Henrico approves tenant-support MOA and EDA bond issuance for Glenwood Farms redevelopment

Henrico County on May 27 approved a memorandum of agreement with the Neighborhood Resource Center (NRC) to provide tenant support during the redevelopment of Glenwood Farms and also approved a resolution allowing the county’s Economic Development Authority to issue approximately $61,000,000 in revenue bonds to benefit the Glenwood Farms housing project.

Deputy-level staff presented the memorandum of agreement, telling supervisors NRC will provide tenant support funded from charitable donations during redevelopment. "We are great partners, and we see the work of NRC as an extension of the work that we do here in the county," a county staff member said.

Separately, a county staff presentation said the EDA bond proceeds will be used for multifamily residential housing at Glenwood Farms. The staff summary described the project as six buildings and gave a unit estimate; the presenter said "approximately 240 units or about 390 units between the two," language that was not clarified further at the meeting. The presenter also said approval of the board paper and issuance of the bonds "does not create a financial obligation of the county or the authority." The EDA met May 15 and recommended approval.

The board approved both items by voice vote. County staff said this will be the first time the county has used housing development bonds and indicated similar requests may follow in the future.

Ending

County officials said NRC will support residents through the redevelopment and that the bond issuance will be handled through the EDA; no county general-fund obligation was created by the board’s authorization.