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Lynchburg EDA opens public hearing and adopts inducement resolution for Virginia Episcopal School bonds
Summary
The Economic Development Authority approved an inducement resolution to issue tax-exempt revenue bonds not to exceed $25 million to support renovations at Virginia Episcopal School, including restoration of Pendleton Hall and athletic field upgrades; school representatives said private philanthropy will fund much of the work and the dorm will be offline for about a year.
The Economic Development Authority of the City of Lynchburg on March 19 adopted an inducement resolution recommending issuance of tax-exempt revenue bonds not to exceed $25 million to benefit Virginia Episcopal School, a nonprofit boarding and day secondary school in Lynchburg.
The bond proceeds, staff said, will fund campus improvements including renovation of Pendleton Hall, replacement of two grass athletic fields with turf and lighting upgrades, track resurfacing and other deferred maintenance. The inducement resolution is an early approval…
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