Dear Friends, Virginians, citizens of Fairfax:

On Wednesday, a sunny spring day in Richmond, the Virginia General Assembly reconvened.  In the aftermath of Hillary's victory and the Capitals' defeat, our legislative session was the last thing on people's minds.  But the show goes on and so does state business.
 
The most important bill we handled was SB 5001, which is the Capital Bond package for 2008.  All told, it dedicated $1.46 billion dollars for capital projects across Virginia.   The majority of those funds will be for new academic buildings at our colleges and universities. The Assembly passed the bill. 
 
In our area, the principal beneficiaries are George Mason University and Northern Virginia Community College.  GMU is slated to receive $65M in new buildings at its Fairfax campus, including a new Science & Tech center and lab building.  Another $57M is dedicated for improvements for NOVA, mainly for new facilities to handle rising demand for classes in Prince William and Loudoun.
 
Is it smart to take on these projects when the state economy is so slow?
 
Oddly enough, the slow economy make this the right time "to go to bond" on so many projects. 
 
First, borrowing costs are going down, especially for tax-exempt government bonds which are a historically safe investment.  So by locking in those low interest rates now, we save our taxpayers money over the long run.
 
Second, the construction industry is in the doldrums.  That means a temporary flattening of labor costs which results in lower bids. Again, a potential cost savings.
 
Third, the launching of new projects is an economic stimulus.  Over the next months and years, Virginia firms will design, construct and furnish these new buildings.  The payments to vendors will circulate money into our state economy. 
 
Of course, the principal reason for SB 5001 is the fact that our colleges and universities must keep up with growth in our student population.  That investment in human capital is the primary investment that we are making with this money.  That's why I voted "yes." 
 
Three postscripts...
 
First, the legislature is heading towards a special session to be called by the Governor later this spring or summer focused on transportation.  I will circulate the details when I know more. 
 
Second, my annual "Young Lawyers" event is set for Thursday, May 29th at the Hard Times Cafe in Fairfax.  It's across the street from the new courthouse.  (Please note the date -- an earlier letter had it wrong).  Everyone is invited!  For info, please check our website at www.fairfaxsenator.com. 
 
Third, my wife Sharon planned a surprise party for my 40th birthday. It was a special event with friends from my childhood (which apparently has not yet ended).   She doesn't read anything I write so please tell her that I said "thank you."
 
If you need anything, please contact my Chief of Staff Kathy Neilson at (703) 349-3361 or email her at kathy@fairfaxsenator.com.  She is also available during the week at our constituent office at 4010 University Drive in Fairfax.  Or feel free to follow us at our blog www.oxroadsouth.com.   Let us know how we can represent you better.

Sincerely,