Bluffwalk Money Will Be Held In Reserve To Assist With Future Loan Payments

Federal Authorities are requiring payment from a $20 million project that redeveloped buildings in downtown Lynchburg to be held in reserve– A grant advisory committee was informed on Thursday that most of the recouped money from the Bluffwalk Center will be put into a temporary lock box to assist with future loan payments. Media outlets report, In addition to the reserve, a piece of the BluffwalkCenter repayment will go back into the city’s general fund. Most of the money the city diverted to the loan was pulled from a pool of federal grant money provided each year to pursue priorities like neighborhood revitalization, affordable housing, and economic development. Sources say, the money will be returned to the program once the loan agreement is closed out in about nine years.