The Danville Industrial Development Authority has approved an agreement for possible purchase of the iconic White Mill property on Memorial Drive and a limited-service, boutique-style hotel could be coming to downtown Danville.

During its meeting Tuesday morning, the IDA approved an agreement among 424 Memorial Drive LLC, IDA Danville Manager LLC — both owned by the IDA — and The Alexander Company in Wisconsin for an option to buy the old White Mill property for $3 million.

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This article was originally published in the Danville Registration & Bee by John Crane.