►
Description
Chesterfield County, Virginia is requesting a bond referendum (election) for Tuesday, Nov. 8, 2022. A bond referendum is a vital component of the local democratic process in which citizens vote on the financing of the county’s long range capital plan. For more information visit: chesterfield.gov/bond
A
Good
evening,
thank
you
for
joining
us
for
the
last
Facebook
live
session
of
our
community
facilities.
Bon
Quan,
my
name
is
John
Durkin
and
I'm.
Chesterfield
Candy's
budget,
director
and
I
will
be
walking
you
through
this
evening's
presentation,
as
well
as
answering
any
questions
at
the
end
of
the
sites,
and
the
format
of
this
evening's
presentation
is
going
to
be
a
high
level
overview
of
the
bond
referendum.
A
A
A
A
This
enables
us
to
go
out
and
build
facilities
that
only
did
in
the
community,
from
our
police
stations
and
fire
stations
to
parks
and
recs
into
schools,
and
these
are
kind
of
long-range
facilities
that
are
very
expensive
to
build
and
maintain,
and
it's
not
something
that
can
be
cash
funded
on
day,
one
out
the
door
by
being
able
to
issue
these
General
obligation
bonds,
and
it
will
allow
us
to
do
these
improvements
and
additions
to
our
facilities
at
the
lowest
available
interest
rates,
even
in
the
current
market
environment
that
we're
in
and
just
for
some
context.
A
If
the
bond
referendum
is
approved
on
November
8th
is
not
something
that
we
go
out
and
borrow
the
entire
amount
the
next
day,
and
we
can
issue
these
bonds
over
an
eight
to
ten
year
Horizon
and
is
receiving
a
look
at
the
last
button
referendum.
That's
the
exact
kind
of
time
frame
that
we
did
when
we
issued
those
bonds
after
the
approval
in
2013..
A
So
in
total,
the
bond
referendum
is
worth
540
million
dollars.
It
goes
towards
four
specific
categories
which
we'll
walk
through
schools,
libraries,
Parks
and
Recreation,
and
Public
Safety
and
there's
a
single
ballot
question
that
will
also
walk
through
that
covers
all
of
this
debt
for
both
the
county
and
skills
projects.
A
But
why
is
the
general
obligation
Authority
important?
Well,
as
you
go
for
buying
a
house,
and
you
have
the
kind
of
credit
right
credit
underwriting
underwriting
process
as
much
as
people
have
personal
credit
scores,
the
county
has
its
own
version
of
that
through
rating
agencies.
There
are
three
main
rating
agencies
that
we
work
through
standards
and
pools.
Fitch
in
midis,
and
the
highest
rating
that
you
can
get
assigned
by
them
is
Triple.
A
A
Chesterfield
is
one
of
the
few
localities
in
the
nation
that
actually
has
the
highest
from
all
three
or
another
way,
to
put
it
triple
triple
A,
just
to
give
some
contact
for
the
540
million
dollar
issuance
by
going
out
with
the
Triple
A
rating,
as
opposed
to
the
next
lowest
rating
of
double
a
the
spread
between
those
interest
rates
allows
us
to
essentially
save
23
million
dollars
in
interest
over
the
life
of
those
bonds.
A
By
virtue
of
having
that
highest
rating,
just
for
some
context,
that
savings
would
essentially
enable
us
to
complete
two
projects
that
are
part
of
this
referendum:
the
electric
fire
station
in
Swift
Creek
police
station.
So
by
the
border
supervisors,
continuing
their
conservative
Financial
policies.
It
does
allow
us
to
borrow
those
lowest
rates
that
enables
us
to
invest
more
proceeds
into
our
facilities.
A
All
aside
from
the
emergency
communication,
systems
have
been
completed
with
the
emergency
communication
systems
expected
to
expect
it
to
be
completed
later
on
this
year,
and
one
thing
I'll
note
on
this
slide
is
that
I
mentioned
before
is
not
something
if
it's
approved,
we
go
out
and
borrow
for
it
the
very
next
day,
and
you
can
see
on
that
slide
there.
There
have
been
a
slate
of
projects
that
have
happened
over
the
course
of
the
last
67
years
as
part
of
that
last
Bond
referendum.
A
It's
in
a
very
methodical
staged
manner
as
we
work
through
the
last
referendum
projects,
but
that
is
not
the
only
finance
financing
mechanism
that
we
have
as
part
of
our
Capital
program,
and
we
do
have
other
sources
that
we're
able
to
utilize.
We've
had
a
lot
of
federal
funding
over
the
last
few
years
with
the
American
Rescue
plan
act
has
enabled
us
to
strategically
invest
dollars
into
some
of
the
projects
that
are
on
this
Bond
referendum,
to
get
a
jump
start
on
them.
