CHESTERFIELD, Va. (WRIC) — The Chesterfield County Board of Supervisors will hold a public hearing to consider the transfer of $20 million to the Chesterfield Economic Development Authority. The money will be used to finance the purchase of two properties: Spring Rock Green, a mixed-use commercial development on Midlothian Turnpike, and Adaline Acres, a wedding venue on the James River near Dutch Gap.

The purchase was proposed by Chesterfield County in July, and would see the county leading redevelopment of the dilapidated Spring Rock Green shopping mall and granting public access to the James River through the wedding venue at Adaline Acres.

The price tag includes $16 million to purchase the Spring Rock Green location, $6 million above the assessed value of the site according to Chesterfield’s own records.

(Left: Chesterfield Economic Development Authority slide shows proposed purchase price of Spring Rock Green parcel, Right: Chesterfield County property value assessment shows parcel valued at just under $10 million)

The Chesterfield Board of Supervisors will accept public comment on the proposal at it’s meeting on Aug. 25. The meeting will be held at 6:00 p.m. in the Chesterfield County Public Meeting Room at 10001 Iron Bridge Road.