Company pulls out of deal with Town of Victoria IDA
Published 8:00 am Thursday, November 10, 2022
VICTORIA – A company that was interested in purchasing the former STEPS building has since pulled out of a deal with the Town of Victoria Industrial Development Authority (IDA).
Victoria Town Manager Rodney Newton confirmed that an out of state business was in talks with the IDA but that the deal has fallen through.
Newton did not discuss the name of the business or the reason the deal is no longer on the table.
Newton said the IDA is continuing to make needed repairs to the building and is exploring other options for use of the building, including multiple tenants.
“The shop for public works is a consideration for a tenant, but that will ultimately be up to the IDA and the town council,” Newton said.
During the October Victoria Town Council, Newton told members that if funds had not been invested into the STEPS building, it would have been slated to be torn down.
According to town officials, the IDA has invested approximately $235,000 for a new roof. And they are continuing with repairs to include new windows in the front of the building, filling in the pit in the production area floor and installing new lights in the area.
The total anticipated investment is scheduled to be around $300,000 to $325,000.
“We need a town shop,” Newton said. “If we went with leasing the building from the IDA, it would cost $26,000 a year.”
According to the October council minutes, Councilmember Johnnie Brame asked if the town would also continue to use the old shop.
According to Newton, the shop would be torn down, land cleared, and then marketed for commercial use. Council agreed to table the discussion until its November meeting for further discussion.
Last year, the IDA was working to secure a grant to help repair a former manufacturing building. Sadly, that grant was turned down in December.
Despite being overlooked for the Local Innovation Fund grant from the Virginia Department of Housing and Community Development, the IDA began work on the former STEPS building located at 300 Court St., on the western edge of town.
In a deal negotiated with the Lunenburg County IDA, the Town of Victoria IDA took possession of the former manufacturing facility early in 2021.
STEPS discontinued using the facility more than two years ago.
Before STEPS, the building initially housed Diemolding Corporation and Southern Virginia Plastics, both of which manufactured plastic components of cookware