Botetourt County Board of Supervisors Agenda April 2026
County Approves $32M VRA Lease Financing Package
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Description
Botetourt County approved lease-revenue financing with the Virginia Resources Authority for up to $32 million to fund public safety radio system upgrades, improvements to the Read Mountain Fire Station, and refinancing of 2014 public safety and jail debt. The financing will be repaid through lease payments maturing no later than December 31, 2050.
Contract Details
Contract Amount
Not to exceed $32,000,000 (including up to $7,000,000 for refinancing)
Vendor
VIRGINIA RESOURCES AUTHORITY
Agency
Botetourt County, VA
Contract Type
FINANCIAL_SERVICES
Document Date
April 28, 2026
Contract Term
Final maturity of rental payments not later than December 31, 2050
Renewal Date
2050-12-31
Renewal Info
Includes refinancing of existing 2014 lease if net present value savings equal or exceed 3%; financing runs through 2050 with no automatic renewal beyond maturity.
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