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The City Council earlier this week another step toward construction of shell building in the Cyber Park by voting to approve a moral obligation for a loan to pay for the construction.
This 30,000 square foot building will be constructed on Lot 10B, which totals approximately 10.17 acres and allows the building to be doubled in size at a future date. Staff has worked with Virginia Community Capital and the Virginia Small Business Financing Authority to finalize the financing for this project.
The moral obligation was required from both the city and Pittsylvania County as part of a commitment from Virginia Community Capital, a banking corporation, to loan $2.875 million toward the project.
The Industrial Development Authority of Danville, Virginia and Pittsylvania County’s Industrial Development Authority have entered into an agreement to jointly construct the building. The Industrial Development Authority is an arm of the City and has more flexibility in developing properties.
The City of Danville has received a $1 million grant from the Tobacco Commission to go toward this project. This grant will be provided on a reimbursement basis. Danville has a limited number of suitable buildings for a manufacturing operation, and this shell building would provide some needed inventory to market to prospective industry.
The City Council met on Tuesday night. In other matters, the City Council heard the latest financial reports.
Following the business session, met in a closed meeting as allowed by state law to discuss a prospective business or industry related to economic development.