Cathy Dyson writes about King George County.
County issues bonds for Spotsylvania project, gets a payoff
In case anyone wondered why the King George Board of Supervisors issued Industrial Development Authority bonds for a project in Spotsylvania County, here’s the answer: money.
Supervisors on Tuesday agreed to issue up to $5 million in bonds for Rappahannock Goodwill Industries. Goodwill plans to purchase an 80,000-square-foot building at 4701 Market Street in Spotsylvania. With the new property, Goodwill will expand services and increase job training for residents throughout the region.
King George County’s Economic Development Authority will get a fee each year from the issuance of the bonds. Under the formula, the county would get about $1,250 a year from a $5-million bond, then the amount would drop as the loan is paid back.
Each county gets an allocation of bonds, and Spotsylvania may have used all of its, County Attorney Matt Britton said. King George hasn’t used any of its bond allocation in recent years, said Supervisor Joe Grzeika.
King George doesn’t assume any liability in the repayment of the bonds, the supervisors stressed.