The Winston-Salem City Council unanimously approved a financing deal for a Wake Forest University project at Monday’s meeting.
The school is planning the construction of a new office building at The Grounds, a massive mixed-use development along Deacon Boulevard.
The city’s sign-off means the $80-million project will be financed through tax-exempt bonds. The council’s approval was required by the IRS, but Winston-Salem will not be responsible for paying any of the debt.
The move will help Wake Forest secure lower borrowing costs, without a direct financial commitment from the city.
The Grounds development is projected to cost about half a billion dollars in all.