SENATOR NEWMAN ANNOUNCES COMPLETE DEFEASEMENT OF ALL OUTSTANDING CVTC BONDS - Property now moves to appraisal and marketing

As of today, the Commonwealth of Virginia has completed the defeasance of all outstanding bonds on the shuttered Central Virginia Training Center (CVTC), utilizing the $25 million in state general funds that Senator Newman secured during the 2022 General Assembly Session. Earlier this year, Newman indicated he hoped the bonds would be defeased by mid-2023. The Youngkin Administration worked with Wall Street to dramatically move up this timeline.

As of December 2022, all bonds have been paid.

“This is an exciting accomplishment for the entire Central Virginia region! The retirement of all state debt associated with the CVTC property enables us to proceed with important next steps to see the 350 acres of beautiful land on the James River redeveloped and revitalized a full 14 years ahead of schedule. I am grateful to Virginia’s Secretary of Finance and the Secretary of Administration, along with their teams, for all they’ve done to get us to this crucial point, once the funding was secured. And looking forward, I am encouraged by the strong team of local government officials and economic development experts who will continue running the ball down the field to ensure the CVTC property becomes an economic engine and a source of pride for all of Central Virginia,” said Senator Steve Newman.

Going forward, the property will be appraised. Then, by Code, the property will be offered for sale to Amherst County. Depending on the County’s decision, it could then be marketed for sale by the Virginia Department of General Services to the private sector.