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Board approves purchase of former Capital One building, authorizes bond issuance up to $46 million
Summary
Supervisors approved the county's purchase of a 57,819 sq ft former Capital One office building (purchase price reported at $17.5 million) and a financing resolution authorizing up to $46 million in EDA revenue/refunding bonds to cover the purchase, renovations, and related debt refinancing.
The Spotsylvania County Board of Supervisors approved a purchase-and-sale agreement to acquire a former Capital One office building at 10300 Spotsylvania Avenue and authorized bond financing that county staff said would not exceed $46 million.
County administrator Ed told the board the building is roughly 57,819 square feet and the negotiated purchase price is $17.5 million; the larger bond authorization covers the purchase price, rehabilitation of the county's Merchant Square building, and the possible refinancing of existing 2014 bond principal. Ed said several county departments would be moved into the facility in phases and existing tenants in the building would be honored; early voting is already scheduled to be held at the site.
Finance staff said tenant revenue would cover the first year’s debt service and that the county expects to need roughly $200,000–$400,000 in FY2026 to cover additional debt service as lease terms evolve. Supervisors asked about departments that would move to the new building and whether the public would be informed; staff said the administration will finalize phase‑in moves and notify residents.
Supervisor Lane said the purchase represented a cost-efficient alternative to building new office space. The board approved the purchase and the bond resolution by voice vote (7–0).
