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Refinancing Pursued
The Buena Vista Public Service Authority on Thursday passed a number of resolutions in order to proceed with seeking a refinancing of debt related to the city’s water system. A resulting reduction in debt payments is to put the city in a better financial position to afford a substantial upgrade to the city’s wastewater treatment plant.
Resolutions adopted included approval of a conveyance of property associated with the city’s water system from the city’s Economic Development Authority to the city’s PSA and approval of and issuance of $5,424,000 in water revenue bonds through Rural Utilities Service, an agency of the United States Department of Agriculture.
Refinancing of the debt is anticipated to substantially bring down the interest rate so that the city will save several hundred thousand dollars a year in debt payments.
RACSB Appointment
Hannah Becker was appointed by City Council to represent Buena Vista on the Rockbridge Area Community Services Board. Her three-year term is to begin Jan. 1. She replaces Brent Styler, who didn’t seek reappointment.
VIA Update Presented
Buena Vista City Council this past Thursday received an update on the Virginia Innovation Accelerator, the entity in the former Mundet-Hermetite building that is fostering the development of a variety of startup companies.
Annette Patterson of The Advancement Foundation, the company behind the VIA, said that $3,452,650 had been raised to date through various grants and that a pre-bid conference for contractors bidding on construction projects would be held this week. Bids are to be opened in December and construction should begin in February. The projected opening date for a commercial kitchen, brewery, cafe and outdoor recreation outlet is April of 2025.
Loft apartments to help with Buena Vista’s housing needs are also planned. It is hoped that these will be completed by May of 2025.
Consulting services for the business accelerator are ongoing. Patterson said 15 high-growth companies are in the development stage of their businesses and additional companies are being recruited. She indicated that she would be making a request for city funding but didn’t say how much might be needed.
WiFi Coming To The Park
Buena Vista has entered into a contract with Virginia Technology Systems to provide WiFi internet service to the Glen Maury Pool and upper campground.
City Council on Thursday approved an agreement that calls for installing an antennae and equipment at the 911 dispatching center off of U.S. 60 to transmit a signal to Austin Rehl’s property at 774 Long Hollow Road that would in turn transmit a signal to the upper level of the park.
The city is paying $2,000 for the equipment and VTS is to provide at a minimum 750 megabytes per second (Mbps) of service under ideal conditions and charge a rate that is competitive in this market.
Mayor-elect Tyson Cooper questioned whether 750 Mbps would be a sufficient level of service.
State Taking Over Regional VASAP
The Valley Alcohol Safety Action Program is being dissolved and its services are being turned over to the Commission on the Virginia Alcohol Safety Action Program. Each of the localities that comprise the regional program are being asked to approve the action. Buena Vista City Council adopted a resolution to this effect on Thursday.
