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The Authority approved actions involving two $500,000 brownfield grants: ratifying a grant for cemetery relocation and authorizing an application to repurpose existing structures at the Southern Virginia Megasite at Berry Hill Project. It also approved restructuring Fastech's $630,000 loan, including interest-only payments through 2027, and authorized negotiations for about 38 acres of additional right of way in exchange for $1.15 million.
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The decisions support redevelopment work at the Authority's industrial megasite, including cemetery relocation and reuse of existing structures. The Fastech loan change gives the company more time to repay its equipment loan. The Authority also advanced a right-of-way transaction that could affect future development on the site.
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