Members of the Industrial Development Authority on Friday morning approved a $400,000 loan application which they will submit to the Lake Country Development Corporation for funding for the Modeling and Simulation project at Riverstone Technology Park. The loan application, which is subject to approval of the Halifax County Board of

Supervisors moral obligation guarantee of the debt service, is due on April 7. The Modeling and Simulation Center is looking at the use of some 5,823 square feet of space on the first floor of Building One in Riverstone to be occupied by Virginia Tech and TetraTech. The occupants are asking for free rental of the space for the first 18 months of occupancy with Halifax County being asked to pay the interest only on the debt for those first 18 months (approximately $24,000). After the initial 18 month period, occupants are expected to sign a five year lease, paying an estimated $12 to $14 per square foot with options for renewable leases. IDA members declined to accept either of the two bids  earlier received for design of the space, saying they preferred to have a design build submitted by a contractor. They authorized Project Manager Mike Blankenship to go out to bid once more on the project, capping the amount of up fitting the space to under $400,000. Members said they felt a design build contract would move the project along much faster than having an outside design consultant come in. In other business Friday morning IDA members honored retiring member Jack Slagle with a framed resolution of appreciation for his years of service on the Authority. Slagle, who told his fellow members he had enjoyed the opportunity to serve and had learned a lot, was a member from December 12, 1996 to March 4, 2008. In other business Authority members congratulated Patsy Vaughan on being named the statewide Economic Development Associations Member of the Month for April.