Pursuits
Beer Bonanza Has Virginia Capital Backing Bonds for Craft Brews
- Richmond selling general obligations for Stone Brewing
- Maker of `Arrogant Bastard Ale' chose among over 300 sites
Bottles of Arrogant Bastard Ale move along the production line at Stone Brewing Company in Escondido.
Photographer: Mark Boster/Los Angeles Times via Getty ImagesThis article is for subscribers only.
Virginia’s capital is raising beer money -- $23 million of it.
Richmond will sell bonds next week to build a brewery for Escondido, California-based Stone Brewing Co., the ninth-largest U.S. craft-beer maker, on property that’s been vacant for four decades. Stone will pay the 218,000-person city to lease the facility and won’t be on the hook to repay investors. Taxpayers will.