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Kalahari's bond sale delay OK
Kalahari bonds to be sold by June 15

Date published: 3/11/2010

By Emily Battle

Kalahari Resorts has 2 months longer to sell $25 million in government-backed stimulus bonds than it had originally indicated in its application for the financing.

In its application for the financing, which was made available by the federal Stimulus Act and distributed under the terms of an executive order by former Gov. Tim Kaine, Kalahari had voluntarily committed to a March 31 date for selling the bonds.

The bonds, awarded in January, are seen as a key part of completing the financing package for the $260 million resort, planned for Celebrate Virginia.

But the executive order set a June 15 deadline for selling the bonds, and that is the date that the resort company is now working toward, according to officials with the city and Silver Cos.

The Economic Development Authority--the conduit through which this financing will pass--will hold a public hearing on the bond issue and consider a resolution necessary to the bond sale process at its April 12 meeting.

The City Council is expected to consider a resolution related to the financing at a subsequent meeting.

--Emily Battle