansion; council vote set for Feb. 28
Summary
Norfolk’s Economic Development Authority plans to serve as issuer/administrator for revenue bonds to help bridge timing for Old Dominion University Real Estate Foundation’s $23 million Barry Art Museum expansion; EDA and city will not assume debt on their books, the director said.
Sean Washington, director of economic development and executive director of the Economic Development Authority (EDA), briefed the City Council on Feb. 11 about a proposed revenue bond issuance to help finance an expansion of the Barry Art Museum on Old Dominion University’s campus.
Washington said the museum plans a roughly 24,000‑square‑foot, three‑story addition (the Weitzer Wing) to expand galleries, classroom and event space. He gave a total project cost of about $23,000,000 and said the museum has an $8,000,000 timing gap in its capital stack; the EDA would administer about $14,000,000 in revenue bonds to bridge that gap. Washington stressed that the bonds “do not constitute any debt for the city or the EDA.” The financing party would be a private lender (Dollar Bank was named as the funding party in the presentation).
Washington said the bond authorization relies on the Industrial Development Revenue Bond Act of 1950 (Code of Virginia) and the EDA’s longstanding practice of issuing revenue bonds for nonprofit projects. The ODU Real Estate Foundation has already appeared before the EDA and a public hearing was held; Washington said the council will have a municipal vote on the issuance on Feb. 28 and the EDA expects to approve final loan documents at its March meeting so construction could begin in April or May and aim for reopening in January 2027.
No council action on the matter was taken at the work session; Washington said the repayment responsibilities will rest with ODU and the museum.
