Richmond council passes refinance plan for Redskins facility
RICHMOND, Va. (AP) — A city council in Virginia plans to refinance a 2013 loan for a Washington Redskins’ training camp before it defaults this September.
The Richmond Times-Dispatch reports the Richmond City Council voted 6-3 Monday to refinance it over the next 15 years and annually pay $750,000 out of the city’s general fund.
That payment is in addition to the $500,000 in cash, goods and services the city’s Economic Development Authority agreed to give the Redskins each year it practices at the Bon Secours Washington Redskins Training Center.
Mayor Levar M. Stoney asked the council to refinance the 5-year, $10 million loan as the city would default if it wasn’t refinanced by September.
Councilman Parker Agelasto asked for a continuance, saying the deal was rushed and the solution shouldn’t be.
Information from: Richmond Times-Dispatch, http://www.richmond.com