Industrial Development Authority (IDA)

**Please note that the May 2008 meeting will take place at Crossroads Institute in Galax on the first Monday at 4:00 pm.

REQUEST FOR DEVELOPMENT PLANS
FOR DEVELOPMENT
OF REAL ESTATE
CARROLL COUNTY, VIRGINIA

The Carroll County Industrial Development Authority (“IDA”) owns approximately 91 +/- acres of property in Carroll County Virginia, near Exit 14 at I-77 and US 58 (“the property”). The property is identified by the County Tax Map as parcel 82 A 62. The IDA is a political subdivision of the Commonwealth of Virginia created to promote and advance the economic development of Carroll County. The IDA is interested in the development of the property in a manner which will enhance the local and regional economy by providing employment opportunities, increase the tax base of the County and become a destination for visitors that will enhance our Tourism initiatives.

The IDA will consider the sale or lease of the property or part thereof to a developer(s) to develop the property in a manner consistent with the goals of the IDA. Interested parties are invited to submit to the IDA plans for the development of the property which explain the character and nature of the proposed development. The plans should address the following elements:

1) The portion of the property intended to be developed;

2) A phasing plan which will provide a detailed time line from the start date of the project until completion along with a description of the areas of the property to be developed that will be developed within the time-line;

3) As to each phase and as to the project as a whole:
i) Total projected employment opportunities (jobs) that will be created along with a description of the types of jobs and projected salary ranges for each class of employee;
ii) Total anticipated investment of the developer;
iii) Total anticipated tax base increase;
iv) Total other anticipated taxable collections such as lodging, meals, and sales per year.
v) Anticipated financing for the project, amount and source of proposed financing and security for such financing.

4) Professional drawing of the anticipated development; (may be conceptual)

5) Nature and amount of guarantees to the IDA from the developer that the project and each phase will be performed in conformity with the plan of development and the phasing plan, which guarantees may include a bond, letter of credit, etc.

6) Price or lease amount to be offered to the IDA for the property or any portion thereof. Price alone shall not be the deciding factor.

7) Such financial information as the developer may chose to include to support the developer’s ability to perform the project, including references and history of successful projects of the same nature previously completed.

8) Such other information as the developer may include to explain or enhance the plan of development.

The IDA reserves the right to accept or reject any or all plans for development, to negotiate terms of a sale or lease agreement, or to accept any portion or part of any plan as to any portion of the property and to accept plans from other developers for development of other portions of the property. The IDA reserves the right to negotiate and sell or lease the property to any party, whether such party has submitted a plan for development or not.

The proposals will be reviewed by the IDA to insure the best project for Carroll County with the mixture of development that will enhance Carroll County’s economic standing and benefit County citizens. Repetitive interviews with developers may be conducted to negotiate the sale or lease of the property or any portion thereof under the terms and conditions of the plan(s) of development or any agreed modification thereof. This is a sale or lease of real estate and the provisions of the Virginia Public Procurement Act are not applicable to this sale or lease of real estate.

The property is being offered “as is” with no expressed or implied warranties of title or guarantees in any form or fashion. Developers shall perform due diligence as to the property and shall not rely upon any representations of the County or the IDA relating to the same.

For those interested, there will be a showing of the property on April 21, 2008 at 1:00 p.m. on the property. Questions shall be submitted to the Carroll County Administrator at the below address.

Interested developers need to provide 10 copies of the plans sealed and marked in the lower left-hand corner as “Exit 14 Plan” by 5:00 p.m., May 22, 2008 to:



The IDA shall not be responsible for any costs incurred by any developer in preparing, submitting or presenting any plan of development to the IDA.



IDA MEMBERS

Richard Slate Sr. Chairman
Barry Hicks
Larry Chambers
Ronald Newman
Clinton Willie
Danny Beamer
Randy Webb
Roger Wilson