Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: MONDAY, May 14, 1990 TAG: 9005140302
SECTION: VIRGINIA PAGE: A4 EDITION: EVENING
SOURCE:
DATELINE: LENGTH: Short
Roanoke City Council will consider approval of the agreement tonight at its regular meeting. City Manager Robert Herbert said the city probably will start calling people together within the next 30 days to discuss the possibility of constructing a new shell building.
The 72,000-square-foot building Quibell has agreed to buy was built by the Roanoke Valley Development Foundation, a private group, on 13.7 acres of land owned by the city. The asking price had been $1.35 million.
The closing date for the sale has been set for May 31 with Quibell, a bottler of sparkling water, to take possession by June 1.
Quibell, whose bottling plant on Roanoke Avenue in Southwest Roanoke is operating at near full capacity, is expected to double its current employment of 62 during its first year of operation in the new plant. Quibell expects to move its corporate headquarters and bottling operations to the plant by the fall, after the plant is equipped.
The shell building was built by Avis Construction and financed by seven valley banks: Dominion, Signet, Sovran, First Virginia, Central Fidelity, Crestar and Colonial American, which has since merged with Crestar. Those involved had agreed to defer their profits on the building until it was sold.
The city will receive $111,000 for the land at the time of closing but has agreed to defer $80,000 of its proceeds from the sale for five years following the closing.
by CNB