Virginia Bio+Tech Partnership Authority Board of Directors

The Virginia Biotechnology Research Partnership Authority (Activation Capital Board of Directors) is the supervisory board of the Virginia Biotechnology Research Partnership Authority (Activation Capital), a political subdivision of the Commonwealth.  The Authority Board manages the assets of the organization and advises the President/CEO on how to best manage the resources and grow our life sciences and advanced technology ecosystem in Central Virginia and across the Commonwealth.
Created by the General Assembly, the Authority and its board is charged with disseminating knowledge pertaining to scientific and technological research and development and promoting economic development.

The Authority is governed by a nine-member board of directors, including:

  • Michael Rao, Ph.D. (Chair): President, Virginia Commonwealth University ex officio
  • The Honorable Caren Merrick (Vice Chair): Secretary of Commerce and Trade, Commonwealth of Virginia ex officio
  • The Honorable Levar Stoney: Mayor, City of Richmond ex officio
  • Art Espey, Managing Director, Paladin Global Services, LLC
  • Charles Macfarlane, Managing Member, Macfarlane Partners, LLC
  • The Honorable Jennifer DJ Nordquist, Executive vice president of the Economic Innovation Group
  • John Gerber, CEO of Four Points / West Group and W-G Capital
  • Donna Edmonds, CEO of Brainbox Solutions, Inc
  • Garrison Coward, Senior Advisor of External Affairs, Office of the Governor

Authority Board Involvement

Since inception, the Virginia Biotechnology Research Partnership Authority has been involved in issuing tax exempt as well as taxable bonds for a variety of projects including:

  • 1998 – $31 million tax exempt series to finance Biotech Two laboratories for the Commonwealth of Virginia to house the Virginia Department of Forensic Science and Office of the Chief Medical Examiner
  • 1999 – $14 million taxable lease revenue bonds to refinance Biotech One, multi-tenant building first constructed in 1996 under a Master Lease arrangement with Virginia Commonwealth University
  • Series 1999A – $1.54 million Industrial Development Revenue Bonds; and Series 1999B – $1.21 million taxable Industrial Development Revenue Bonds to finance the North American Research and Development Center for Infilco Degremont
  • Series 2001 – $60 million lease revenue bonds to finance Biotech Six laboratories for the Commonwealth of Virginia to house the Division of Consolidated Laboratories and Virginia Department of Agriculture and Consumer Services
  • Series 2002 – $12 million variable rate revenue bonds to finance the United Network for Organ Sharing U.S. headquarters (Biotech Seven)
  • Series 2006 – $14 million variable rate revenue bonds to finance the new facilities for Virginia Blood Services in Henrico County, Virginia
  • Series 2013 – $20 million variable rate tax exempt bonds for ITxM to acquire Virginia Blood Services and to pay off Series 2006 Bond