- Last Updated on 07:38 AM 03/11/13
- BY The Gazette-Virginian
South Boston Industrial Development Authority is proceeding with its plans to purchase the John Randolph Hotel building, passing a resolution Thursday to formally accept a $100,000 Industrial Revitalization Fund Grant for use toward purchase of the historic property.
The authority plans to commit $100,000 in matching funds to purchase the hotel property and the adjoining corner lot for parking development.
The authority also plans to obtain a current market appraisal of the hotel property and assume property owner responsibilities regarding property insurance and building maintenance until the time the building is transferred to a developer.
In the event the primary developers or developer are unable to proceed with the boutique hotel concept within 12 calendar months of IDA and Department of Housing and Community Development finalizing the contract awarding the grant funds, the authority plans to initiate marketing efforts for the hotel property to other developers for other appropriate uses, as stated in the resolution.
The Virginia Department of Housing and Community Development recently awarded the $100,000 grant to South Boston IDA to assist in buying the John Randolph Hotel property.
Destination Downtown South Boston has a purchase option on the property, currently owned by First State Bank of Danville.
A feasibility study completed last year and paid for with a $25,000 planning grant concluded the property could work as a boutique hotel, according to town officials.
In other business, South Boston IDA elected its slate of officers for the coming year.
Tommy Elliott will serve as chairman, Ronnie Crabtree will serve as vice-chairman, and Erle Scott will serve as treasurer.
Ted Daniel will serve as executive director, and Jane Jones will serve as secretary.