Veritas bought Lingle Hall in January as part of a $2.8 million deal. (Mike Platania)
A Northside private school’s bid for $8.3 million in debt to help finance expansion plans got a boost from the Richmond City Council this week.
Veritas School received unanimous approval from the council Monday night to have a round of debt floated as tax-exempt revenue bonds through the Town of Louisa, which is acting as a conduit in the process.
Head of School Keith Nix said Park Sterling Bank is the lender for the funds, but as a nonprofit the school qualifies to have that debt converted into tax-exempt status. A municipal conduit is needed for that process. Louisa was chosen, and approval from city council was needed because Veritas resides in Richmond.
The school has financed projects in a similar manner, previously using Fluvanna County as a conduit, Nix said, adding that the rural localities receive some fee income over the life of the loan.
Nix said the school has access for up to $8.3 million, which it will draw on to refinance existing debt, help pay for three buildings it recently bought from the nearby Union Presbyterian Seminary, and complete renovations on one of those buildings.
“That’s a lot more than we need long term, but we’re in the middle of a cap campaign,” Nix said. “It allows us to do the work while we’re still in the capital campaign.”
The council also voted Monday night to push for healthy options in City Hall vending machines.
Under the measure, which passed unanimously, a percentage of food and drink choices in City Hall vending machines would have to meet specific standards for nutrition. Those standards will be set after consultation with the Richmond chapter of American Heart Association on policies later this year.
By June 2018, the council plans to have 50 percent of food and beverage options in the machines up to higher nutritional standards.
Richmond AHA representative Dan Hudgens spoke in favor of the bill, noting that “people tend to revert to what’s available,” even if they are attempting to eat healthy.
According to Hudgens, 78 percent of City of Richmond employees surveyed by the association would eat healthy if they were given broader options.
Council vice president Cynthia Newbile said she’d like to see Richmond become “the healthiest city on the east coast.”
Lastly, an expedited measure to provide funding to the Museum District Association also passed without controversy.
Council member Andreas Addison advocated for pulling $2,000 from the Council Districts Funds for the First District to fund community green initiatives, environmental improvements, tree planting and median maintenance in the Museum District, noting that the District’s maintenance was important to Richmond’s overall economic and cultural development.
Veritas bought Lingle Hall in January as part of a $2.8 million deal. (Mike Platania)
A Northside private school’s bid for $8.3 million in debt to help finance expansion plans got a boost from the Richmond City Council this week.
Veritas School received unanimous approval from the council Monday night to have a round of debt floated as tax-exempt revenue bonds through the Town of Louisa, which is acting as a conduit in the process.
Head of School Keith Nix said Park Sterling Bank is the lender for the funds, but as a nonprofit the school qualifies to have that debt converted into tax-exempt status. A municipal conduit is needed for that process. Louisa was chosen, and approval from city council was needed because Veritas resides in Richmond.
The school has financed projects in a similar manner, previously using Fluvanna County as a conduit, Nix said, adding that the rural localities receive some fee income over the life of the loan.
Nix said the school has access for up to $8.3 million, which it will draw on to refinance existing debt, help pay for three buildings it recently bought from the nearby Union Presbyterian Seminary, and complete renovations on one of those buildings.
“That’s a lot more than we need long term, but we’re in the middle of a cap campaign,” Nix said. “It allows us to do the work while we’re still in the capital campaign.”
The council also voted Monday night to push for healthy options in City Hall vending machines.
Under the measure, which passed unanimously, a percentage of food and drink choices in City Hall vending machines would have to meet specific standards for nutrition. Those standards will be set after consultation with the Richmond chapter of American Heart Association on policies later this year.
By June 2018, the council plans to have 50 percent of food and beverage options in the machines up to higher nutritional standards.
Richmond AHA representative Dan Hudgens spoke in favor of the bill, noting that “people tend to revert to what’s available,” even if they are attempting to eat healthy.
According to Hudgens, 78 percent of City of Richmond employees surveyed by the association would eat healthy if they were given broader options.
Council vice president Cynthia Newbile said she’d like to see Richmond become “the healthiest city on the east coast.”
Lastly, an expedited measure to provide funding to the Museum District Association also passed without controversy.
Council member Andreas Addison advocated for pulling $2,000 from the Council Districts Funds for the First District to fund community green initiatives, environmental improvements, tree planting and median maintenance in the Museum District, noting that the District’s maintenance was important to Richmond’s overall economic and cultural development.