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ivauier man wait ior tne market to catch back up, there’s opportunity here to move all these advancements, the rest of the infrastructure early,” County Administrator Frank Bossio said. “In order to do that, we have to get the board to administer this CDA.”
Centex’s dilemma stems back to 2005, when the county secured more than $46 million in proffers from the company in exchange for rezoning the property’s 1,745 acres.
Among the proffers were improvements to U.S. 211 and Route 229, where the site will ultimately lie. Other proffers include agreements for Centex to fund the water and sewer plant, road infrastructure, schools and fire and rescue. Unless it agrees to an authority, however, Culpeper County will assume the cost for expanding the water and sewer plant beyond what Centex agreed to.
To date, Centex has paid more than $15 million toward its infrastructure, according to Foote. But the slowdown in the housing market has hurt the company.
In response, it has reverted to a community development authority, a mechanism created in the 1990s as an alternate means of borrowing money for construction. Others exist in Loudoun and Richmond. Prince William has three.
Once created, they could raise special taxes within a certain district, provided they have the backing of 51 percent of the landowners.
The CDA would apply only to its designated area - in this case the future Clevengers Village. Once approved, the authority could issue bonds on the homes within a special district it to pay for infrastructure. The county would incur no debt. Homes outside of Clevengers Corner would be unaffected.
Virginia law puts restrictions on how much debt localities can incur, making CDAs a way to rack up debt without it
87.5%