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City Council will meet on Tuesday, Dec. 17, in a business session that will be its final one of the year. The session will begin at 7 p.m. and will be aired by River City TV.
The session will be held in the Council Chambers on the fourth floor of the Municipal Building, which is located at 427 Patton St.
During the business session, City Council is scheduled to vote on a moral obligation with American National Bank & Trust Co. for the redevelopment of 206-208 North Main St. The two buildings will be converted into eight commercial units totaling approximately 11,000 sq. ft. American National Bank will provide construction financing of up to $1.35 million for this project.
After completion and historic tax credits are syndicated, the permanent loan will be reduced to approximately $600,000 over a 20-year term. As is customary, American National Bank has requested a moral obligation from the City.
In 2018, the River District Association participated in a nationwide competition sponsored by the National Trust, American Express, and Main Street America. With significant support from the community, the association was able to secure $150,000 toward the renovation of the two properties, which are owned by the Industrial Development Authority of Danville (IDA). The IDA has entered into a contract with Solex Architecture and Daniel & Company to design and redevelop these two structures. The IDA received proposals from several banks to finance this $1.5 million historic tax credit project and approved the proposal from American National Bank & Trust Co. at its November meeting.
In other matters, City Council is scheduled to vote on acceptance of two grants and six appointments to boards and commissions.
One grant will be for litter control and recycling efforts. The second grant will be used to implement a forensic 3D laser scanner project.
The appointments are to the Planning Commission, Industrial Development Authority, Fair Housing Board, and Employee Retirement System.
Prior to the business session, the City Council will meet in a special called work session. The session will be held at 5:30 p.m. to discuss a prospective business or industry related to economic development. This session will be closed to the public as allowed by state law.