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Board approves up to $180 million in EDA conduit bonds for Bon Secours Saint Mary's expansion; some residents voice opposition
Summary
Henrico’s Board of Supervisors voted to permit the county EDA to act as conduit issuer for up to $180 million in revenue bonds to benefit Bon Secours’ Saint Mary’s hospital work in Henrico as part of a $600 million multi-jurisdictional issue.
The Henrico Board of Supervisors approved a resolution on March 25 allowing the county’s Economic Development Authority (EDA) to serve as conduit issuer for revenue bonds to benefit Bon Secours Mercy Health, with Henrico’s portion limited to $180 million of a larger $600 million multi-locality bond issue.
Mister Romanello (county staff) told the board the action would permit the EDA to issue up to $180,000,000 in conduit revenue bonds for Bon Secours’ Saint Mary’s hospital facility work in Henrico. Romanello and staff said the board paper creates no financial obligation for the county or the EDA; the financing is structured as an EDA conduit issuance as part of a $600 million issue that covers 12 Bon Secours facilities across 11 localities. The Henrico EDA approved the larger bond issue at its March meeting and recommended the board adopt the county resolution.
A member of the public, Grama Montrose, addressed the board during public comment and urged supervisors to weigh Bon Secours’ recent history of service changes and investments, citing a 2022 New York Times account about reductions of services at a historically Black hospital and the concern that bond-supported investments can coincide with shifting hospital priorities. No legal or financial findings were made during the meeting; the board voted to approve the resolution.
Motion and outcome: A motion to approve the resolution authorizing issuance of up to $180,000,000 in EDA conduit revenue bonds for the benefit of Bon Secours Mercy Health (agenda item 93-25) was made by Mr. Rogich, seconded by Mr. Nelson; the motion carried (vote: aye; no opposition recorded).
