Hearing set to discuss athletic complex & property purchase
by Larry S. Chowning
The Middlesex County Board of Supervisors has scheduled a public hearing for March 6 to discuss ways to borrow $3,530,000 needed to build the Syd Thrift Athletic Complex at Middlesex High School and to purchase land adjacent to the closed county landfill at Stormont.
At Tuesday’s board meeting, Hartfield District supervisor Carlton Revere made a motion that the board consider ways of funding $3 million for the athletic complex and $530,000 needed by May to pay Brian Thacker for 35.4 acres of land next to the landfill.
The county is purchasing Thacker’s land due to environmental problems that originated at the county-owned closed landfill.
Supervisors directed Dan Siegel of Sands, Anderson, Marks and Miller of Richmond and David Gayliardi of Davenport and Company of Richmond to present the best ways for the county to borrow the $3,530,000.
Siegel recommended a “two front” approach by applying for funds from the Virginia Resource Authority (VRA), while also being prepared to request loan proposals from banks.
The board authorized Siegel to apply for a VRA loan for the $530,000 to purchase the Thacker property because 2012 loan applications are due next week. “This doesn’t mean we will necessarily use this option,” said Middlesex County Administrator Charles Culley. “But if we don’t apply, and it turns out to be a good interest rate, then we will lose the opportunity.”
Some supervisors indicated the VRA loan will not be the best alternative because the interest rate, whatever it is, will be locked in for the life of the loan.
The county has been able to save over a $1 million in recent years by refinancing loans. “Refinancing has been a good thing for us,” said Culley. “We have always tried to get loans where the interest rate is not locked into the life of the loan.”
