The agreement between the Danville Industrial Development Authority and The Alexander Company for development of the iconic White Mill building has been extended.
The IDA voted 5-0 during its meeting Tuesday morning to extend the expiration date for the memorandum of understanding through Dec. 31, 2023.
A delay in finalizing financing for building the commercial portion of the project was the reason for the move, said Danville Economic Development Director Corrie T. Bobe.
“This gives us a cushion for the IDA to finalize the construction financing for the commercial space,” Bobe told the Danville Register & Bee during an interview following the meeting.
Officials hope to close on all the loans in August and begin construction soon thereafter, Bobe said.
The original memorandum of understanding expired in May.
The Alexander Company and the IDA signed a memorandum of understanding during a ceremony in May 2021…