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Council approves $701,661 appropriation for transformer at West Radford Commerce Park
Summary
Council approved appropriation ordinance 18.15.13 to create a grant budget for a transformer and related equipment at the West Radford Commerce Park; purchase price cited as roughly $407,000 with other utility equipment expected to create the match amount.
Radford City Council on Monday approved appropriation ordinance 18.15.13, accepting $701,661 into the general fund and transferring the amount into a grant account to fund a transformer and related equipment for the West Radford Commerce Park.
City Manager Todd said the ordinance creates a budget in the grant account for the project and allows staff to submit paperwork to the Virginia Economic Development Partnership (VEDP) when project items are finalized. Council discussed that the transformer purchase price was expected to be about $407,000; additional equipment for the electrical utility substation would bring the city’s match close to an estimated $615,000, according to staff.
Councilors said the Commerce Park site could transform economic prospects for the city and urged continued progress on site preparation. Todd said the development team is making visible progress and staff expects additional updates at upcoming meetings.
The council approved the appropriation and, having received the affirmative votes required, dispensed with a second reading during the same meeting.
