The Danville Industrial Development Authority officially owns the White Mill property on Memorial Drive, with the final paperwork signed Tuesday morning, Corrie Teague Bobe, assistant director of economic development, said.
The IDA announced its plans to purchase the property for $3 million in March. Danville City Council voted in April to appropriate $1.5 million from the general fund to go to the IDA toward the purchase of the White Mill property, which includes eight parcels. The purchase agreement calls for a first payment this year and a second $1.5 million to be paid in 2017-18.
Also on Tuesday, the IDA met and voted to authorize a post-closing agreement to have the final appraisal done by White Mill LLC, Royal Demo LLC or Gibbs International and to prorate the utility bills for the property.
