Old Dominion University is hereby granted authority to convey the current President's residence to the Old Dominion University Real Estate Foundation (ODUREF) in order to reconstruct the facility. Authority is also granted to construct this project with alternative financing options which may include an agreement with the ODUREF for the design, construction and financing of the project, and to enter into a capital lease or lease for the project that may qualify as a capital lease. Old Dominion University shall identify any component of the project that qualifies as a capital lease, and shall report such lease to the Department of Accounts and the Department of Planning and Budget. Any such capital lease shall be exempt from the requirements of § 4-3.03(b) 2 of this act.