Last week, the Chesterfield Economic Development Authority unanimously approved a resolution of support for raising some $5.1 million for the Chesterfield Center for the Arts through a bond sale.
EDA board chair John O’Neill said the Virginia Resources Authority wanted the EDA to approve the resolution by Sept. 21 so that bonds can be sold in mid-November.
The county supervisors approved the $5.1 million allocation on June 27 by a 3-2 vote.
The EDA previously issued $6.89 million in bonds and the county $2.67 million in bonds for the 22,000-square-foot arts center in Chester, which would include a 350-seat theater. Together with the new revenue bonds, the combined total would be about $14.66 million.
At the June meeting, county official Matt Harris said the construction project would take 14 months. He estimated the building would cost $16.8 million. Some $2.1 million in private funds have been raised as well.
Also at last week’s meeting, Chesterfield’s fiscal services coordinator Debbie Baicy said the county should receive an investment plan from Suntrust Bank this week for some $4.4 million that has been reserved for the arts center.
EDA treasurer and board member Harril Whitehurst said the plan will include two or three options, one of which may be a certificate of deposit.
County staff introduced new planner Jake Elder at the meeting. Elder said he graduated from South Carolina and Virginia Commonwealth universities, and previously worked for the city of Hopewell.
In other news, the EDA last week approved a letter of intent to sell 300 acres in the county. After the meeting, EDA director Garrett Hart declined to say where the land is located as did supervisor Dorothy Jaeckle.