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Surry County board authorizes lease-financing to advance YMCA project despite audit concerns
Summary
The Surry County Board of Supervisors voted to authorize lease financing and approve related documents to fund early-stage design of a proposed YMCA, choosing a $5 million Huntington Bank option; residents raised concerns about delayed audits and staff departures during the public hearing.
The Surry County Board of Supervisors voted to authorize lease financing and approve the documents underpinning a proposed YMCA after a public hearing and staff presentation.
County staff told the board that, following a July 2 review, Davenport (the county's financial adviser) and bond counsel recommended Huntington Bank as the most cost-effective financing option and that financing documents were prepared for review. Bond counsel described a three-part structure in which the county would lease tax parcel 2732 to the bank, the bank would lease it back, and the county would secure the financing with a leasehold deed of trust.
In the hearing several residents…
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