
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, March 22, 1994                   TAG: 9403220042
SECTION: CURRENT                    PAGE: NRV-1   EDITION: NEW RIVER VALLEY 
SOURCE: KENNETH SINGLETARY STAFF WRITER
DATELINE: CHRISTIANSBURG                                LENGTH: Medium

TOWN MOVES TO ACQUIRE INDUSTRY PARK

In a move anticipated since December, when Christiansburg's government announced it wanted ownership of the town's Industrial Park, council voted Monday to spend up to $120,000 to acquire shares in the corporations that own the park.

The move came after council learned that shareholders of more than 80 percent of both the Christiansburg Industrial Corporation and the Montgomery County Development Corporation, the companies that together own the park, agreed to either donate their shares to the town or sell them.

Thirty-five percent of the committed industrial corporation stock and 47 percent of the Montgomery development corporation shares will be donated, but the town will have to buy the rest. At $54.50 each for industrial corporation shares and $38.85 for Montgomery County Development shares, Christiansburg will have to pay about $87,000.

The town appropriated $120,000 to cover the cost of the unaccounted-for shares, all of which may be offered for sale.

The town moved to buy the 90-acre park, located near Interstate 81 and U.S. 460, after the Montgomery Regional Economic Development Commission recommended in October that either the town or Montgomery County acquire it.

"It'll be much easier to market with the town owning it," Mayor Harold Linkous said Monday. "I think the park will develop much faster with the town owning it."

He said the park's dual ownership complicated the sale of lots.

The park is the home of three companies - Ames Textile Corp., New Energy water bed company and an Appalachian Power Co. service center. A fourth company, CCS Data Station, located now on West Main Street in Christiansburg, recently announced plans to move to the park.

Town Manager John Lemley said the town's first priority will be to improve the park's appearance.

"It does not make a good first impression," he said.

Monday's session was announced after council first introduced the resolution to appropriate the money at its regularly scheduled meeting March 15. Procedure dictated that three days had to pass between the introduction of the resolution and its passage.

Council member Ray Lester donated the three shares he owns in the Christiansburg Industrial Corporation and the single share he has in the Montgomery County Development Corporation, all of which were donated to him, before he voted for the resolution. Councilwoman Ann Carter attended the meeting and voted for the resolution.

by CNB