The University of the Incarnate Word (UIW) has reached a deal with the City of San Antonio to expand its downtown campus. Thanks to $48 million in tax-exempt bonds, an office tower previously occupied by USAA and AT&T Inc. and now owned by UIW, will be revamped.

The city, through its Texas Education Facilities Corp., okayed a loan agreement with the university that will fund the redevelopment of the nine-story building near Broadway and Hildebrand. The San Antonio Business Journal reports UIW says it will reimburse the city and pay any fees associated with the bond issuance. The city assumes no obligation to repay the bonds.

The renovation started in May 2019 when AT&T agreed to sell the Broadway tower to UIW. UIW rebranded the building as Founder’s Hall after receiving an anonymous contribution of $5 million, its largest academic gift at the time. The school can use the building for classrooms, offices or dorms.