AGENDA DATE: 6/3/2026
TITLE:
Resolution of Approval and Concurrence of Bond Financing for Kappa Sigma Endowment Foundation through EDA of Appomattox County, VA
SUBJECT/PROPOSAL/REQUEST: Consider approving a Resolution to approve and concur with the Appomattox County Economic Development Authority (EDA) issuing a revenue bond for expansion of the Kappa Sigma Endowment Fund Headquarters and Museum at 1610 Scottsville Road in Albemarle County
ITEM TYPE: Consent Action Item
STAFF CONTACT(S): Richardson, Henry, Kilroy
PRESENTER (S): N/A
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Kappa Sigma Endowment Fund (KSEF), along with its limited liability corporation, Scottsville Road Holdings LLC, is expanding its museum and headquarters with cash and tax-exempt revenue bond financing through the Appomattox County EDA. Albemarle County's EDA cannot issue "bank-qualified" bonds (BQ Bonds) under the Internal Revenue Code (IRC) since a locality is limited to $10 million in tax-exempt bonds in a calendar year to qualify as BQ Bonds and Albemarle County has issued more than $10 million in tax-exempt bonds in 2026. Another locality's EDA is needed for KSEF's BQ Bonds to proceed.
KSEF built its original museum in Albemarle County with similar BQ bonds in 2006, and the Albemarle County Board of Supervisors approved Nelson County's EDA issuing bonds for the project. The Albemarle Board also approved a later bond issue by Appomattox County's EDA for KSEF in 2012. The Virginia Industrial Development Authority Act and the IRC require the local governing body (Board of Supervisors) to approve and concur in the financing of a project located in its county if another locality's EDA will issue bonds for the project.
The Appomattox County EDA approved the KSEF bond issue on April 27 after a public hearing, and the Appomattox County Board of Supervisors approved the bond issue on May 18. The Albemarle County EDA held its public hearing and recommended ap...
Click here for full text