The county moved closer to reaching deals that would bring two new businesses to Louisa after supervisors approved two agreements Monday.
“Any new business is good business,” Louisa County Economic Development Director Andy Wade said. “Without the board’s approval, we couldn’t move forward on either of them.”
Though neither deal has been finalized, one agreement could bring the first tenant to the Ferncliff Business Park, which is under development.
After a public hearing during which there were no comments from the public, the board approved (6-1) lending the Louisa County Industrial Development Authority $1.5 million to develop a plot of land and build a metal shell building for potential client Patriot Aluminum. Supervisor Vice Chairman Richard Havasy (Green Springs District) voted against.
The company, based in Earlysville, manufactures aluminum conduit, pipe and fittings.
Wade, who has been working on the deal for more than one year, said the Ferncliff location attracted the business because of its proximity to the interstate.
According to Wade, the $1.5 million in cash would be placed into a certificate of deposit to be used by the IDA as collateral to secure a loan, which would be repaid through a 25-year lease agreement with Patriot Aluminum. The company would be charged monthly lease payments of approximately $10,000, which includes taxes.
To read the entire story, see the Jan. 10 edition of The Central Virginian.