Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, November 18, 1993                   TAG: 9311180072
SECTION: CURRENT                    PAGE: NRV-2   EDITION: NEW RIVER VALLEY 
SOURCE: KENNETH SINGLETARY
DATELINE: CHRISTIANSBURG                                LENGTH: Medium

CHRISTIANSBURG WANTS TO BUY 90-ACRE INDUSTRIAL PARK

The 90-acre park is located mostly within town limits near Interstate 81 and U.S. 460, and Christiansburg has provided some water and street service to it.

But the park hasn't reached its potential, Christiansburg officials say. "It's not developing fast enough under these circumstances," said Mayor Harold Linkous. "[Acquiring the property] is something that needs to be done."

The Montgomery Regional Economic Development Commission last month recommended that either Christiansburg or Montgomery County buy the park, and Tuesday night council passed a resolution in favor of the move.

Christiansburg was given the right of first refusal on the property.

"In general, the economic development commission likes to have property like that under public control," said Jack Lewis, chairman of the commission.

"Competition (to attract industry) nationally is so fierce right now," he said. "This puts us in a very strong position to compete."

"We need some land for economic development, and the park is already there," Linkous said. "We feel the town can better market it if the town owns it."

Town officials plan to confer with attorneys and accountants to determine an equitable price. The park, owned by two corporations with approximately 4,000 shareholders, has been assessed at $383,000.

"We will offer to buy at a fair price, and the stockholder has the option to say no," said Town Manager John Lemley.

But shareholders can donate their stock and qualify for tax breaks if they want, Lemley said.

"We've had a few shares donated over the last couple of years," he said. Lemley pointed out that the town "has already put a lot of money into the park," installing facilities such as water and street service, though those projects are not yet finished.

The park is home to Ames Textile Corp., New Energy water-bed company and an Appalachian Power Co. service center.

"We want good, clean industry of the type that we already have there," Linkous said.

Lewis said the site might be good for shell buildings, which have attracted businesses to other area industrial parks. He added that the commission, which represents the town as well as Blacksburg and Montgomery County, will help market the site.