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EDA hears Lilliston renovation near completion; DHCD grant largely drawn down
Summary
Board members heard that the Lilliston building renovation is nearing completion and that the project has drawn down about $902,004.42 of a $1,000,000 DHCD grant; a permanent certificate of occupancy is expected in roughly six months and board discussed a 40-year loan repayment plan beginning next July.
The Onancock Economic Development Authority heard an update on the Lilliston building renovation and associated DHCD grant during its meeting. A board member reporting on the project said the interior work is nearly finished and that "they've submitted expenses for that amount, and they've been reimbursed by DHCD," noting "$902,004.42" has been drawn down to date.
The member said the realty office has a temporary certificate of occupancy but that the county code official estimated "about 6 months worth of construction to go before they would be issued a permanent CFO." The board discussed next steps and interim financing; the reporting member said the developer expects to use roughly $97,500 more in reimbursable expenses before tapping private funds to finish the project. "So they've got that money in interest that we can also, spend for the purposes of the EDA," the member added, describing how interest earnings could seed future loans.
Board members asked practical questions about timing and compliance. One member summarized the repayment projection in specific terms: "it's a 40 year loan, so they pay over 480 payments of about $3,300 per month," a schedule that would return principal and generate interest that could help the EDA's revolving loan fund. Members agreed to pursue a short DHCD extension to October to avoid repeated extension requests and to track outstanding inspections and permits.
The update contained no formal vote; members asked staff to follow up with county code enforcement and DHCD for firm timelines and to include documentation in the next packet.
