DANVILLE, Va. — During their meeting on Tuesday morning, Danville’s Industrial Development Authority (IDA) approved the donation of the pocket park located on South Union Street to the City of Danville.
The IDA purchased the property in May 2019, which was the former Knights of Pythias building. It was part of the original plans for The Bee Hotel, but the Pythias building was deemed unsafe due to a culvert issue under the property.
The updated plans for the hotel included a U-shape, around the former Pythias building.
The demolition of the building was approved in June 2019, with a price tag not to exceed $225,000.
That property has been designed into a pocket park, which will be open to the public and maintained by Danville Parks and Recreation.
Danville Office of Economic Development Project Manager Kelvin Perry said the project is three to four weeks from completion.
In a similar fashion, the IDA also voted to transfer the property at 310 Main Street maintaining the iconic “HOME” sign to the city for parks and recreation to continue that upkeep and liability.
In other business, the authority approved a plan to finance capital improvements for various governmental purposes and refinance certain outstanding debts through the issuance of lease revenue obligations, which Danville’s Finance Director Michael Adkins said was recommended to them by their financial advisors.
The advantage to refinance the bonds, Adkins said, is using the money the IDA has in hand to do other projects.
The IDA also approved the renewal of the lease for Vintages by the Dan, the borrowing of just over $500,000 for needed repairs at 816 Monument Street, the refinancing of the loan originally used to purchase and the loan used to make leasehold improvements at 500 Stinson Drive.
Staff Writer Lanie Davis is a staff writer for the Star-Tribune. Original Post here.