Virginia voters overwhelming approved the $900 million General Obligation Bond yesterday, and University officials couldn't be happier.
"It's great news for every college and university in Virginia," University spokeswoman Louise Dudley said.
With all precincts reporting, the bond passed with a 73 percent majority.
The $68.3 million in bond money allocated to the University will allow officials to set out on a decade of building renovation and construction, University Provost Gene Block said.
Bond money will be used partially to fund three new buildings: a new arts and sciences building behind New Cabell Hall, a new medical research facility and a $39 million research engineering building.Many of these projects also require private matching funds by the University.
Also planned are renovations to teaching labs in Gilmer Hall and Fayerweather Hall and four infrastructure projects.
But, before the University's nine planned projects can go forward, officials first must request a release of the funds from Richmond following the sale of the bonds, said Leonard W. Sandridge, executive vice president and chief operating officer.
Unlike 1992, the bond money will not come to the University in a large chunk but over the course of the next five to six years, said Colette Sheehy, University vice president for management and budget.
The General Assembly stipulated in legislation passed last April that the Commonwealth may only sell $250 million in bonds for an individual year, Sheehy added.
State institutions, therefore, must prioritize projects and compete for state funding.
Block said despite such complications, though, all the slated University projects should be completed within a decade.
The University must submit plans to Richmond by January for public money but Sandridge and Sheehy said those projects with substantial private funding might break ground faster than projects requiring more public money.
The University also will raise an additional $85 million for capital projects to complement bond generated money, Sheehy said. University policy prohibits new building projects if 100 percent of funding is not pledged, she added.
All University officials praised student contributions to the passage of the referendum.
"Students were extraordinary in getting out the vote," Sandridge said.
Voters also passed the smaller $119 million bond referendum on parks and open spaces.
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