Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, June 23, 1995 TAG: 9506230058
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
SOURCE: JEFF STURGEON STAFF WRITER
DATELINE: LENGTH: Short
The assistance will be among the taxpayer-funded financial incentives for the national clothing designer and marketer based in New York. J.Crew said earlier this month it would build a $9.3 million distribution center in the Lynchburg suburb ofForest. The facility, to open by spring 1996, would be the company's second warehouse in the Lynchburg area.
The company said it would hire 110 people but did not say what the new jobs would pay, and a state economic development official said he could not release the information because J.Crew considered it confidential.
The company's existing Lynchburg operation employs about 1,000 people who receive and process orders from catalog customers. The company said previously that it needed more distribution space because it expected to open a dozen retail stores in the next year. The 12-year-old company is owned by the Cinader family.
The state-funded road will lead from U.S. 221 west of Lynchburg to the 40 acres in Lake Vista Corporate Center that J.Crew has agreed to buy from Bedford County at a nearly 31 percent discount.
The Governor's Opportunity Fund also will supply $75,000 to upgrade a road in the park and $50,000 toward the real estate discount, which will reduce the original cost of the land from $376,000 to $160,000. The rest of the discount will be absorbed by the county.
by CNB