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Board approves Economic Development Authority reissuance for Friendship Foundation up to $60 million
Summary
The Board of Supervisors approved a resolution to allow the EDA to reissue and refund up to $60 million in bonds benefiting the Friendship Foundation; the action follows the 2023 acquisition of the originally financed senior-living properties and reduces EDA administrative fees.
The Roanoke County Board of Supervisors approved a resolution April 23 consenting to the Economic Development Authority's issuance of revenue refunding bonds in an aggregate amount not to exceed $60,000,000 for the benefit of Friendship Foundation.
County Attorney Peter Lubeck outlined the background: in 2019 bond proceeds financed the construction of senior-living facilities; the original owner…
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