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EDA approves $25 million revenue bonds for VES campus renovations
Summary
The Economic Development Authority voted to approve a resolution authorizing signatures on financing documents for approximately $25 million in revenue bonds to renovate Pendleton Hall dormitory and improve stadium and athletic fields; approval occurred by voice vote with no roll-call tally provided.
A staff representative identified as Tracy presented a resolution authorizing EDA officers to sign financing documents related to revenue bonds for VES. Tracy said the bonds, described in the briefing as about $25 million, will support renovation of Pendleton Hall (a dormitory), improvements to the stadium and athletic fields, and other campus facility upgrades.
Following the presentation, a member moved and another seconded the resolution. The EDA approved the resolution by voice vote; no roll-call tally was recorded in the meeting transcript.
The presenter reminded members that City Council previously authorized issuance of the same bonds after a public hearing on March 19. The EDA’s vote authorizes the authority’s officer (chair/secretary) to execute related financing documents on behalf of the EDA as described in the resolution.
The resolution was adopted during the meeting; staff and members did not discuss additional financing terms or a recorded vote at the session.
Next steps: staff will complete required financing-document execution and coordinate with City Council and bond counsel as necessary.
