Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, January 17, 1992 TAG: 9201170322
SECTION: VIRGINIA PAGE: B3 EDITION: NEW RIVER VALLEY
SOURCE: RICK LINDQUIST CORRESPONDENT
DATELINE: DUBLIN LENGTH: Medium
DUBLIN COUNCIL FORMS IDA
Town Council took a giant step toward making a proposed industrial park a reality Thursday by approving creation of an Industrial Development Authority for the Pulaski County community.The unanimous vote followed a lengthy executive session.
"At least we're in a position to do something," Mayor Benny Keister said after the meeting. Keister said that until now, a prospective industry or business "had no place to go." With the authority, the town could help provide reduced-cost financing through the sale of industrial bonds to investors, he said.
In early 1990, the town expressed interest in buying and developing the former Burlington Industries plant and terminal as a industrial minipark. Keister said council wanted the authority "because we are considering an industrial park," but he did not limit its location to the former Burlington plant, which shut in 1987.
However, the town's biennial report for 1990 and 1991, scheduled for release today, prominently features a report on a proposed "Dublin Industrial Park" at the Burlington site.
The report blames the recession for the lack of progress in developing the plan, but it speculates that the town could be in a position to offer space to prospective industrial or business developers in at least part of the former Burlington plant.
Town Attorney Alan Groseclose said bonds issued by the authority would provide tax-free income to investors, and he said the authority could provide development funds "cost-free to town citizens."
Keister appointed himself and two members of council, Sam Gregory and Dave Farmer, as the town's representatives to the authority. Council still must select four at-large members for the seven-member panel.