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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 of the authority’s willingness to finance the project; specific bond terms will be set in a future resolution when the authority returns to consider issuing the debt.
The school’s leadership told the authority the project is aimed at modernizing a historic campus. The head of school — identified in the record only by the transcript label “G” and noted to be retiring in June — said she had assembled a transition team and introduced Henry Clark, the assistant head of school for advancement, and CFO Terry Lam. “The heart of VES is about 110 years old,” Clark said, describing Pendleton Hall as a dormitory that houses up to 44 boys and saying the renovation was driven by alumni philanthropy. Clark said the project will also deliver a new track surface and two turf fields; he added an approximate $1.55 million figure will go toward the Pendleton construction as part of a larger package.
Staff reminded members that bonds issued through the EDA would not constitute a debt or obligation of the city, the commonwealth or the authority. After asking for public comment (none in opposition), the authority voted by voice to adopt the inducement resolution.
The authority’s action does not finalize bond pricing, interest rates or security; staff said a formal bond resolution with detailed terms will return for consideration once project timing and financing are finalized. The board’s vote enables the school and its advisers to proceed with more detailed planning and eventual formal bond issuance.
What’s next: staff said a subsequent resolution with the specific terms of the financing is likely to appear at a future meeting, depending on project timing.
