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Board authorizes use of 2021 RDC bond and RDC cash to buy civic center building
Summary
The Martinsville Board of Works approved using Redevelopment Commission funds — combining RDC cash and remaining 2021 RDC bond money — to purchase the civic center building and pay associated soft costs; staff told the board approximately $1.5 million remains available in the RDC 2021 bond funds for downtown projects.
The Martinsville Board of Works and Safety on June 23 approved a proposal to use funds held by the city’s Redevelopment Commission (RDC) to purchase the civic center building and cover related soft costs. Staff said the RDC has cash on hand and that roughly $1.5 million remains available in the 2021 RDC bond allocation for downtown projects.
Officials described a plan to use RDC cash first and then draw on the 2021 RDC bond funds, which are under the board’s authority. Staff said combining those sources would allow the RDC to buy the building, take on soft costs and assume some expenses for the project without issuing a new bond for municipal debt. During discussion, staff said the approach would save the city “about $1.7 million” compared with other financing approaches discussed previously.
Board members moved and seconded a motion to authorize the expenditure of 2021 RDC bond funds together with RDC cash to proceed with the purchase and associated work. The motion carried on a voice vote. The board and staff indicated additional details would be handled through RDC processes and follow‑up reporting.
Separately, staff said the RDC also plans to take on a parking lot project on Morgan Street and that, even after purchase and project costs, the RDC expects a surplus of roughly $900,000 over the subsequent year based on projected revenues and expenses.
