City Considers Eagle Village Bonds, E-Commerce Grants

EDA Considers Eagle Village Bonds

The Economic Development Authority for the city of Fredericksburg will meet today to consider issuing up to $88 million in refunding bonds to the University of Mary Washington's Eagle Village development as part of a refinancing of a $70 million 2009 bond issuance.

Back in June of 2009, the EDA issued tax-exempt variable rate revenue bonds to assist the corporation set up to build Eagle Village, Eagle Housing LLC. The new bonds are set at a fixed annual rate of 1/8 of 1 percent of the outstanding principal balance.

If approved by the EDA, the bonds would need to be approved by the City Council as well. 

New Grant Program Could Help City Small Business

The EDA will also consider starting a $15,000 matching grant program designed to assist small businesses develop their e-commerce muscle. The grant would be administered by Vectec, a nonprofit technology development center in Newport News. 

At the Sept. 12 meeting of the EDA, Vectec's Executive Director Bill Muir presented his e-commerce matching grant program and asked to return to the October meeting with a proposal.

The grants would fund projects between $3,000 and $5,000 designed to help business establish a digital presence. 

Today's meeting of the EDA takes place on the second floor of City Hall at 8:30 a.m.