WILLIAMSBURG — The Colonial Williamsburg Foundation will begin raising revenue through the sale of public bonds after the Economic Development Authority of Williamsburg approved the financing plan.
On Sept. 23, the EDA unanimously passed a resolution authorizing the issuance of The Colonial Williamsburg Project Series 2025 revenue bonds in an amount up to $350 million. The museum will use the proceeds to service existing debt and fund enhancements in the Historic Area. Colonial Williamsburg made the final decision on Tuesday to pursue the bond financing.
The Colonial Williamsburg bonds, which will total $330 million, will be available for purchase by retail and institutional investors. The bonds will be federally taxable but state tax-exempt and available in denominations of $5,000, according to an Oct. 8 preliminary official statement describing the plan.
The city’s EDA has issued bonds for Colonial Williamsburg several times throughout previous decades, according to city spokeswoman Nicole Trifone. In 2013, the city’s EDA issued a revenue note to Colonial Williamsburg for $22.5 million.
The Series 2025 bond sale represents the first time that Colonial Williamsburg has utilized public bonds, according to Kevin Crossett, director of corporate affairs for Colonial Williamsburg. Prior issuances supported private bond purchases, he said.
Crossett said in a statement that the bond sale will “help the foundation secure long-term financial stability through the thoughtful management of existing debt and advance new projects supporting our educational mission.”
Colonial Williamsburg has the solid fiscal standing to pursue an ambitious agenda, according to Crossett, with a strong A+ credit rating from S&P Global Ratings — “a reflection of the significant financial progress we have made in recent years,” he said.
According to Colonial Williamsburg’s 2024 Annual Report, the organization’s debt decreased by nearly $20 million in the last five years. The total debt at the end of 2024 stood at $314.4 million.
Meanwhile, the museum’s endowment — which stood at $686.1 million at the end of 2024 — has been growing. The balance on the endowment fluctuates with market gyrations, according to Crossett, but since 2020, the endowment has increased nearly $22 million, showing significant growth from pre-pandemic levels.
The first priority of the funds received from the bond sale will be refinancing Colonial Williamsburg’s existing debt, Crossett said. Much of the remaining money will be directed toward the construction of the Lafayette Arrival Area.
In July, Colonial Williamsburg began the process of redeveloping roughly 8 acres near the Historic Area into a 4,300-square-foot welcome center, a project that Crossett said “will reduce parking pressure and lessen traffic congestion downtown while enhancing the guest experience.”
The first phase of the new arrival area is expected to be completed by summer 2026, when Colonial Williamsburg will be celebrating the nation’s semiquincentennial. Next year also marks a milestone for the living history museum — a century since its founding in 1926.
Any remaining funds, Crossett said, “would support projects that benefit our community and ensure the preservation of Colonial Williamsburg’s valuable resources as we head into our second century of educating the public about our nation’s founding.”
Ben Swenson, ben.swenson05@gmail.com
https://www.pilotonline.com/2025/10/23/colonial-williamsburg-sells-public-bonds-for-the-first-time/
