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An email reviewing the Front Royal Warren County Economic Development Authority (EDA) board meeting reveals two major developments.
The EDA has given the Congregational Community Action Project (C-Cap) of Front Royal Warren County approval to use their office building Suite C to store and distribute food to those in need.
The use of the site is at no cost to C-Cap while they transition to a lease of Suite B.
The lease of Suite B could occur once C-Cap shows evidence of an insurance policy to cover the use of Suite C.
The EDA and C-Cap will then negotiate the terms of a lease on Suite B and possibly Suite C at the Kendrick Lane office location at an agreed rental rate.
Meanwhile at that same meeting the EDA board gave approval to finalize the details of an agreement with Atlantic Union Bank.
The agreement is to authorize that the EDA give up its claim in the Jennifer McDonald bankruptcy case involving the property formerly owned by Little Rugrats.
The existing bank loan is more than the value of the property.
With the release of the property Atlantic Union Bank will be allowed to sell the property.
In return for the release the EDA can recover a higher percentage of the recovery from the McDonald bankruptcy and save attorney’s fees.
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