Council approves EDA performance agreement and financing plan for Cedar Valley/Ward Plaza project

Winchester City Council voted to approve a performance agreement among the city, the Economic Development Authority (EDA) and Winchester Acquisition Partners LLC (Ward Plaza developer) to support redevelopment in the Cedar Valley Neighborhood Design District, including the Ward Plaza catalyst project.

City and EDA staff said the agreement sets roles and obligations for the EDA, city and developer, and underpins a bundled financing plan that the city will sell as appropriation-style bonds (two series: taxable and tax-exempt) to fund roughly $27–30 million in infrastructure improvements across the district. Staff said about $13 million of the bond proceeds will be invested directly on the Ward Plaza site, with the remainder funding sidewalks, road realignments, stormwater, a nearly four-acre public park on Bridal Road and other district-wide public…