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EDA approves waiver of select covenants for 29 Millrace Drive to clear title for KNDS purchase
Summary
The Lynchburg Economic Development Authority authorized the chair to execute a resolution waiving limited protective covenants on 29 Millrace Drive so KNDS can complete a purchase and potential future expansion; a member raised concerns the waiver sounded perpetual, which staff clarified is limited to resubdivision and the Authority's repurchase condition.
The Lynchburg Economic Development Authority on Tuesday authorized the chair to execute a resolution waiving specific protective covenants on 29 Millrace Drive to clear title for a prospective purchaser, KNDS.
The action followed a staff summary included in the meeting packet explaining that the covenants — in place for decades and tied to prior subdivisions — restrict resubdivision and contain a repurchase clause if construction does not occur within a specified period. An EDA member asked whether…
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