July 31, 2021

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Mortgage News

EDA pays down loans | Nvdaily

Front Royal-Warren County’s Business Development Agency continues to take down debt in an effort to achieve financial independence.

Members of the EDA board of directors agreed on Friday to use $ 158,592 the EDA held in escrow with United Bank to approve the April, May and June payments of $ 53,953 each on a loan with the financial institution Afford. The motion also states that the EDA would use the remaining amount in the escrow of $ 104,645 to pay the loan for the Leach Run Parkway project.

Chairman Jeff Browne and board members Greg Harold, Dr. Thomas Patteson and Jim Wolfe voted in favor of the motion at their meeting, held remotely via Zoom. Board member Marjorie “Jorie” Martin did not attend the meeting.

“I want to say that we continue to work to repay our loans and respond fiscally to what we do. This is just another step in what has been a very long process for us,” said Browne. “But it’s a good move, and it’s good for the people of the county to know that we’re working hard to make this thing manageable and under control.”

Later in the meeting, Executive Director Douglas Parsons presented his monthly report and updated the Board on the EDA’s work on the audits. The EDA is awaiting updated statements from the U.S. Environmental Protection Agency regarding the Avtex property. The authority has made an adjustment to a loan in connection with the federal IT project. The EDA is working with two new potential tenants to rent space. Parsons thanked Warren County staff for completing the concrete work on the hangar at Front Royal Warren County Regional Airport that Silent Falcon, a company specializing in unmanned aerial vehicles and drones, plans to use.

The cancellation related to the Leach Run Parkway has been completed. This is a step in the process that enables the EDA to receive payments from various partners in the transportation project. Karl Schaeffer, the EDA engineer at Pennoni, filed documents with the Virginia Department of the Environment.

Parsons also noted in his report that the EDA plans to reject terrorism protection for all insurance policies.

At the meeting, too, the board of directors has:

• Meet in a closed session to discuss public property disposition at Stephens Industrial Park and at 426 Baugh Drive and 400 Kendrick Lane Suite B; Consultation of legal counsel in relation to litigation, in particular EDA v Town of Front Royal; Advice on issues related to First Bank & Trust, First Bank in Strasbourg and the EDA Small Business Loan program.