Street in Fredericksburg, VA Image from Wikimedia Commons. License: https://creativecommons.org/licenses/by-sa/4.0/deed.en
Featured Bond – Week of July 1, 2019: The Economic Development Authority of Fredericksburg, VA Revenue Bonds – Fredericksburg Stadium Project
Overview
The Economic Development Authority of the City of Fredericksburg, Virginia is issuing $39.8 million in revenue bonds through negotiated sale during the week of July 1. The bonds consist of two series; Series 2019A is $15.1 million of city use revenue bonds and Series 2019B is $24.7 million in stadium revenue bonds. The bonds are being used for the design, development, engineering, acquisition, and construction for a Stadium for the soon-to-be MLB Fredericksburg Nationals team. The underwriter is UBS.
The Series 2019A bonds are rated BBB+ by Fitch and the Series 2018B bonds are non-rated.
About The Stadium Project
The soon-to-be Fredericksburg Nationals are currently the Potomac Nationals in Price William County, Virginia. This new stadium in Fredericksburg will become the home for the Class A-Advanced Minor League Baseball team the Fredericksburg Nationals.
The Stadium is designed to have a total capacity of around 8,500 and includes 13 suites, a 250-person club/restaurant to be open year-round, two open air party decks accommodating around 200 people, and more. The City of Fredericksburg also plans to use the Stadium for a range of special events. The Stadium is expected to be available for opening day on April 23, 2020.
Security for the Bonds
For this project, SAJ Baseball LLC (the Borrower) and the Operator have entered into a Development and Shared Use Agreement with the City of Fredericksburg. The Series 2019A Bonds will be secured primarily by the payments made by the City of Fredericksburg, VA, subject to annual appropriation by the City Council pursuant to the terms of a Development and Shared Use Agreement and assigned by the Borrower to the Trustee.
The Series 2019B bonds will be secured primarily by revenues received by the Borrower from the operations of the Stadium and related facilities.
These details and more on purposes, security, risks and other matters pertaining to these City of Fredericksburg revenue bonds can the found in the official statement, provided by MuniOS. After registering, if needed, visitors can link directly to the official statement as well as an investor’s roadshow by searching for the Economic Development Authority of the City of Fredericksburg.
More information can be found on our municipal bond calendar, city, state, and county pages.
These facts and numbers are for informational purposes, and should not be considered an official disclosure for potential investors. Investors should consult the official statement. None of the information provided should be construed as a recommendation by MuniNet Guide, MuniNet LLC, Merritt Research Services LLC, or any of their employees. Information and analysis is for informational purposes only.
Potential investors should rely only on the official documents and figures provided in the official statement (prospectus). Although the numbers presented in this summary are primarily derived from public documents, including issuer audits, issuer reports and other public sources such as federal reporting agencies , they are not intended to replace official information presented in connection with the bond sale. Medians may differ from official sales documents due to methodology or survey base variances.