Huge Win for CVTC Master Redevelopment Plan
On June 8, the Lynchburg Regional Business Alliance held a press conference at the former Central Virginia Training Center, featuring Senator Steve Newman, to announce the General Assembly has included $25 million in the state budget to fully defease all outstanding bonds associated with CVTC. Additional speakers at the event included Megan Lucas, CEO and Chief Economic Development Officer of the Alliance, and Dean Rodgers, Amherst County Administrator. Senator Mark Peake and Delegate Wendell Walker also supported the event and provided comments concerning the process to defease the bonds and about the future of the site.
On June 1, 2022, both chambers of the Virginia General Assembly delivered the agreed to 2023-2024 Biennium Budget to Governor Glen Youngkin. Included in the budget was the $25 million member request from State Senator Steve Newman (R-Lynchburg) to defease the remaining bonds on the Central Virginia Training Center.
“I am pleased that the General Assembly chose to include $25 million in the state budget to fully defease all outstanding bonds at CVTC,” said Senator Newman.
“Our local legislative delegation, along with community partners, have worked diligently over the last several years to see this come to fruition. Paying these bonds, a full 14 years ahead of schedule, will enable us to market the beautiful property and realize strong economic developments for the Central Virginia region sooner rather than later.”
Senator Newman continued, “I am proud of our community coming together to get this important work done. At every level, this community works together to make our region better.”
Defeasance relates to methods by which an outstanding bond issue can be made void, both legally and financially, by the state. Without bond defeasement the CVTC property would likely remain vacant and deteriorate — becoming a significant blight on the region’s urban core.
On April 5, 2022, Megan Lucas, CEO and Chief Economic Development Officer of the Lynchburg Regional Business Alliance, along with community planning partner HDR, unveiled the master redevelopment plan for the Central Virginia Training Center site at the Amherst County Board of Supervisors meeting. By unanimous vote, the members of the Amherst County Board of Supervisors recommended the plan be included in the county’s comprehensive plan. On April 21, 2022, the Amherst County Planning Commission voted to include the master plan for the CVTC site as an appendix to the comprehensive plan and amended the county’s future land map to reflect it.
“Senator Newman, without your tireless effort to get the dedicated $25 million included in the new two-year state budget, we would be looking at a much different future for the Training Center site,” said Megan Lucas. “We cannot thank you enough for your leadership.”
Said Lucas, “In addition to Senator Newman, I would like to also recognize and thank everyone on the Training Center Advisory Group, the Training Center Leadership Committee, and all the citizens who came out to participate in design charrette. Without this herculean, collective effort, we would not have a plan in place for the day when the bonds on the Training Center site were paid in full!”
To see the Central Virginia Training Center Master Redevelopment Plan, please click here.