Loudoun County:
“VIP Sports and Entertainment, the company hoping to bring
professional baseball and soccer to Loudoun, wrote to the Economic Development
Authority last week asking for a resolution for $55 million in taxable bonds to
finance a stadium. Hopes are for the stadium to eventually house the Loudoun
Hounds of the Atlantic League of Professional Baseball and Virginia Cavalry FC,
of the North American Soccer League.
An inducement resolution shows that an entity like the EDA
is willing to issue a bond for projects that would ultimately help the county's
economy. Bob Farren, CEO of VIP Sports and Entertainment, hopes the EDA's
resolution might mean a financing option with a lower interest rate, making the
project cheaper. The EDA does not back the loans or subsidize them with public
money. It simply decides if the projects makes sense for the county and writes
resolutions.”
~Writes Bob Hancock of the Loudoun Times
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