Richmond City Council voted Monday to refinance a 2013 loan for the Washington Redskins’ training camp facility a few months before it was set to default, the Richmond Times-Dispatch reported.
The city will now refinance the loan over the next 15 years and pay $750,000 a year out of the taxpayer-financed general fund. The loan was going to default in September.
The council is preparing its fiscal year 2019 budget, and there were calls to include $8.6 million in that budget to represent the remaining balance on the loan the city must pay off.
“This is a rock and a hard place,” Council President Chris Hilbert said.