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Board approves resolution to tee up $70M industrial revenue bonds for Virginia Home project
Summary
The board approved a resolution to enable issuance of up to $70 million in tax‑exempt industrial revenue bonds for the Virginia Home project; the approval authorizes the financing step only and does not commit county or EDA funds or pre‑empt land‑use or special‑exception reviews.
The Board of Supervisors voted Sept. 11 to approve a resolution that prepares the financing path for a new Virginia Home long‑term care facility. Brandon Turner presented the financing proposal and said the request was limited to the financing component. "The Virginia home is looking to issue up to $70,000,000 in tax exempt industrial revenue bonds," Turner said, and he described the bonds as conduit financing to be issued through the Economic Development Authority and to be purchased by South State Bank.
Turner said the project would not be funded by the county or the EDA and that neither the county nor the EDA would assume debt if the applicant defaults. "This is not the county nor EDA money directly funding this project," he said. He estimated the full project cost at about $130 million for a 160‑bed, roughly 190,000‑square‑foot campus on about 71 acres off Pole Green Road and said the bonds cannot close until bank closing conditions and other due diligence are satisfied.
After the presentation, the chair—speaking as finance committee chair—moved to approve the resolution "relating to the issuance of industrial revenue bonds for the Virginia Home." The motion was seconded, called and approved by voice vote; the transcript records the voice vote but does not provide a numerical roll call in the public record provided to the board.
The board and EDA previously considered an inducement resolution in August; Turner said the EDA approved that inducement and that the EDA will later take final action on the issuance package once bank conditions are met. County staff said revenues from an EDA fee on outstanding debt (described as one‑tenth of 1% annually) could be used for future economic development initiatives, but staff also emphasized they have not budgeted on the expectation of receiving those proceeds.
This vote advances the financing track only; land‑use approvals, special‑exception reviews and other project permits remain separate processes.
