IDA mulls right-of-way purchase

The Commonwealth Transportation  Board approved the sale of the abandoned right-of-way of Sandy Beach Road at Riverstone Technology Park to the Halifax County Industrial Development Authority for an asking price of $15,600 at their regular monthly meeting on March 20, 2008. This right-of way consists of 0.52 acres, running northwest from the entrance to Riverstone Technology Park to the new right-of-way of Sandy Beach Road.

According to contacts with VDOT, the right-of-way staff has the leeway to approve counter offers of 90%+/- of the asking price.  Anything less than 90%+/- would have to go back through the Board. The Tobacco Commission is holding some $27,500 in unspent funds from the original Riverstone Technology Park grant.  The IDA has received

permission from the Tobacco Commission  to expend these funds on the acquisition of this right-of-way plus the development of the summary plat, the publication and filing of the Covenants, Conditions and Restrictions and related matters.  These funds must be expended by June 30, 2008 or the allocation will be lost. The IDA staff is recommending a counter offer at $14,000, which is 89.7% of the asking price.  The staff does not feel comfortable about appealing to the Commonwealth Transportation Board for a lower asking price given the Tobacco Commission deadline, an IDA spokesman said.