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Commission reviews plan to use food-and-beverage tax revenue and short-term notes to accelerate parks projects
Summary
Financial adviser Jason Semler told the commission that the recently adopted food-and-beverage tax could produce an estimated $1.5 million annually; he outlined using short-term bond anticipation notes (roughly $4–5 million) to start parks projects now and refinancing with long-term bonds (roughly $7–8 million) after revenue history is established.
Financial adviser Jason Semler of Baker Tilly briefed the Richmond Redevelopment Commission on Jan. 20 on options to accelerate parks projects using revenue from the commission’s recently adopted food-and-beverage tax.
Semler described a two-step financing approach: issue short-term 'bond anticipation notes' to provide money up front so projects can begin this summer, then issue long-term bonds later in the year once several months of actual tax receipts establish the revenue stream. "We…
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