RICHMOND, Va. (AP) — Virginia Commonwealth University’s board has approved short-term financing for construction of a $38 million gallery and performance arts institute.

The Richmond Times-Dispatch (http://bit.ly/1oiWMVS ) reports that the Board of Visitors voted Friday to use a newly established line of credit for the project.

Board members were told that the revolving line of credit will allow the university to break ground while taking advantage of low interest rates.

Private money is the primary source of funding for the 43,000-square-foot Institute for Contemporary Art. The loan will be repaid as pledges are received.

Associate vice president Pamela A. Currey says the loan is expected to be fully repaid within seven or eight years.

Work is scheduled to begin in June. A formal groundbreaking will be held later.

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Information from: Richmond Times-Dispatch, http://www.timesdispatch.com

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