BRISTOL, VA (WJHL) – The City of Bristol, Va. appeared ready to go millions of dollars deeper in debt to support the city’s retail development Tuesday night.
The Bristol, Va. City Council held a public hearing Tuesday on a proposal that would incur another $3 million dollars of debt in bonds to further The Falls development’s road project.
The city has already spent millions of dollars to turn property at Exit 5 off Interstate 81 into a retail destination.
Some stores like Lowe’s and Cabella’s are already there, but the developer said the city needs to spend millions more to finish roads around the project so prospective businesses will continue to come.
During the meeting, Bristol residents expressed frustration with the slow development of the Exit 5 project.
Council member Doug Fleenor, who was very vocal throughout the meeting, said he was leery of borrowing more money without the promise of financial returns. Fleenor said he could not support going deeper in debt.
All other council members expressed frustration with the position The Falls development has put the city in, but indicated Tuesday night that finishing the project and paying off debt with the sales tax revenue is the right thing to do.
The next step will be a formal vote on a resolution to take out debt to complete roads around The Falls.
The Bond Counsel will now prepare a bond resolution to be presented to the City Council on September 27.
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