St. Louis County HRA and County Board approve pledge to back $4.6 million Washington Manor bond issuance

The St. Louis County Housing and Redevelopment Authority and the St. Louis County Board voted April 15 to allow the City of Virginia HRA to issue up to $4.6 million in bonds to acquire, preserve and rehabilitate Washington Manor, a 63‑unit senior housing development at 801 Ninth Street North in Virginia.

The vote followed a joint public hearing in which county staff and Virginia HRA leaders described the project and the legal steps required for the county to serve as additional security on the bonds. Darren Jablonski, Executive Director of the County HRA and director of Economic and Community Development, told the boards the City and HRA plan to issue bonds “in the amount of not to exceed $4,600,000” with a term of about 35 years and that the city will indemnify the county against defaults.

The county HRA resolution approved ownership and operating arrangements the statute requires when a county pledges credit for HRA debt; the County Board resolution approved pledging the county’s full faith and credit…