A
A
If
we
were
to
go
out
tomorrow
and
pay
for
all
those
projects
that
would
actually
cost
us
about
four
billion
dollars.
That
is
not
something
that
we
can
realistically
do,
but
having
this
mechanism
of
the
cvt8
does
allow
us
to
chip
away
at
those
projects
thanks
to
the
activists
passed
by
the
general
assembly.
A
So,
on
the
right
hand
of
the
slide,
you
can
see
some
of
the
projects
that
we've
been
able
to
do
with
these
other
financing
sources.
Midlothian
Library,
which
had
its
groundbreaking
just
a
few
weeks
ago,
and
we've
been
able
to
work
on
the
animal
services,
support,
building
and
Midlothian
fire
station
that
the
crew
just
moved
into
last
month.
A
So
how
are
the
projects
selected?
Well,
essentially?
The
last
few
years
have
allowed
us
to
kind
of
refine
the
scope
and
cost
of
these
projects.
We'd
initially
planned
to
go
out
for
this
referendum,
the
2019-2020
time
frame
before
the
pandemic
hit,
but
the
last
two
years,
as
I
said,
allowed
us
to
really
refine
these
projects,
scope
and
cost
wise.
We
worked
with
Microsoft.
A
We
have
the
pipeline
data
for
where
the
housing
is
going
to
be
coming
online.
We
know
where
the
population
growth
is
happening.
We
know
where
a
lot
of
the
school
aged
children
are
residing
in
the
county
and
really
used
all
of
those
to
kind
of
bring
it
together
to
create
a
model
to
make
sure
that
we
are
putting
facilities
where
we
get
the
biggest
bang
for
our
buck
in
terms
of
return
on
investment.
A
So,
on
the
chart
you
see
before
you
is
a
list
of
the
projects
that
are
slated
as
part
of
this
Bond
referendum.
There
are
a
total
of
26
in
total.
They
are
spread
throughout
the
kind
of
northern
half
of
the
county
out
towards
the
east.
The
next
few
slides
I'll
walk
through
some
of
these
examples
of
the
projects
so
for
schools,
as
I
say,
the
largest
component
of
this
Bond
referendum
is
375
million
dollars.
A
I
will
point
out
on
here
the
new
high
school
and
the
Western
360
area
at
135
million
dollars.
That
area
is
heavy
emphasis
of
this
referendum,
that
is
where
the
largest
population
growth
is
occurring,
and
this
Bond
referendum
takes
full
advantage
of
being
able
to
put
those
facilities
on
the
ground
out
in
that
Western
area
to
serve
the
needs
of
the
residents.
A
Finally,
in
the
bottom
part
you
see
Midlothian
Middle
School
at
50
million
with
the
asterisks.
We
anticipate
that
cost
being
around
about
100
million
dollars
and
50
of
that
is
being
funded
through
this
referendum,
with
the
other
50,
probably
identified
through
those
other
financing
sources
that
I
referenced
earlier
on
so
libraries,
there
are
three
projects
selected
as
part
of
this
referendum.
You
know
Library
replacement
expansion
and
then,
finally,
that
Western
Hull
Street
Library
as
well
I'm
in
on
Just
for
some
context,
is
the
smallest
library
in
the
system.
A
It's
four
thousand
square
feet
currently
by
replacing
that
we
would
be
building
a
20,
000
square
foot
facility.
Edric
mitoka
was
built
in
1975.
It's
currently
an
8
000
square
foot
facility
being
proposed
to
expand
to
twenty
thousand
square
feet.
Then.
Finally,
the
Western
Hull
Street
Library.
A
There
is
proposed
to
be
a
twenty
thousand
square
foot
facility
and
the
final
site
has
not
been
identified
yet,
but
it
will
put
in
library
services
within
the
reach
of
the
fastest
growing
population
in
the
county,
relieving
strain
on
the
library
systems,
buildings
elsewhere,
Parks
and
Recreation
at
38.2
million
dollars,
the
largest
component
of
that
being
for
River
City,
Sports
Complex,
and
that
will
include
some
seating
and
additional
fields
and
that
facility
generates
about
over
31
million
dollars
in
tax
revenue
for
the
county
and
honor
Park,
and
the
Western
area
of
the
county
at
10
million
dollars
and
proposed
to
have
a
women's
softball
pitch
as
well
as
some
additional
seating
and
lighting
facilities
and
Conservation
Area
access
at
two
million
dollars.
A
The
county
takes
the
chance
when
it
can
to
buy
some
future
land
for
future
Parks
development,
and
obviously
we
can't
go
out
there
and
build
all
the
park
facilities
that
we
like
overnight.
