In a special called meeting Monday, the Vance County Board of Commissioners moved closer to fulfilling the concept of construction of a shell building on the campus of the industrial park.
The board approved a resolution to sell a 7.15-acre parcel to the Henderson-Vance Industrial Park, Inc. for $185,900, on which a 50,000-square foot shell building will be constructed, according to agenda information, which was confirmed Tuesday by County Manager Jordan McMillen.
Jordan told WIZS News Tuesday that all was approved as proposed.
In related business, the board also approved a construction loan agreement, two future advance deeds of trust and two promissory notes which total almost $3 million to complete the engineering, construction and maintenance of the shell building.
One loan for $500,000 at 0 percent interest because it is tied to funds from the state budget appropriations, according to information previously presented to the board. An additional $2.4 million loan is provided at 4.5 percent interest with interest beginning at such time that draws are made. This loan is for engineering, construction and maintenance of the building, which the county wants to have ready for prospective business and industry looking to locate in the area.
According to the loan documents, the building is to be completed within 18 months and provides two years – until Oct. 1, 2024 – for all principal and interest to be due and payable back to the county. The loan agreement includes separate promissory notes and deeds of trust for each of the loans. Funding for the project comes from the county’s economic development fund.
County leaders have been working on this concept for some time, with the idea that the county would be able to show prospective business and industry the local commitment to boost economic development.