AGENDA DATE: 6/7/2023
TITLE:
Title
Rivanna Station Futures Update
BODY
SUBJECT/PROPOSAL/REQUEST: Receive an update on the Rivanna Station Futures project.
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Walker, Henry, Kilroy, Rosenberg, Stewart, Sumner
PRESENTER (S): Trevor Henry; Jacob Sumner; Lance Stewart
LEGAL REVIEW: Not Required
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: On May 24, 2023, the Board of Supervisors adopted a resolution to authorize the acquisition of real property and related assets by entry into an assignment and assumption agreement, authorizing the county’s acquisition of 462 acres of property located in the Rivanna Magisterial District at a purchase price of $58 million. This economic development project has been referred to as Project Falcons and is now Rivanna Station Futures. Staff noted during that meeting that at the Board’s next regular business meeting, staff would provide an update on next steps for the project.
STRATEGIC PLAN: Economic Prosperity - Foster an environment that stimulates diversified job creation, capital investments, and tax revenues that support community goals.
DISCUSSION: Staff’s presentation will cover the current project activity underway, including the financing and environmental due diligence work.
BUDGET IMPACT: Staff’s presentation will include an overview of the budgetary impact and financing strategy for the purchase of 462 acres for $58 million.
RECOMMENDATION:
Recommendation
Staff recommends the Board receive this presentation as a project update.
ATTACHMENTS: Click here to enter text.