Next steps in The Falls retail development

BRISTOL, Va. - A development project could soon be moving forward in Bristol, Va after the announcement of another anchor store.

Bristol city officials announced Tuesday that Lowe's will be joining "The Falls" retail development.

The next stop in the process is securing revenue bonds.

To begin the project, the city invested in general obligation bonds totaling $25 million.

City councilmembers said that debt is supposed to be paid off using revenue bonds from the tenants that will be moving in, but the city cannot move forward until they have a "clean slate."

"The bond underwriters for the revenue bonds will not go to the market with those bonds so long as there's litigation or any kind of problem hanging out there that would prevent the sale of those bonds," Councilmember Ed Harlow said.

Harlow expects the issues to be resolved soon.

The city could go to the market for revenue bonds, worth around $38 million, within the next couple of weeks.

Most Popular