12 The Hampton Roads Messenger


Volume 7 Number 3


Around Hampton Roads Financing for Chesapeake


Transportation System Moves Forward


The Chesapeake City Council (the “Council”) has approved the plan of finance for the Chesapeake Transportation System (CTS), which includes the Dominion Boulevard Improvement Project (The “Project”). The Council has authorized issuance of up to $265 million in Senior Lien Toll Revenue Bonds (the “Series 2012 CTS Bonds”), a $152 million subordinate loan provided by the Virginia Transportation Infrastructure Bank (VTIB) and other federal grant loans and funding sources to fund the Project


The CTS is comprised of a system of toll highways in the City. The existing Chesapeake Expressway component has been open to traffic since 2001. The City has completed design on the Project and is seeking to finance a second toll facility known as the Dominion Boulevard Improvement Project which will consist of 3.8 miles of road improvements from the existing interchange with Interstate 64 south to include a four lane 95 feet vertical bridge over the Intracoastal Waterway replacing an existing two-lane draw span.


The Series 2012 CTS Bonds will be secured by toll revenues from the System. Proceeds from the sale of the bonds, which is expected to occur later in October, will be used to fund the Dominion Boulevard Projects and to refund the outstanding debt on the Chesapeake Expressway.


Construction bids for the Dominion Boulevard Improvement Project were accepted last month. An official award of contract will take place in November once financing is complete. Construction on the Dominion Boulevard Improvement Project is expected to break ground in January 2013. The project is projected to be complete by January 2017


The Series 2012 CTS Bonds will be sold only pursuant to the Preliminary Official Statement available from the Underwriters. The underwriting syndicate pricing the Series 2012 CTS Bonds will by Citi. Co-senior managers are J.P. Morgan and Morgan Stanley; co-managers are Davenport & Company, Piper Jaffray, Raymond James Morgan Keegan and Wells Fargo Securities.


The Series 2012 CTS Bonds have not yet been rated but the City expects to receive ratings prior to pricing the Series 2012 CTS Bonds.


For more information on the project visit www.CityofChesapeake.net/Dominion. CityofChesapeake.net


HU partners with UPenn Dental


Medicine for Biodental Program 2012 Hampton, Va. - Hampton University has partnered with the University of Pennsylvania School of Dental Medicine (Penn Dental Medicine) to form the HU-UPenn Biodental program. The partnership allows students to earn a Bachelor of Science degree in biology from HU and a Doctor of Dental Surgery degree from Penn Dental Medicine.


HU students interested in the program must be admitted into the HU Pre-Health program and must complete the prerequisites for the program. If accepted, students are offered conditional early acceptance to Penn Dental Medicine.


Once identified, HU students complete three years in the Department of Biological Sciences then enroll at Penn Dental Medicine. Upon completion of the first year at Penn, students will earn a Bachelor of Science degree in biology from HU.


“This partnership echoes the quality of students at Hampton as well as our nationally recognized pre-health program,” stated Assistant Professor Michael Druitt, coordinator of the HU Pre-Health Program. “We are excited about HU students having an early admittance into a competitive Dental program.”


The HU Pre-Health Program provides students with a variety of medical education activities, including a pre-professional timeline, medical/dental school application advice and support. As a result of the different facets of the program HU undergraduate students are able to pursue careers in medicine, dentistry, and other allied health professions.


HU and the Pre-Health program have established partnerships with Boston University School of Medicine, Eastern Virginia Medical School, Meharry Medical College School of Medicine and Virginia Commonwealth University Medical College of Virginia. Each partnership has provided a pipeline or early identification program for HU students. hamptonu.edu


Peninsula Technology Incubator


Presents Start!Peninsula Newport News, Virginia – A regional consortium, including the Hampton Roads Partnership, The Virginia Peninsula Chamber of Commerce and regional Incubators, will present Start!Peninsula at the David Student Union at Christopher Newport University on November 30th-December 2nd. The purpose is to create a dozen new businesses in 54 hours. This “Startup Weekend” approach is patterned after startup weekends happening across the US to promote economic growth throughout the economy.


Thomas Flake, Director of the Peninsula Technology Incubator has said, “We are proud to bring Start!Peninsula to the Peninsula and the Hampton Roads area for the first time. Start!Peninsula will catalyze the creation of high tech/high growth potential businesses by bringing all of the resources (ideas, technical and business expertise, and capital) together over one weekend to identify the most viable ideas and to invest resources in those ideas over an intensive weekend to jumpstart the businesses.”


Rick Lally, Director of Innovate!HamptonRoads said, “Events like this have the capacity to create a dozen businesses in one weekend and over the next three years to change the way people in Hampton Roads think about entrepreneurship and the role it plays in the local economy.


