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Redevelopment commission backs up to $300,000 in support for downtown Diesel's renovation; council agrees to pursue TIF
Summary
Commissioners and councilors agreed to pursue TIF-based support and a town reimbursement structure of up to $300,000 to renovate the vacant downtown Diesel's building; staff will draft loan/grant documents and negotiate protections tied to performance.
Danville redevelopment commissioners and town councilors voted to move forward this week with a structure to support renovation of the long-vacant Diesel's building on Main Street, approving the process to place TIF resources behind a potential $300,000 assistance package.
Background and ask: The new owner of the historic downtown building requested up to $300,000 in public support to renovate the structure and re-open it as a higher-end restaurant. Consultants presented preliminary finance estimates showing…
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