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Developer seeks Madison County resolution to apply for Virginia industrial revitalization fund for Krueger's Mill Elementary rehab
Summary
Developer Felix Shapiro asked the county to adopt a resolution supporting a state Industrial Revitalization Fund (IRF) loan application for rehabilitation of Krueger's Mill Elementary; DHCD staff explained program mechanics, and the board asked staff and the applicant to prepare a follow-up plan and to return with formal documents.
A private developer asked the Board of Supervisors to adopt a resolution supporting a Madison County application to Virginia’s Department of Housing and Community Development (DHCD) Industrial Revitalization Fund (IRF) to finance rehabilitation of the former Krueger's Mill Elementary School.
Felix Shapiro, who identified himself as owner of the former school property, told the board he is not seeking county dollars but requested a resolution from the county authorizing submission of the application: "Merely a requirement is a resolution from the county government supporting the loan application to the state," he said.
Shapiro described expected program terms and project finance basics as he understands…
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