With unanticipated funds, the town of South Boston’s finances is slated to be a primary topic of conversation at town council’s work session and joint committee meeting at 5:45 p.m. Monday at the Washington Coleman Community Center at 1927 Jeffress Blvd.
The town’s finance director Mickey Wilkerson is expected to present a budget amendment request to council and set a public hearing on the amendment for the next town council meeting on Dec. 14.
The request is for council to amend the town’s 2020-2021 budget by $5,095,810 because of unanticipated grant funds and loan payoffs.
On Oct. 29, the town received loan payoffs on Imperial Lofts bonds (Carter Bank & Trust) and Phase 3 (Benchmark Community Bank) from Imperial Lofts developer Edwin Gaskin in an amount totaling $4,545,810.
South Boston town manager Tom Raab shared the good news with town council at its Nov. 9 meeting that Imperial Lofts had paid off its loan to the town and the town had paid the bank in full.
He noted the town had earned between $275,000 and $300,000 in interest from the project investment.
The Imperial Lofts site on Watkins Avenue, which historically served as a tobacco processing facility, a garment manufacturing facility and a warehouse has been repurposed into upscale, “loft-style” apartments.
The last phase in the construction of the apartments was completed in April of this year.
Another unexpected funding source adding to the town’s budget is a $550,000 grant from the Department of Housing and Community Development for small business recovery.
The town has already awarded grants from that funding source to a number of local small businesses.
Wilkerson also plans to present the town’s financial report for the month of October.
Other items on the agenda for the finance committee, chaired by councilman Bill Snead, are road improvements to Crescent Drive at a cost of $65,000 funded by the Virginia Department of Transportation State of Good Repair Program, and a bucket truck purchase for the public works department.
The current issues committee, chaired by vice-mayor Bob Hughes, also is slated to bring a couple of items to council’s attention: a request from Wolf Trap Road resident Billy Anderson to purchase two parcels of town land fronting Webster Street and Penick Avenue, and a Halifax County Recreation Advisory Committee appointment.
The assessed value of the two lots fronting Webster Street and Penick Avenue is $16,100, and a public hearing on Anderson’s request to purchase the property will be held at the next council meeting, on Dec. 14.