Being able to leverage historic tax credits was the driving force that ultimately terminated the purchase option for Danville’s iconic White Mill property, paving the way for a partnership to revitalized the 100-year-old structure.

The Alexander Company and the Danville Industrial Development Authority signed a memorandum of understanding during a ceremony Monday at the Danville Family YMCA across the Dan River from the White Mill.

“The option contemplated such a partnership agreement,” said Dave Vos, development project manager for The Alexander Company, which is based in Madison, Wisconsin. “The termination of the option is the result of this desired framework being agreed to in the MOU.”

Entering into the partnership — instead of having the company buy the property outright — allows the use of historic tax credits for the project.

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This article was originally published by the Danville Register & Bee.