The West Virginia Parkways Authority closed a $9 million bond deal today that will help finance an arts and craft center near Beckley, a state official said.
The authority obtained a 6.94% interest rate on the 10-year revenue bonds that are to be paid off with the center's revenue and a dedicated revenue stream from a restaurant and service station located nearby, said Greg Barr, director of resource management for the Parkways Authority.
The dual underwriters of the negotiated deal are Crews & Associates Inc. of Little Rock and PaineWebber Inc.
The arts center is being built in conjunction with a turnpike travel plaza and a new turnpike interchange in the south-central part of the state. Construction on the turnpike will begin April 1, Barr said.