Just
for
some
quick
context.
Our
Parks
receive
over
7
million
visits
per
year.
But
what
this
two
million
dollars
would
allow
us
to
do
is
really
activate
four
land
sites
that
we
have
right
now
that
have
not
been
developed.
A
That
would
allow
us
to
put
in
some
light
trails
and
parking
so
that
citizens
can
start
to
take
advantage
of
those
sites
before
they
may
come
online
in
future.
Capital
project,
Cycles
and
then
Public
Safety
first
slide
up
here
is
for
the
police
stations
just
for
some
quick
context.
A
We
currently
do
not
own
the
police
facilities
and
stations
that
we
are
in.
We
rent
them,
as
you
can
see
on
there
is
the
Stonebridge
area
replacement
that
used
to
be
an
old,
fast
food.
Restaurant
Stonebridge
area
is
part
of
the
spring
Rock
green
development.
We
are
proposing
to
put
on
the
police
station
right
on
Midlothian
Turnpike
to
have
high
visibility
presence
as
part
of
Colonel
Katz's
vision
for
the
police
department.
A
A
This
will
be
part
of
the
upcoming
Bond
referendum
to
build
a
new
11,
000
square
foot
facility
and
then
Chester
station
right
now,
and
that
station
is
part
of
a
single
point,
access
road
that
shares
its
entrance
with
the
doctor's
office
post
office
and
Chick-fil-A
restaurant
again.
This
would
be
another
11
000
square
foot
facility
down
in
the
southern
portion
of
the
county
and
fire
stations
are
really
split
into
kind
of
two
buckets
two
Replacements
and
two
expansions
and
Renovations
AirTrack
fire
station
on
there,
the
second
one
at
12.3
million.
A
A
The
demands
placed
on
the
fire
service
are
drastically
different
from
back
then,
and
the
building
now
would
better
reflect
the
needs
and
the
storage
equipment
that
the
fire
station
needs
to
serve
our
residents
and,
as
you
can
see,
on
the
right
hand,
picture
the
current
Chester
Fire
Station,
as
you
can
see
right
now
with
the
modern
day
apparatus,
and
they
actually
can't
fully
open
that
door
to
be
able
to
utilize
that
vehicle
effectively
when
they're
responding
to
calls.
A
A
Well,
as
I
said
earlier,
we
can't
go
out
and
finance
all
of
our
capital
projects
with
cash,
and
so
what
we
do
is
we
are
able
to
go
to
the
market
as
we
would
with
this
Bond
referendum
to
issue
debt
decide
before
you
right
now
is
our
current
debt
service
expenditures,
and
this
is
both
for
the
counties
and
the
school
system
in
the
current
fiscal
year
that
we
are
in
fiscal
year.
2023.
The
debt
service
is
at
95.3
million
dollars,
but,
as
you
can
see,
by
2030
that
drastically
drops
off
to
58.6
million
dollars.
A
A
When
we
go
out
to
the
rating
agencies
to
issue
debt,
one
of
the
things
they
do
like
to
see
is
a
kind
of
proportional
growth
in
our
debt
service.
You
can
see
two
scenarios
on
the
chart
before
you,
one
at
zero
percent
growth
and
one
at
two
and
a
half
two
and
a
half
is
more
in
line
with
where
our
budget
has
grown
on
average
over
the
last
decade
or
so,
as
you
can
see
by
2030,
with
the
conservative
planning
that
we
are
able
to
build
into
our
budgets.
A
We
are
well
comfortably
within
that
two
and
a
half
percent
growth,
and
that
extra
capacity
would
allow
us
to
issue
future
debt
through
those
other
financing
vehicles.
That
I
mentioned
earlier,
as
I
say.
The
rating
agencies
that
make
its
own
kind
of
counter-intuitive
do
like
to
see
our
debt
service
go
up.
A
The
short
answer
to
that
is:
if
we
are
not
investing
in
our
facilities,
we
are
basically
building
up
a
long-term
liability
for
our
maintenance
of
those
facilities,
which
would
require
larger
payments
to
upkeep
and
renovate
those
facilities,
rather
than
if
we
kind
of
took
a
steady
approach
of
chipping
away
them
every
year.
By
issuing
those
debt
for
those
facilities
and
the
rating
agencies
see
that
as
a
very
prudent
way
of
upkeeping
the
facilities
and
keeping
down
longer
term
future
potential
liabilities.
A
So
again,
how
do
we
pay
for
this?
There
are
no
personal
property
increases,
there
are
no
real
estate
tax
increases
and
there
are
no
meals
tax
associated
with
a
referendum.
