The Middlesex County Board of Supervisors (MCBS) voted 3-1 on Tuesday, June 4, to enter into the Virginia Resources Authority’s (VRA) 2024 “Summer Virginia Pooled Financing Program” to borrow nearly $4 million to refurbish the Lewis B. Puller Center building at Cooks Corner into a new Middlesex County Sheriff’s Office (MCSO) and emergency services’ headquarters.
R.T. Taylor of Davenport and Company, financial advisor for the county, reported that VRA loan interest rates would “mostly likely” be 1% less than private bank loan rates and recommended going with the VRA loan.
Taylor reported that a 15-year loan through Webster Bank at 4.43% and a 20-year term 4.83% interest rate loan with Capital One were the best rates provided by private banks.
“VRA’s current market estimated interest rates are roughly 1% below the (bank) interest rate options,” said Taylor. “However, VRA will not price its bonds and fix interest rates until July 23.”
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