Hearing set for refinancing

Published 5:52 am Friday, September 28, 2018

The Town of Farmville’s Industrial Development Authority is set to hold a public hearing Thursday, Oct. 4, to discuss the potential for several student housing properties from Longwood University to be refinanced in order for the university to receive lower interest rates.

The meeting is set to take place 9:30 a.m. at the main level conference room in Town Hall at 116 N. Main St.

University spokesman Matt McWilliams said the debt being refinanced is on several student housing projects, which include Lancer Park, Midtown Landings and Longwood Village off-campus, and Sharp and Register Halls on campus. All of these projects have been completed.

Email newsletter signup

“Essentially we are planning to refinance some existing debt to take advantage of lower interest rates,” McWilliams said.

McWilliams said the university is planning to refinance $110,610,000 in bonds.

McWilliams said this proposal is not expected to have any effect on the town or on the students residing at the housing units.

“Any person interested in the issuance of the Series 2018 Bonds or the location or nature of the Project may appear at the hearing and present his or her views,” a public notice of the hearing, published in The Herald, cited.