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IDA seeks funding for fair grounds
Industrial Development Authority members Friday morning asked County
Supervisors for a $648,192 appropriation for the coming budget year.
Last year the County's contribution was $465,399.
That amount includes $75,000 to complete a master plan for the
development of the fairgrounds/Wilkins/Georgia Pacific properties
and
another $36,980 to pay the Pambid family to purchase the
right-of-way
to connect the fairgrounds property to U.S 360.
It also includes the $50,000 that Supervisors cut from the current
year's budget and which, IDA members say, will be used to
re-initiate
the Strategic Marketing Plan they had earlier approved.
Salaries are projected to increase by four percent.
Following their meeting with County Supervisors, IDA members were
advised tht the controversy over the reverter clause in their deed
of
gift to the Bryant Archoleogical Conservancy for land in the Hinson
property had been resolved and the transfer completed.
Another report from Executive Director Mike Eades included the fact
that a certificate of occupancy for the new ABB expansion is
expected
in early February which means that rent money ($1,192,320 annually)
will start immediately. That money will all be used to pay debt
service
to Carter National Bank and the Virginia Small Business Finance
Authority and to fund an escrow account against the ten year balloon
payments for both loans.
Eades also reported that the demolition of the Georgia Pacific
property
is almost completed.
And also although IDA members held no discussion and took no action
on
the proposed modeling and simulation project, Eades said he is
working
with Dr. Carole Inge and Tetra Tech to establish a cost of upfitting
some 7,250 square feet of downstairs space for the project. He said
he
and others are looking at grants to help defray the cost of the
upfits.
Eades said Dr. Inge is still seeking 18 months free rent of the
space
which Virginia Tech and Tetra Tech will share with other prospects.
The IDA will hold its next meeting on February 15 at the Southern
Virginia Higher Education Center.