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South Boston looks to add $3.45 million for apartments, paving, SBFD

SoVaNow.com / July 11, 2019
South Boston Town Council will hold a July 29 public hearing to gather input on adding $3.45 million to the town budget, mostly in the form of a $2 million loan to complete the development of the Imperial Lofts apartment project and $1 million for repaving North Main Street.

The North Main Street improvements will be paid out of VDOT repair funds, while the $2 million repayable loan to Imperial Lofts LLC is being issued through the South Boston Industrial Development Authority. The Imperial Lofts money will finance work on 23 additional apartments.

Other items included in the budget amendments are $300,000 in surplus carryover funds and a $150,000 grant from Halifax County, with both sums of money going towards construction of a new wing to the South Boston fire station.

Town Council is proposing to add the four spending items to the budget after the fiscal year package of $10,665,703 was approved in June, prior to the July 1 start of the new budget year. The budget amendments require a public hearing before Council can act.

With the changes, South Boston’s general fund budget will rise to $14,115, 703 in the 2019-2020 fiscal year. The amendments have no impact on tax rates or town fees.

The budget amendments are available through the Office of Town Manager; for further information, call 434-575-42000 or email .(JavaScript must be enabled to view this email address). The July 29 public hearing will take place beginning at 5:45 p.m. in Town Council Chambers at 502 Yancey Street.



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