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Albemarle EDA adopts bond resolution authorizing taxable hospitality revenue bonds
Summary
The Economic Development Authority approved a resolution authorizing issuance of taxable 'Pan Tops hospitality revenue bonds, series 2025,' and bond counsel said closing is expected next week; board members authorized coordination of signatures and fee arrangements for closing documents.
The Albemarle County Economic Development Authority approved a bond resolution authorizing issuance of taxable Pan Tops hospitality revenue bonds, series 2025.
Jim Bolton (identified in the meeting transcript) briefed the authority on the transaction and said closing is expected to be scheduled next week if the authority adopts the resolution. He outlined logistics for execution of closing documents and asked staff to coordinate signature collection through the EDA offices. He also noted the applicant would cover closing expenses and that counsel would bill the applicant separately for counsel fees.
Board members moved and seconded the resolution. The chair called the vote and members voiced approval; no opposition was recorded.
Staff recorded that this financing differs from typical EDA financings because it is a taxable bond, and counsel said the EDA can expect additional similar taxable activity in the future. The board authorized the chair and secretary to execute necessary closing documents as coordinated by staff.
