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The City Council voted Tuesday to approve a moral obligation agreement with Virginia Community Capital for a loan for the 1 Ecomnets Way project.
The project includes renovation of a 20,164 square foot building located at 1 Ecomnets Way in Airside Industrial Park.
Earlier this year, the City Council approved a moral obligation agreement for this loan. Since this time, construction costs have increased resulting in the need to update the Commitment Letter and request an approval of a new moral obligation reflecting this increase.
The total cost to purchase and renovate this building is now $3,325,000.
In other matters, the City Council voted to:
The City Council also reviewed the latest financial reports.