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Consultant lays out financing options for proposed $17.5 million Gloucester Volunteer Fire station
Summary
A financial adviser presented lease‑revenue bonds, bank loans and public bond issuance scenarios for a $17.5 million fire station project, outlining timing, costs, tax impacts and the Virginia Resources Authority’s unavailability until spring 2027 due to an earlier failed referendum.
Gloucester County officials heard detailed financing options for a proposed Gloucester Volunteer Fire and Rescue Squad station estimated at $17.5 million.
Tad Cole of Davenport presented alternatives including direct bank loans, public bond issues underwritten to the municipal market, and state programs such as the Virginia Resources Authority (VRA). “This is really sort of to set the table… a project that's estimated at 17 and a half million dollars,” Cole said, and he explained tradeoffs among speed, term length, interest rates and prepayment provisions.
Nut graf — why it matters
The financing choice will affect the county’s annual debt service, its short‑term cash needs and the timing of construction. Cole told…
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