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Committee forwards $4 million VRA loan for Almond Creek sewer interceptor to full council
Summary
Finance committee voted to forward ordinance 2025‑133 authorizing execution of a financing agreement with the Virginia Resources Authority to fund the Almond Creek interceptor project: a $4 million, 0% loan with up to 20-year term; funding is reimbursement-based and available after documents are executed.
The Richmond City Finance Committee voted to forward ordinance 20 25 1 33 to the full council with a recommendation to approve a financing agreement with the Virginia Resources Authority (VRA) to fund the Almond Creek sewer interceptor and stream-stabilization project.
Deputy Director of Finance for DPU Billy Vaughn told the committee the agreement would allow the city to accept a $4,000,000 loan through a Virginia Clean Water program administered by the VRA. Vaughn said the loan carries a 0% interest rate and can be structured for up to 20 years; over the life of the loan the city’s ratepayers would save an estimated $2,000,000 compared with a market-rate borrowing.
Vaughn explained the VRA award is reimbursement-based: funds become available after the city executes required documents and submits reimbursement requests. He estimated the agreement and paperwork typically take six to 12 months to finalize.
After a brief public hearing with no speakers, the committee voted to forward the ordinance. The committee recorded affirmative votes from Councilwoman Stephanie Lynch and Chair Robertson; the motion passed by voice vote with the committee’s recommendation to approve.
The ordinance will next be considered by the full Richmond City Council.
