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Radford approves up to $750,000 note for West Radford Commerce Park; council adds two‑year call and restricted-account restriction
Summary
Council authorized Ordinance 18‑22 to issue up to $750,000 in taxable general obligation notes to meet a 25% local match requirement for a $3.5 million VEDP grant rehabilitating the West Radford Commerce Park; council chose a callable note (callable after two years) and directed proceeds be placed in a restricted account for the project and substation/transformer costs.
Radford City Council voted to authorize the issuance and sale of taxable general obligation notes up to $750,000 to support the West Radford Commerce Park rehabilitation, which staff said is part of a $3,500,000 grant project requiring a 25% local match (about $615,000).
City staff and the city's financial advisor reviewed proposals and tradeoffs between lower fixed rates for a non-callable loan versus flexibility…
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