Declared by the city manager as an “important moment” in Danville’s history, the Danville Industrial Development Authority approved several legal documents solidifying the White Mill redevelopment project during a special called meeting Tuesday morning.
“This is a pretty important moment in the history of the city of Danville,” City Manager Ken Larking said just before IDA members proceeded to sign off on the documents.
The former Dan River Inc. White Mill building at 424 Memorial Drive has been around for 100 years and has played a role in the community for a long time, Larking pointed out, before thanking city staff, the IDA, and legal and financial advisors involved in bringing the $85 million project to fruition.
“This is a mammoth deal,” said IDA and city attorney Clarke Whitfield. “This involved bankers and lawyers in every time zone in the U.S.”
“Let’s get to work,” IDA Chairman Neal Morris said happily just before the board proceeded.
The 10 agenda items approved by the IDA included resolutions giving the go-ahead for leases, financial guaranty, operating agreements related to the White Mill’s redevelopment, the joint-venture partnership between the IDA and The Alexander Company, and other aspects of the project.
This article was originally published by the Danville Register & Bee.