Dr. Jennifer Kent
Victoria County voters in the May 6 election approved Victoria College’s $10 million bond providing funding for the construction of a new Student Success Center.
The bond measure received a total of 2,462 “for” votes, or 54 percent of total votes.
“To everyone in the community who went to the polls and voted – thank you,” said Dr. Jennifer Kent, VC President. “I especially want to thank our Board of Trustees, employees, community volunteers, and alumni who helped make this happen.”
The three-story expansion and renovation of the existing Student Center will provide students with resources – including a library, admissions, advising, financial aid, testing, veteran services and tutoring – in one, central campus location.
“We are fortunate to be in a community that is so supportive of higher education, and we’re excited about this opportunity to build for the future,” said Bland Proctor, Chair of VC’s Board of Trustees. “Voters let us know they appreciated the fact that we had done our due diligence by committing nearly three-fourths of total project costs before proposing a bond, and it’s apparent they truly recognized this as an investment in our future.”
The total cost of construction and renovations for the Student Success Center is $36.5 million, with nearly 75 percent of funding already committed through grants, gifts and institutional funds. The remaining funding needed will come from the bond issue.
“It’s always rewarding to see the many individuals and their families – as well as the region’s employers – who benefit from the education and training offered at Victoria College,” said Kent. “We are grateful to the community for believing in our vision of improving lives and strengthening communities and for supporting our efforts to prepare students for the future, whether graduating with an associate degree, transferring to a four-year institution, or entering the workforce.”
The bond will result in a tax rate increase of approximately 0.21 cents per $100 of valuation for three years – from 3.20 cents to 3.41 cents – for the debt service portion of property taxes used to pay bonds. For a Victoria County homeowner with residential property valued at $100,000, the bond will translate to an increase of $0.18 per month or $2.10 per year. The tax rate will then decrease from 3.41 cents to 2.62 cents in 2027. Senior citizens (age 65 and older) and residents with disabilities who have filed their homestead tax exemption will not see a tax rate increase.
The actual debt service tax rate will be set after the bond is sold with a goal of minimizing the impact on taxpayers.
College officials expect to begin construction in the fall and complete the project by 2025 when VC will be celebrating its 100th anniversary.
Updates regarding important bond milestones will be published on VC’s bond webpage at VictoriaCollege.edu/Bond23.