Huge Win for CVTC Master Redevelopment Plan - $25 Million Included in the Biennium Budget
(Lynchburg, VA) – 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!”
About the Lynchburg Regional Business Alliance
The Lynchburg Regional Business Alliance is the region’s oldest and largest business and professional association. As a combined chamber of commerce and economic development organization, the Alliance serves as the united voice for the Lynchburg region’s business community.
For over 750 local organizations and their employees, our mission is to lead regional economic development through: Generating Jobs & Investment; Promoting the Region’s Brand and Image Globally; Cultivating Talent, and Enhancing the Business Climate. The Alliance is located at 300 Lucado Place in Downtown Lynchburg, Va. and can be reached by telephone at (434) 845-5966, or by emailing email@example.com.
To learn more about the chamber side of the Alliance, please visit us at: LynchburgRegion.org
To see the Central Virginia Training Center Master Redevelopment Plan, please click here.
To learn more about our economic development work, please visit: YesLynchburgRegion.org
Director of Economic Development
Lynchburg Regional Business Alliance
(434) 845-5968 x11│ JGillespie@LynchburgRegion.org