Washington County board authorizes seeking up to $25 million via VRA lease financing

The Washington County Board of Supervisors voted unanimously to approve a resolution to pursue lease financing through the Virginia Resources Authority (VRA) for capital projects, authorizing county staff to seek terms and sign necessary documents.

County staff presented a financing outline showing the maximum authorization on the resolution of $25,000,000 but saying expected proceeds would be nearer $23,000,000. According to staff, the sample terms received the day of the meeting showed an “all in” interest rate of 3.78% and an interest-only period before principal-and-interest payments begin. Staff told the board those sample figures were not locked and that final numbers would be reconciled in April.

Board members asked about timing and flexibility. Staff said the county would not have to commit a final borrowing amount immediately and could adjust the amount down (but not above the maximum on the resolution) before a final decision. The packet attached to the resolution includes lease agreements and acquisition documents reviewed by outside counsel and available for board members to inspect.

A motion to approve the resolution and give Mr. Berry authorization to sign passed by voice vote, 6–0. The board’s action allows county staff to submit formal paperwork to VRA and seek firm financing terms; any final borrowing and contract execution will return to the board for confirmation as required.