Request for Proposals/Request for Interest
Small Sites Industrial Development
The Town of Rocky Mount Economic Development Authority seeks proposals from interested local financial institutions to provide credit funding for certain economic development and building projects within the Town of Rocky Mount. The Economic Development Authority is an agency of the Town of Rocky Mount, a Virginia municipality, and as such, is exempt from taxation. The authority expects to complete multiple projects on this site over the next five years and expects to use the lender selected for this project through that term.
Debt proceeds, likely in the form of commercial loans, will be used to develop and construct build-to-suit facilities for economic development clients. Repayment funds will be based on anticipated revenue from lease payments in build-to-suit and lease-to-own projects for small- to medium-sized manufacturers and businesses locating on the Cox Farm Industrial Park. Terms may range up to 20 years. Issuance of all debt is subject to public hearings.
Debt will be secured by the value of the facilities and land within the park with the Town of Rocky Mount as guarantor.
The Economic Development Authority will consider business lines of credit, fixed-rate and fixed-term loans, bonds and other acceptable forms of debt instruments for development of this facility. All proposals must include the right of early repayment.
Preference is given to Virginia banks with at least one branch located within the Town limits of Rocky Mount. Scoring of proposals shall be based on the following: 1) location of facilities in Rocky Mount; 2) lender liaison based in Rocky Mount; 3) ability and willingness to provide loans at discounted interest rates and lending costs; 4) demonstrated capital available to make loans; 5) experience with providing financing for municipal government, industrial and/or economic development authorities or similar local government projects; 6) ability to finance projects beginning by June 2019; 7) willingness to make loans contingent on repayment starting at the end of facility construction.
Respondents should return a written proposal to the Authority’s executive director detailing interest, experience, qualifications and at least three references for similar projects. Responses are due by Thursday, April 25, 2019 at 4 p.m. Submit written proposals with both a hard copy and a digital copy to: Matthew C. Hankins, Executive Director; Rocky Mount Economic Development Authority, 345 Donald Avenue, Rocky Mount, VA 24151.
The Town of Rocky Mount is an equal opportunity offeror.