New Kent Board of Supervisors grant PHLLC request to refinance bonds for FONK

After a year of divulging documents, exchanged dialogue, and negotiations, Preston Hollow LLC (PHLLC) finally received an answer from New Kent’s Board of Supervisors when it comes to refinancing bonds.

County leaders voted 5-0 in favor of the reissuance of bonds for the Farms of New Kent, paving the way for further development in the area.

In October 2023, PHLLC proposed $97 million in bond refunds, with $45 million as new money. During a follow-up meeting in Nov. 2023, District 1 representative Thomas Evelyn wanted more solid numbers to prevent New Kent County from going into a financial hole.

Over that year, PHLLC has put together a plan to ensure stability and reassurance to county leaders. In Aug. 2024, PHLCC representative Ramiro Albarran explained to county leaders how the company was addressing all issues that may not have been clearcut at first, but also explained that the refinancing met all major planning and urban development (PUD) requirements. Albarran provided more information that included repairs and upgrades being made to the Four Seasons community, investments into Land Bay 3, and financial contributions to Land Bay 4 that will help with the construction of a new fire station. Albarran said that the tax revenue would be $416 million over the next 45 years.

At the August 2024 meeting, county leaders withheld voting as Evleyn was not present and was the primary figure in receiving information about the investment. The last two months have yielded additional information, finally satisfying the District 1 representative.

With that information in hand and a firmer plan in place, supervisors unanimously passed the refinancing measure for the Farms of New Kent. In addition to the approved vote, PHLCC confirmed that a national grocery chain has signed a Letter of Intent (LOI) to construct a grocery story in that area. Currently, the name of the store is not being released as negotiations continue to take place.