Representation of Virginia Commonwealth University in its negotiations of a public-private partnership transaction with student housing developer American Campus Communities that will result in the construction of new on-campus housing. We negotiated the first-in-state off-balance-sheet transaction. Because of the novel partnership they negotiated, VCU’s bond capacity was not impacted. The project also included a synthetic TIF (tax increment financing), and the construction and operation of the new residence complex will be accomplished with safeguards to limit increases in students’ cost of living. The partnership will result in the construction of privately owned and operated on-campus housing for 1,524 freshman students in traditional and semi-suite style rooms.