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Council approves revenue bond financing for redevelopment of 1300 Campbell Avenue
Summary
Council approved a revenue bond issuance to support the Lynchburg Redevelopment & Housing Authority's redevelopment of the Parker Jennings building (1300 Campbell Ave), with project financing stacked from VHDA, federal historic tax credits and other sources and a projected construction start in the second quarter of next year.
Lynchburg City Council approved a resolution supporting revenue bond issuance to finance renovation of the Parker Jennings building at 1300 Campbell Avenue.
Project representatives told council they have construction and long-term financing in place, including tax credits from VHDA and federal historic tax credits sold to a financial investor. A project representative said one remaining tax credit placement was expected within about 30 days, after which the team would close financing and begin construction on a roughly 90–120 day timeline to start work, projecting construction would begin in the second quarter of next year.
Councilors expressed support, noting the project converts an underused landmark into residential housing and that the redevelopment and housing authority had vetted the developer. "We have our construction and long term financing approved and in place... The projection is... probably second quarter next year we'll begin construction on the project," project staff said.
Council moved for approval and the clerk recorded the motion as passing '6 with 1 absent.'
