Council approves bond documents with Dollar Tree

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By Leah Wankum, Editor

The Richmond City Council approved all bond documents for the Dollar Tree project, including a lease agreement as well as a deed of trust that gives the city “an additional layer of protection.”

Toni Stegeman of Gilmore & Bell presented the bond documents to the council for its approval and said the ordinance authorizes the city to issue its Taxable Industrial Revenue Bonds. Those bonds are not to exceed $976,500. Stegeman added that the ordinance looks similar to the Chapter 100 tax abatement and agreement made with Swafford’s Ford Sales. The difference is that the owner of the Dollar Tree building, a company called Legacy Partnership LLC, is planning to sell the building soon.

“On this transaction, Legacy advised the city, from the beginning, that it was their intention to get the building up (and) leased, and sell their interest,” Stegeman told the council. “That’s the way they do business. And so because of that, in the economic development agreement, we had a provision in there that they were permitted to do that, so long as the building remained leased to Dollar Tree for a Dollar Tree store.”

The complete story is in the Tuesday, August 8, 2017 Richmond News.

Click here for our E-edition and read the rest of the story.

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