TAZEWELL, Va. — After a complex process, Tazewell County Industrial Development Authority put the final touches on a $4 million loan for the county last week.
The Board of Supervisors voted earlier this month to borrow money using the Sheriff’s Office building as collateral. Part of the loan proceeds will be used to replace the HVAC system in the courthouse.
The Sheriff’s Office is owned by the county and the loan from Sterling Bank is being made to the IDA. The IDA owns the courthouse and several other buildings in the county and leases them back to the board.
County Administrator Eric Young said the bank required the IDA to own the Sheriff’s Office in order to use it as collateral. The county gave the IDA the title to the building, and they will lease it back to the board for the amount of the monthly payments on the loan.
Young said this will allow the county to proceed with the HVAC project on schedule. Bids for the work are due in late August and the county is hoping to have the project completed before winter.
In other action the authority:
- Reorganized for the New Year with Kyle Hurt continuing as chairman and Darrel Addison as vice chair.
- Welcomed new members Mac Payne from the Southern District replacing Monte Rife, who resigned and Melanie Proddy Lawrence from the Eastern District replacing Curt Gillespie, whose term was up. Gillespie accepted an appointment to the Recreation Development Authority.
- Ratified a letter of support for Tazewell Cinema\Cultural Arts of Southwest Va. grant application to the Tobacco Commission. Sharon Thomas, who owns the cinema, said she is planning to have two theaters to screen movies, sports and other events. A third theater will have a stage for local programs including plays and concerts.
- Approved a letter of support for the VCEDA Seed Capital grant for Red Roof Home in Tazewell.
- Approved a letter of support for Back of the Dragon’s application for a loan from the Tobacco Commission not to exceed $650,000. The loan has already been approved.
- Approved a letter of support to VCEDA for Virginia Mountain Brewing’ request to restructure its loan.
- Met in closed session to discuss personnel regarding a business recruiter and contractual matters regarding proposals from a marketing group. They also met in closed session to discuss prospective new business regarding Project M&M. No action was taken on any of those matters.
- Discussed the Tazewell County Business Challenge which will start in October. The program offers prospective businesses to submit their plans to a committee with the possibility of winning assistance with startup costs to develop the business.
- Heard from Young that Economic Development Coordinator Pam Warden made a presentation at VCEDA to representatives of MOVA, a Pulaski firm that is hoping to locate in Southwest Virginia.
- Adjourned until Aug. 14 at 2 p.m.