While the primary focus to most people who pass through eastern Montross is likely going to be the rapidly growing new high school, the recreational center just behind grows ever closer to completion as well. A primary focus for the Westmoreland County Board of Supervisors at this month’s meeting involved navigating the financial hurdles entangled with funding the lights for the recreational grounds. To that end, Courtney Rogers, a representative from Davenport & Company, the county’s financial advisor, was on hand to go into detail on just what the county was getting into.
After all is said and done, the estimated price for the lighting system comes in at approximately $1,024,763. About $500,000 is removed as a cash down payment, another $45,000 is added for the estimated cost of issuance, and the total estimated borrowing needs comes out to $569,763.
The recommended course of action in this case was for the county to secure funding for the project by way of a direct bank loan, under which Davenport will send out a request for proposals to possible lenders to get interest rate bids for the financing of the project. Next month, Davenport’s representative will return with the results of the RFP process and present their recommendation to the board.
County Administrator Norm Risavi stressed the importance of the lights, stating “this is a critical element, as it will allow tournament play. That’s how you get people to come to the county and stay overnight. This will help restaurants, hotels; it will help everyone.”