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Committee forwards recommendation for $25M revenue bonds for Virginia Episcopal School renovations
Summary
The Economic Development Authority and staff recommended issuing up to $25,000,000 in conduit revenue bonds for Virginia Episcopal School; the committee forwarded the recommendation to full council.
Staff presented a request from Virginia Episcopal School for up to $25,000,000 in conduit revenue bonds through the Economic Development Authority to fund renovation of Pendleton Hall, athletic field and stadium upgrades, and campus modernization. The presenter noted the school is tax‑exempt but that its fiscal impact statement showed significant annual local purchasing and that the EDA held a public hearing and recommended approval.
Council members praised VES for its local economic activity and, after brief discussion and an expression of support, the committee forwarded the EDA recommendation to the full council for final approval that evening. The vote at the committee level was taken by voice and the item was scheduled for the council meeting later the same day.
