DANVILLE, Va. (WDBJ7) UPDATE
The Danville Industrial Development Authority officially owns the White Mill Property.
The IDA announced it would buy the property for $3 million in March.
City Council voted in April to appropriate $1.5 million from the general fund to go to the IDA toward the purchase of the property.
According to the city, the property will likely be a mixed-use concept.
Danville City Council approved the appropriation of $1.5 million from the general fund to go to the Industrial Development Authority to purchase the White Mill property.
$1.5 million is needed this fiscal year, and a second $1.5 million payment is needed next fiscal year.
The city is seeking funding from several sources for the purchase, but the general fund will be used until then.
When you drive into Danville you can't miss the abandoned White Mill building, but, it won't be vacant for long.
Plans are in the works for the Industrial Development Authority to buy the whole property for $3 million.
City council will vote whether to appropriate $1.5 million from its general fund for the IDA to purchase the property.
The economic development director says this is huge for the city.
"Really a once-in-a-lifetime opportunity the community has the ability and the opportunity to develop what I would describe as a world-class riverfront development," Danville Economic Development Director Telly Tucker said.
There's no word yet on what the building could become. Closing is expected by June 15.