2005 Section 108 Project Summary - Virginia

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Economic Development

The Flour Mill Project
BORROWER: DANVILLE
STATE: VA
SECTION 108 LOAN GUARANTEE AMOUNT: $2,000,000

Danville will use the Section 108 Guaranteed Loan in addition to other monies to make a loan to Dan Valley Flour Mill, LP, a for-profit entity, to assist the entity to redevelop the Flour Mill Restaurant. The 17,000 square foot, historic Flour Mill building will be converted into two unique restaurants, banquet facility, and 3,500 square feet of Class A office space. The project will create an estimated 80 permanent full time jobs, 51% of which will be held or made available to low- and moderate-income persons.