AGENDA DATE: 12/13/2023
TITLE:
Title
Rivanna Futures Update
BODY
SUBJECT/PROPOSAL/REQUEST: Receive an update on the Rivanna Futures project
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Henry, Rosenberg, Kilroy, Sumner, Newberry, Stewart, Abplanalp, Svoboda
PRESENTER (S): Trevor Henry
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, approving the County's acquisition of 462 acres of property located in the Rivanna Magisterial District at a purchase price of $58 million, and authorizing the execution of an assignment and assumption agreement, by which the County assumed obligations under a purchase agreement. The purchase agreement provides a 90-day feasibility study period, extendable with an additional deposit in 30-day increments. The County has extended the study period three times, with the last extension expiring on November 14, 2023.
On June 7 and August 2, 2023, the Board received updates on ongoing financing, due diligence, and partner engagement.
On June 21, 2023, the Board conducted a public hearing and adopted another resolution approving possible uses of the Rivanna Futures property, as the property has been denominated by the County, to include business and industry, in addition to public use and public facilities.
STRATEGIC PLAN: Quality of Life - Encourage a vibrant community with economic and recreational opportunities that serve all community members.?
DISCUSSION: Staff has completed several critical activities since the last update of the Board, including review of title reports and surveys for the property to be acquired, review of the Rivanna Futures Due Diligence Report (Attachment A), review of a supplemental study of the condition of the dams onsite, and issuance of Bond Anticipation Notes totaling $58.85 million to serve as interim financi...
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