ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Thursday, July 11, 1996 TAG: 9607110042
SECTION: CURRENT PAGE: NRV-8 EDITION: METRO
DATELINE: BLACKSBURG
Town Council agreed Tuesday to borrow more than $2.8 million to enlarge a town park and pay for other improvements.
The borrowing will come through $30,000 and $2.8 million general obligation bond sales.
The $30,000 note will assist the town in buying nine acres from Dr. Charles Boatwright to enlarge the park on Patrick Henry Drive, across from Blacksburg High School. The land will cost $488,500, which will be paid in installments over a six-year period.
The general obligation capital improvement bond sale will take place Aug. 7 and will be used to pay for public facilities, land acquisition, equipment replacement, water and sewer infrastructure and other projects.
A general obligation bond is a form of borrowing that is backed by the full faith and credit of a local government, or in other words, by its ability to tax.
In other business:
* Town Council authorized the sale of 3.6 acres in the Blacksburg Industrial Park to The Snyder Co. Inc. for $26,685. A 12,000-square-foot warehouse and office will be built on the property, which is the last usable plot of land in the portion of the industrial park within town limits.
Additional sites are available in the park's extension, which is in Montgomery County.
* Newly elected Councilman Ron Rordam was appointed as Blacksburg's vice mayor. The position is traditionally given to the top vote-getter in the most recent election, which was Rordam. |- ELISSA MILENKY
LENGTH: Short : 40 linesby CNB