We
are
able
to
fund
this
referendum
through
the
existing
resources
that
we've
built
into
our
budget,
even
with
the
interest
rate
environment
that
we
are
in
so
the
side
for
you
right
now
shows
you
the
ballot
question
that
will
be
on
the
ballot
on
November
8th.
A
You
may
be
well
aware
that
the
other
localities
that
are
separating
their
ballot
questions
into
four
single
categories.
The
way
we
look
at
this
is
We
Are,
One
Community.
We
build
all
the
facilities
as
one,
and
so
we've
been
working
on
this
and
refining
us
for
the
last
four
years.
In
this
slate
of
projects
that
are
beyond
the
ballots
represents
the
kind
of
wide
citizen
base
that
we
serve,
and
that
is
why
we
chose
to
go
ahead
and
do
the
one
question
as
I
say
voting.
A
Yes,
on
this
election
day
signifies
that
approval
of
the
community
facilities
Bond
plan,
so
Tonight
is
the
last
main
Community
event
that
we
have,
but
right
up
until
election
day,
we
are
available
through
a
variety
of
mechanisms.
We
have
a
website
chesterfield.gov
Bond,
if
you're
part
of
any
Civic
groups
and
would
like
us
to
come
out.
Please
take
full
advantage
of
our
speakers.
Bureau.
We
have
a
podcast
in
Block
cities
that
has
been
publishing
every
week
for
the
last
couple
of
months
and
we
do
have
digital
and
print
materials.
A
You
can
access
all
the
digital
materials
on
the
chesterfield.gov
bond
website,
then.
Finally,
some
voting
information
October
28th
by
five
o'clock
is
the
deadline
to
request
absentee
ballots
by
mail,
November
5th
being
the
last
day
of
in-person
early
voting
with
election
day
itself
on
November
8th.
If
you
do
need
any
more
information
on
that
and
please
go
to
chesterfield.gov
registrar
and
with
that,
we
will
be
happy
to
take
any
questions.
A
Okay,
so
the
first
question
we
have
is:
where
can
we
view
details
regarding
the
26
capital
and
proven
projects
that
would
be
in
the
scope,
and
there
are
two
main
sites
that
you
can
go
to,
that
there
is,
as
I
say,
the
website,
chesterfield.gov
Bond,
and
also,
if
you
go
to
the
budget,
Department's
website
you
will
see.
Cip
is
part
of
our
budget.
It
does
lay
out
all
of
the
capital
projects
that
are
in
the
currency
IP,
as
well
as
those
projects
that
are
part
of
the
referendum.
A
It's
come
really
comes
back
to
what
I
said
before
we
have
to
maintain
our
investment
in
our
facilities
by
virtue
of
our
credit
rating,
we
are
able
to
borrow
at
the
lowest
rate
possible,
even
with
in
the
face
of
a
potential
downtown
or
annual
Debt
Service
is
shrinking,
which
gives
us
the
ability
to
continue
to
afford
that
new
debt.
A
The
third
question
is:
what
are
the
existing
funding
sources
outside
property
and
real
estate
taxes
that
will
support
the
referendum?
Well,
there
are
about
100
plus
Revenue
sources
that
the
county
has
in
its
general
fund,
the
largest
components
of
those
are
the
property
and
real
estate
taxes,
but
there
are
taxes,
including
sales
taxes.
A
Chesterfield
is
a
huge
draw
for
people
living
here.
It's
the
largest
population
in
the
central
region.
Sales
tax
is
a
major
major
component
of
that
all
of
those
General
up
fund
Revenue
sources
will
be
supporting
the
referendum.
A
What
interest
rates
are
you
assuming
for
these
bonds
with
rapidly
increasing
inflation,
they're
concerned
that
this
will
cost
much
more
than
forecast?
Well
right
now
we
work
with
our
financial
advisor
every
year
as
we
develop
our
debt
service
and
we
look
at
the
current
day's
rates,
but
we
don't
go
ahead
and
use
those
rates
as
we
build
that
forecast,
we
build
in
a
conservative
assumption.
It
could
be
anywhere
from
the
four
to
six
percent
range
and
which
allows
us
to
weather
kind
of
any
increased
interest
costs
that
may
arise.
A
A
Debt
issuances
on
that
day
is
the
rate
that
we
will
pay
for
20
years,
much
like
when
you
go
for
a
mortgage.
Therefore,
there
is
an
element
of
stability
in
there,
as
opposed
to
going
out
with
some
localities
do
with
variable
rate
debt
are
the
profits
associated
with
the
development
in
the
western
360
area
to
help
cover
these
schools
and
libraries?