City sells $333M in public utility bonds, reduces debt service with bond refinancing
The City of Richmond sold $333.7 million in Public Utility Revenue and Refunding Bonds, of which $150.9 million was for new money projects and $182.8 million was to refinance existing debt service for interest rate savings. The cost of funds for the city’s new money projects was approximately 3.09 percent, near the lowest cost of funds in several decades, the city said.
The city also took advantage of low interest rates to refinance its 2013A bond issue, which is projected to result in a reduction of existing debt service by $22.7 million over the next 23 years. Those savings are to be spread across the city’s gas, water, and wastewater enterprise funds and would alleviate a portion of expected future-year rate increases.
The bonds were highly rated by the three major national credit rating agencies: Moody’s, Standard & Poor’s and Fitch, which rated them Aa1, AA and AA, respectively. The city said investor interested appeared to be enhanced by Moody’s upgrade of Richmond’s outstanding general obligation debt rating to Aa1 two weeks before the sale.
Budget hearing, Stanley Martin projects on Henrico agenda
Henrico supervisors meet Tuesday at 6 p.m. Full agenda here. Business includes a public hearing on the proposed budget for fiscal year 2021 and allocation of car tax relief for the current tax year.
Other hearing items include a request from HCA Healthcare to rezone 3 acres at Nuckols Road and Hickory Park Drive to allow an emergency medical facility. Nuckols Road LLC seeks to permit and rezone 16 acres on the east side of Nuckols Road at Fords Country Lane for a life care facility and retail and office uses.
Stanley Martin Homes seeks zoning approval for a 204-unit condo and townhome development with commercial uses, including restaurants, on 23 acres on the south side of West Broad Street at the Goochland County line. It also seeks a permit to allow food trucks and outdoor dining on the site, which is across Broad Street from the company’s 166 condos at Saunders Station at Broad Hill Centre.
Stanley Martin also seeks to rezone 12 acres on the west side of Brook Road west of its intersection with Brook Run Drive for a 52-unit townhouse development. The site is directly behind the Brook Run shopping center, where the company is developing its 126-home Lakeside Landing community.
Henrico to lease office space from Wilton
Other business on Tuesday’s agenda includes a lease with Wilton Cos. for 8,000 square feet of space at 4905 Dickens Road in the Wilton Park office complex. The county’s community revitalization department will use the space for office purposes. The 10-year lease begins June 1 with monthly rent at $11,000 for the first year and increasing 3 percent per year thereafter. The lease includes a renew option for a second 10-year term.
Henrico planning board meets this week
Henrico’s Planning Commission meets Tuesday at 2 p.m., with rezoning and provisional-use permit requests that were originally scheduled for the commission’s cancelled April 9 meeting. Items include a request from SXCW Properties II LLC to rezone 6 acres on the west side of Staples Mill Road north of its intersection with Parham Road for a car wash and fuel facility. Full agenda here.
Hanover supervisors, planning board meet this week
Hanover supervisors meet Wednesday at 7 p.m. Public hearing items include a request from Riva Ridge Development LLC to rezone 53 acres on the south side of West Patrick Henry Road east of Poplar Valley Place to allow a subdivision consisting of eight building lots. Full agenda here.
Hanover’s Planning Commission meets Thursday at 6:30 p.m. Leber Estates LLC seeks to rezone 120 acres on the west side of McClellan Road at Peace Road to allow 19 home lots. Nancy Robertson Combs seeks to rezone 10 acres on the north side of Combs Drive at Cool Spring Road to allow 22 home lots. Capital Up Investments LLC seeks a rezoning for a shopping center on 9 acres on the north side of Mountain Road across from Bethany Estates Way. Full agenda here.
City budget work sessions begin Monday
Richmond City Council meets Monday at 1 p.m. for the first in a series of rescheduled work sessions to review the proposed budget for fiscal year 2021. Additional work sessions are scheduled to start at the same time April 20, 22, 27 and 29.
A public hearing on the budget originally scheduled for April 13 has been rescheduled to April 27. Council is scheduled to vote on the budget after a second hearing May 11.
City receives $100,000 donation for relief efforts from NFL player, a Richmond native
The City of Richmond received a $100,000 donation from Las Vegas Raiders player and Richmond native Clelin Ferrell to support two city-based relief efforts.
Half of the funds will go to support the city’s Eviction Diversion Program, managed through local nonprofit Housing Opportunities Made Equal. The other $50,000 will support Richmond’s Family Crisis Fund, which provides onetime grants to families who have experienced income loss due to COVID-19.
The city previously matched the Robins Foundation’s original $500,000 contribution to the fund. Both the city’s and Ferrell’s contributions will be disbursed directly to Richmond families through a partnership with local nonprofit Enrichmond.