Botetourt County will issue 33.5 million in revenue bonds to fund courthouse project and Administration building at Greenfield
Botetourt County will issue $33.5 million in lease revenue bonds in early March. The Board of Supervisors approved the necessary documents at its February 22, 2022 meeting. The process goes through the Economic Development Authority, a committee appointed by the Board to promote and handle economic growth and capital improvements.
The $33 million in debt would be spent on two projects: a $3.5 million construction project at the Botetourt County Administration Building at the Botetourt Center at Greenfield, and $28.5 million for construction of a new courthouse in Fincastle.
The construction at Greenfield would be an 8,900 square foot facility located immediately adjacent to the County Administration Building. The construction is taking place in partnership with Virginia Western Community College in order provide a space to meet existing and future workforce needs in Greenfield, the greater Botetourt community, and the Roanoke Valley region. The $3.5 million bond will finance design and construction and the EDA would own the facility. The county would pay for design and construction. Additional costs associated with the project would be paid by VWCC. The proposal includes classroom and laboratory space for workforce training programs.
These bonds will be financed for 20 years.
The remaining monies, which would be financed over a 30-year period, would go toward construction of a new courthouse in Fincastle. The current facility is outdated and in need of many repairs. Current plans are to remove the current structure and replace it with a larger building that would maintain the exterior characteristics of the present building. Cost estimates for construction of a new courthouse have been set at $28.5 million.
The county is moving quickly to obtain the funding for these two capital improvement projects before interest rates rise, something the federal government has suggested could happen in late March.
— Anita Firebaugh, Special to The Botetourt Bee
