DANVILLE, Va. (AP) -

A former mill site in Danville is being acquired by the city's Industrial Development Authority.

The authority has signed a contract with OMBC Schoolfield Buildings LLC to acquire the 82-acre property for $5 million.

Danville economic development director Jeremy Stratton tells the Danville Register & Bee (http://bit.ly/16ppZVn ) that the city is not yet prepared to discuss plans for the site.

OMBC has been deconstructing buildings at the site to reuse the century-old bricks and other materials.

Under the contract, OMBC will leave the three smokestacks and water tower in place, along with the five-story section of the finishing plant, the main office, high bay warehouse and industrial water treatment plant.

The sale is expected to close by Oct. 31.