New fund could help increase economic development in Danville's River District
Fund created with $3 million from city's wastewater treatment plant budget
DANVILLE, Va. – A new fund should soon be available to help encourage economic development in Danville's River District.
The city's economic development department plans to take an unused $3 million from the city's wastewater treatment plant budget to set up the fund.
Developers doing projects larger than 30,000 square feet in the River District can apply for some of the money.
Danville economic development director Telly Tucker said if the fund wasn't created, the money would be invested in things like stocks and bonds.
"If we're going to provide an investment, why not do it in our own community that helps get a large property redeveloped? It also allows the utility and the city to make a return on that investment," Tucker said.
The fund will be up for public discussion at Tuesday's City Council meeting and then council members will take a final vote on it at the next meeting.
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