Board members of the Industrial Development Authority of Danville on Thursday approved financial help to renovate space downtown so a small startup technology-based company could lease it.
The space in the top floor of the building next to Noblis and the supercomputer at 527 Bridge St. is to be upfitted by the tenant, which would be a startup of four to six people, Danville Economic Development Director Jeremy Stratton explained to the board.
The estimated cost of renovating part of one side of the building is $80,000 and the IDA board unanimously approved using $50,000 of IDA funds to help with costs. A seven-year lease at $600 a month would pay the money back, Stratton said.
The rest of the cost would be met by the city, which intends to use Enterprise Zone incentive money to do so.
Additionally, the IDA board during its meeting also unanimously approved leasing first floor space at 410 Main St. to Adam Jones, who plans to open a specialty running store there in April. The store will cater to walkers, runners and triathletes and will help customers determine the proper shoe and fit.