1. The General Assembly authorizes Virginia Commonwealth University, with approval of the Governor, to explore and evaluate an alternative financing scenario to provide the additional student housing. This project must be consistent with the guidelines of the Department of General Services and comply with the Treasury Board Guidelines issued pursuant to § 23-19 (d)(4), Code of Virginia and subsequent amendments thereto.

2. The General Assembly authorizes Virginia Commonwealth University to enter into written agreement with a public or private entity to design, construct, or facilities may be located on property owned by the Commonwealth. All project proposals and approvals shall be in accordance with the guidelines cited in paragraph 1 of this Item.

3. If the University chooses not to utilize its 9(c) revenue bond authorization as provided in Item 203 of this act, the University may pursue financing for this project pursuant to Article X, Section 9(d) of the Constitution of Virginia as provided in this Item.