Lee County Industrial Development Authority Meeting Highlights

Recently the Lee County Industrial Development Authority voted and approved to modify a loan for England Furniture. The original loan was increased by $165,000 with the total to be funded by the Virginia Coalfield Economic Development Authority Regional Account. England Furniture’s total loan amount stands at $515,000 so that the company would establish a manufacturing location in the Dryden Building.
Following their approval of the previous meeting’s minutes and the financial report, bills and payments, they then voted and entered into Executive Session. The board then discussed the investment of Public Funds (contracts), Acquisition or Disposition of Real Property, followed by Discussion of Prospective Business, and Consultation with Legal Counsel.
Following the Executive Session, the Board approved the additional fee of $3,000 by the Lane Group to perform design analysis and generate plans for design changes that happen during construction.
As part of Old Business, the Board granted to renew the lease with Lee McPherson under the same provisions as the previous contract. The end date for the renewed lease will be December 31, 2020.
The Lee County Industrial Development Authority adjourned until their next meeting scheduled for June 7th, 2018 at six p.m. in the Lee County Courthouse Conference Room located in Jonesville.
 

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