Title
To declare a public necessity for and to authorize the acquisition of the parcel of real property owned by the SunTrust Leasing Corporation and known as 3520 North Hopkins Road for the purpose of operating an 800 megahertz communications facility.
Body
Department of Planning & Development Review
Staff Report
To: City Planning Commission
From: Land Use Administration
Date: April 21, 2014
PETITIONER
City of Richmond
LOCATION
3516, 3518 and 3520 North Hopkins Road
PURPOSE
To declare a public necessity for and to authorize the acquisition of the parcels of real property owned by SunTrust Leasing Corporation and known as 3516 North Hopkins Road, 3518 North Hopkins Road and 3520 North Hopkins Road for the purpose of an 800 megahertz communications facility.
SUMMARY & RECOMMENDATION
On June 1, 2001 the City entered into a sale-leaseback Certificates of Participation transaction to provide $18.8 million of financing for the 800 Megahertz Radio Emergency Communications equipment project. All debt/lease amounts owed by the City have now been paid off in full and the City Attorney's office is working with the lender to release all liens and transfer title of the City's real estate property on North Hopkins Road back into the City's ownership.
To finance the construction of the City's 800 Megahertz Radio Emergency Communications equipment facilities and the conversion of the radio equipment from analog to digital frequencies, on June 1, 2001, the City issued $18.8 million of Certificates of Participation, Series 2001. This 20-year financing was structured as a sale lease-back transaction, with the lender (SunTrust Leasing) providing the $18.8 million of financing in exchange for taking ownership of the Hopkins Road Property, (land, buildings and tower) along with various radio equipment. The City agreed to make semi-annual capital lease debt service payments to the lender over a twenty year period.
In FY2013, using $11.1 million of budgeted funds (p...
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