The News & Record
South Boston News & Record
and Mecklenburg Sun
Home   •   News   •   Sports   •   Classifieds   •   Community   •   Health   •   Entertainment   •   Obituaries   •   Opinions   •   Weather
Advertising | Contact | Register
Advanced Search
News

Public hearing slated on future of Confederate statue in Boydton

Defenders, critics of soldier at the courthouse square make their case to supervisors

RECOGNITION OF SERVICE

Wells honored by South Hill Council for 47 years on front lines

Mecklenburg County rezones near Microsoft site

650 acres readied for possible expansion

Sports

Clay outlasts Gasperini for HCC championship


Community


Opinion


A&E

News

Second prospect offered incentives

SoVaNow.com / May 18, 2020
Along with “Project Phoenix,” Halifax County is courting a second economic development prospect — code named “Project Select.”

While the company has not been identified, on Friday the Halifax County Board of Supervisors agreed to borrow up to $6.5 million and allocate $125,000 to the Industrial Development Authority to support the project.

Halifax County will apply to the Virginia Tobacco Region Revitalization Commission for an additional $175,000 grant as incentive for the company to locate or expand its operations here.

The agreements approved Friday by the Board of Supervisors and IDA make no mention of performance targets for Project Select, such as a number of jobs created or total investment envisioned. Supervisors and IDA board members met in closed session Friday to review a set of performance agreements with the company that will be shared with the tobacco commission and the Virginia Economic Development Partnership.

The agreements are exempt from public disclosure under the Virginia Freedom of Information Act.

The IDA, which will take out the commercial loan to support the venture, in an amount up to $6.5 million, will secure the debt with a first lien deed of trust on the property which will house the company. Supervisors agreed to a moral obligation clause to pay off the loan in the event of default, although the building would first revert to the IDA, which could market it to future prospects.

While the county is preparing a grant application to the tobacco commission, the deadline for requests to the Southern Virginia Economic Development Committee is not until July 16.

The Board of Supervisors vote to adopt the Project Select agreements was unanimous, with ED-7 supervisor Garland Ricketts abstaining on the matter.



Tell-a-Friend | Submit a Comment

85

Sports Coverage

See complete sports coverage for Halifax and Mecklenburg counties.