WOODSTOCK – The Shenandoah County Supervisory Board voted unanimously Tuesday night to approve the issuance of a $ 6 million rental income bond to help pay for major county projects and school identified in the County Capital Improvement Plan for fiscal years 2022 and 2023.
The loan, structured through the county’s Industrial Development Authority, is sourced from Sterling National Bank and has a 10-year repayment term starting in fiscal 2023.
The budget adopted by Shenandoah County for this fiscal year included debt financing of $ 4.2 million for public school capital projects in Shenandoah County deemed “urgent” and / or “necessary” and funding by Additional borrowing of $ 1.4 million in county capital items (mostly vehicle replacements).
The school division recently identified $ 2.2 million in capital projects that could be funded from other one-time sources (such as American Rescue Plan Act money), although supervisors have ordered staff county to continue the original debt financing plan included in the county. budget. This allows the county to direct that additional $ 2.2 million towards the school division’s urgent and necessary capital projects included in the county’s Fiscal Year 2023 PIC.
Davenport & Company LLC has issued a request for proposals on behalf of the county regarding the rental income bonding to more than 100 financial institutions nationwide and has sent seven responses, Davenport representative Ted Cole told supervisors county at Tuesday’s meeting. Davenport recommended the county accept Sterling’s proposal, which county supervisors did in a 6-0 vote.
Sterling provided the lowest interest rate (1.315%) of the seven institutions that responded to Davenport’s tender, Cole said, and also provided the lowest estimated debt service on the 10-year term of the loan among the top three choices.
According to Cole’s presentation, the county’s estimated debt service over this 10-year period with the pound sterling is $ 6,423,925, which is $ 70,719 less than Key Government Finance and $ 138,827 less than the Zions. Bank.
Thanks to Sterling, the loan is only prepayable in full only after August 1, 2027, although Cole noted that given the low fixed interest rate, it is “unlikely” that there will be any opportunity to. refinance to save for the near future, a fact that left his firm belief that Sterling’s prepayment arrangements were “reasonable.”
The county will guarantee the loan with Signal Knob Middle School. The rental income obligation, which already received IDA approval on Monday, has yet to be approved by the Shenandoah County School Board at its October 14 meeting. The loan closing date is October 21.
Also on Tuesday, county supervisors voted 6-0 to approve a special use permit allowing Harold “Hal” Stalcup to operate a six-bedroom short-term rental located at 3458 Zepp Road in Maurertown.
Stalcup, whose request garnered unanimous support from the County Planning Commission earlier this month, posted images during a public hearing on September 2 showing a three-story house over 5,000 square feet. The house, which he called âTea Mountain Retreatâ, has six bedrooms, four bathrooms, hardwood floors and cedar walls and ceilings, a large âgourmetâ kitchen, a bar, a large room with theater seats, a bathtub, two side verandas with mosquito nets, a large back patio, a rockery and a fenced yard.
County supervisors also voted unanimously on Tuesday:
Appoint Jered Hoover to serve on the Federal Advisory Board for Cedar Creek and Belle Grove National Historic Park, and appoint Brenda Black as alternate.
Appoint Kim Collett within the community policy management team.
Carry forward capital projects and grants from FY2021 to FY2022.
At the end of Tuesday’s town hall, supervisors Brad Pollack, Karl Roulston and Dennis Morris praised the work being done in the old school building and the historic bank building in Woodstock, both of which have been reassigned by Echelon Resources in residential and / or commercial spaces.
Board Chairman Steve Baker also shared a recent ‘heartwarming’ experience he had with Rockingham County agriculture students on his farm and expressed a wish to see more hands-on educational opportunities. for students in the region.
During the public comment portion of Tuesday’s board of supervisors meeting, Woodstock resident Stanley Wellard asked the board to call Pollack’s resignation “immediately,” citing recent news that the supervisor of the District 3 and the local prosecutor were charged with two counts of property destruction for allegedly removing building signs from an Edinburgh housing estate, as well as Pollack’s ‘past behavior’ as a lawyer.
Wellard noted that Pollack had his license to practice suspended about 15 years ago. Information on the Virginia State Bar website indicates that “a three-judge panel of the Shenandoah Circuit Court suspended Bradley Glenn Pollack’s license to practice law for two years, effective March 25, 2005, due to ‘misconduct in civil and criminal matters’.
Additionally, Wellard referred to petitions filed by Pollack against the County School Board and Shenandoah County Treasurer Cindy George, which were linked to the school board’s decision last year to rename two schools at the far end. south of the county. He demanded that the supervisory board make public the “total number of tax dollars that have been spent on this and other frivolous lawsuits pursued by Mr. Pollack.”
“It appears that Mr. Pollack is once again promoting his own political interests and ambitions to the detriment of the board of directors and the citizens of Shenandoah County,” Wellard said. âThe citizens of Shenandoah County deserve better representation than this. We deserve someone who obeys the law of the Commonwealth of Virginia and dedicates their time to improving our community instead of fostering dissent and division. I ask the board of directors to immediately call for the resignation of Bradley Pollack.
Wellard’s comments came a month and a half after Edinburgh resident Jonathan Nateghi-Asli expressed similar concerns about Pollack and asked the board of supervisors to publicly respond to a list of “concerns and questions. ethics âhe had regarding the District 3 supervisor.