Kaine approves $150 million in bonds for Hampton U. institute

By Denise Watson Batts
The Virginian-Pilot
© May 4, 2009

Gov. Timothy M. Kaine announced today his authorization of $150 million in bonds to support the Hampton University Proton Therapy Institute.

The bonds’ proceeds will help the institute and Hampton University finance constructing and equipping the new proton-beam treatment, research and educational facility. Proceeds will also be used to construct or upgrade facilities on Hampton’s campus to meet the needs of the institute.

The institute will have a significant economic impact on the region, according to a press release.

“The Hampton University Proton Therapy Institute will be a tremendous asset for the Commonwealth, and I am very pleased we found a way to support its important work,” Kaine said. “The research and treatments at the Institute will offer life-saving therapy to cancer patients, and keep the Commonwealth on the cutting-edge of biological and medical research.”

The $150 million in bonds will be issued through the Virginia Small Business Financing Authority (VSBFA). The VSBFA previously issued $70 million in bonds in December 2008.

Today’s announcement brings the total bonds authorized for the Institute to $220 million, the amount approved by the Board of Directors of VSBFA in April 2008.

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