November 2012


The event is open to inventors, designers, students, programmers, engineers, sales, marketing, and business professionals. Tickets can be purchased at http://www. StartPeninsula.com. Sponsorship packages are also available online.


Mike Kuhns, President of the Virginia Peninsula Chamber of Commerce puts it this way “Start!Peninsula is something we need in this area. There are many intelligent people with brilliant ideas who do not have the resources needed to execute these ideas. Start!Peninsula is a wonderful gateway to pursue these ideas and can progressively and successfully change the local economy.”


Top Deck Offers Reduced Prices for Top


Spots in Parking Garages in Norfolk NORFOLK – The Norfolk Parking Division is now accepting applications for the Top Deck Parking Program. The 300 space pilot program gives qualifying small businesses 24-hour round the clock access to top spots at three downtown city parking garages.


“The City of Norfolk is home to a growing number of entrepreneurial companies. We believe Top Deck will enhance the city’s ability to attract and retain these small businesses in a competitive marketplace,” says Norfolk City Manager Marcus Jones.


Top Deck is available to small businesses which meet one of three options: new Norfolk businesses with 50 employees or less that received a business license within the past 90 days, existing Norfolk businesses with 50 employees or less and current Norfolk businesses with 51-100 employees. West Plume Street, Boush Street and Bank Street garages will host the program beginning December 1, 2012.


The pilot program will run for six months and is expected to save small businesses an average of $30.00 - $60.00 a space per month.


Visit www.norfolk.gov/parking for details and download an application. Submit completed applications in person at the Parking Customer Service Center 222 Main Street or via email to monthlyparking@norfolk.gov.


norfolk.gov Portsmouth Public Library to Accept


“Food for Fines” Portsmouth Public Library is reaching out to the community as they announce that they will be accepting “Food for Fines” from November 1st through November 21st. In lieu of fines, library patrons may bring non-perishable food items to the library locations from Thursday, November 1st through Wednesday, November 21st. All food items collected will be donated to the Oasis Social Ministry Food Pantry located in Portsmouth. For every non-expired, non- perishable food item, $1 will be subtracted from overdue fines. Please note, food items will not be accepted as payment for lost item fees, processing fees, lost card fees, non-resident fees, and other fees.


“The “Food for Fines” program is a great way for patrons to get their library cards in good standing while helping others,” said Director of Libraries Todd Elliott. “We are always excited to work with our community partners, and this event continues to offer an opportunity to pay overdue fines by making donations that will benefit the less fortunate right here in Portsmouth. Even if you don’t have fines, Portsmouth Public Library will gladly accept donated items for the food pantry,” Elliott added.


For more information on “Food for Fines” or for library hours and locations, please call (757) 393-8501, or visit www.PortsmouthPublicLibrary.org.


portsmouthva.gov TowneBank Dedicates Member Service


Center Campus and Towne University SUFFOLK, Virginia - TowneBank celebrated the dedication of its newly expanded 22-acre Member Service Center Campus, located in the Riverfront area of Harbour View in North Suffolk. The Ribbon Cutting ceremony on October 19, 2012 marked the official opening of the bank’s new 45,000 square-foot state-of-the-art Operations Center, along with the dedication of Towne University, the company’s new 16,000 square-foot education center.


The buildings were built by W. M. Jordan Company, Inc. with design by HBA Architecture & Interior Design, Inc., and interiors by Pilato and Counts Interior Design. Towne University will provide a conference-style venue for seminars and meetings, and classroom training for its 1,500 bank employees, including family companies Prudential Towne Realty, Towne Investment Group, TowneBank Mortgage, Towne Insurance and TFA Benefits.


“Towne University represents a milestone in the history of our Towne family and will serve as the cornerstone of the future development of our finance professionals,” said G. Robert Aston, Jr., Chairman and CEO. “The Bank’s investment in this extraordinary facility will lead to enhanced educational opportunities for all of our Towne family members as we continue to develop and mentor the very best bankers, real estate, insurance, mortgage and investment professionals found anywhere,” added Aston.


“This is a beautiful addition to the TowneBank Campus,” says Suffolk Mayor Linda T. Johnson. “Towne’s investment in their Member Service Center Campus shows their significant commitment to both the Suffolk community and to our entire region. Towne is a great community asset and we are proud they call Suffolk home.”


The Ribbon Cutting ceremony included comments by Delegate S. Chris Jones, Suffolk Mayor Linda T. Johnson, and the bank’s leadership.


With total assets of $4.23 billion as of June 30, 2012, TowneBank is one of the largest banks headquartered in Virginia.


yessuffolk.com


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16