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The Authority unanimously authorized negotiations to purchase approximately 72.33 acres at 707 Mt. Cross Road for $18.15 million, with plans to lease the property back to Averett University. Members also approved a transfer of up to $215,000 from unrestricted funds to close out fiscal year 2025 expenses; the Authority reported receiving $1.15 million from a right-of-way sale.
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The approved resolution allows the Authority and Danville Regional Foundation to negotiate a purchase of the property from Averett University, while allowing the university to continue using it under a proposed lease. The agreement is not presented as a completed sale in the minutes. The Authority also approved funding for outstanding fiscal year 2025 costs, primarily legal fees.
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