Financing options weighed for construction of Pine Fork Park in New Kent

With an expected groundbreaking date in Feb. 2019, New Kent supervisors heard options on how to finance Pine Fork Park.

Representatives of Davenport and Company financial services appeared before county leaders Monday night to update the board with recommended steps for financing the $4.38 million project.

One option that county leaders have already weighed heavily into is utilizing debt services to fund part of the project. During this budgeting session for FY2018-19, county leaders approved $3 million in debt services for the park.

The financial services group’s presentation revolved around the county’s dual-track approach for the park. Along with debt services, bids from banks are expected to be received this week after an RFP was issued. Additional financing is expected to be received through proffers from the Farms of New Kent, as well as possibly additional financing through VRA (Virginia Resource Authority).

The park has been planned for the last five years. In March 2013, New Kent leaders agreed to exchange a 100-acre lot off Criss Cross Road for 39 acres on Pine Fork Road. That exchange initiated the idea of Pine Fork Park. In July 2014, conceptual art was developed for the park, which had grown to 55 acres after acquiring an additional 16 acres through proffers.

Planning commissioners favored the design for Pine Fork Park. At that time, New Kent Director of Parks and Recreation Kim Turner provided three different layouts ranging in different combinations of the number of baseball and softball fields with football/soccer fields. Playgrounds, walking trails, and a permanent restroom were also part of the early designs.

In September 2015, New Kent supervisors approved a master plan concept of the park. The plan boasted three multi-use playing fields suitable for soccer, football, hockey, and lacrosse. Three baseball/softball fields were also drawn into the plans and expected to have lights. A one-mile walking trail with fitness station shops, outdoor basketball courts, and permanent restroom facilities were also part of the plan. A children’s playground area, also part of the concept, will also be on site and equipment for that area has been ordered by the parks and recreation department.

The master plan also consisted of space for future development if funds became available. Among the second phase of the concept included a field house for a swimming pool and indoor sports including basketball, gymnastics, and tennis.

Davenport and Company is expected to make a more formal presentation at the Sept. 4 regular board meeting and offer a possible recommendation to county leaders.