ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Monday, September 9, 1996 TAG: 9609090036
SECTION: VIRGINIA PAGE: C-6 EDITION: NEW RIVER VALLEY
DATELINE: RADFORD
SOURCE: PAUL DELLINGER STAFF WRITER
The New River Valley Regional Jail Authority will buy a 27.7-acre site for its facility from the town of Dublin next month, assuming a study uncovers no engineering problems with the site.
The authority voted Friday to pay the $166,740 purchase price, minus the $4,500 already paid for an option, by Oct. 1 if subsurface conditions prove adequate at the site in Dublin Industrial Park.
It also approved the financial arrangements that will make that purchase possible, choosing Signet Bank's proposal for a $10 million line of credit to the authority for interim financing.
Wheat First Butcher Singer, the authority's financial consultant, sought 10 funding proposals; three, including Signet's, were received.
Bill King with Thompson and Litton, engineers for the jail project, said a geotechnical study should be complete in time to meet the Oct. 1 payment deadline.
The jail is to serve the city of Radford and counties of Pulaski, Giles, Grayson and Bland. It is the last such project to qualify for 50 percent state funding, which means the state would reimburse the $10 million once construction is complete. By then, permanent financing should be in place for the project.
LENGTH: Short : 34 linesby CNB