PE Approves Extension

Published 4:34 pm Tuesday, December 20, 2011

PRINCE EDWARD – Prince Edward Development has been given an extension.

County supervisors, at their December 13 meeting-following a reported vote of the County's Industrial Development Authority-extended the time for the developer to purchase County-owned land just south of Farmville.

“…At the IDA meeting, the IDA board voted unanimously to extend the purchase agreement by a year and, as such, they agreed to extend the economic development agreement for a year,” County Economic Development Director Sharon Carney told the board. “You are a party to the economic development agreement, so it would be recommended by the IDA that you guys consider extending it for a year as well.”

Ms. Carney offered, “There has been no other interest by a party who would develop the property so to do an extension is no harm, no foul…Prince Edward Development is fully aware that if somebody else came up and had an interest, he would have to pull the trigger pretty rapidly to keep his position in place. But we haven't had anyone at this point in time so the IDA felt strongly about making their extension.”

Only the dates change, she detailed.

Board members unanimously approved the request, extending the land purchase date to January 16, 2013, extended the substantial completion date to December 16 and the grant termination date to December 31, 2038.

The property is the potential site for a hotel, conference and training centers.

Supervisors previously agreed to extend the closing date for possible sale of County property to the January 16, 2012.

Prince Edward Development's project aims for a 176-room hotel with a conference center and training center.

Last month, the Granite Falls CDA met and representative Robert “Bob” Fowler reflected on the history of the project and also offered several highlights of the project.