ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Saturday, March 23, 1996 TAG: 9603250034
SECTION: CURRENT PAGE: NRV-3 EDITION: NEW RIVER VALLEY
The Montgomery County Board of Supervisors agreed Thursday endorse the New River Valley Community Services Board's plan to renovate a Blacksburg office building.
The Community Services Board wants to spend $2 million purchasing and renovating the University City Office Building this summer before moving seven of its 15 locations there by December.
The Community Services Board needed the county's endorsement before it could obtain $1.6 million in county Industrial Development Authority financing.
Getting that endorsement was iffy last week because of a federally mandated $10 million annual cap on county-endorsed borrowing.
With the county committed to borrowing $3.8 million this spring to start designing and building a new Riner elementary school - and an additional $5.8 million needed this fall to finish the project - the Community Services Board request would have put the county over the cap.
But Dan Morris, director of finance for the schools, said the county could apply for the second school loan a year from now instead. That delay would allow the services board to pursue its tax-exempt, low-interest financing.
The building has been vacant for five years, since Virginia Tech pulled 200 employees out after widespread complaints about health problems because of a lack of fresh-air circulation. The renovation cost includes about $400,000 to completely replace the building's heating and air-conditioning system.
LENGTH: Short : 34 linesby CNB