HENRY COUNTY, Va. (rbs news now) — The Henry County Industrial Development Authority (IDA) has entered into a purchase option agreement with an undisclosed company for the potential sale of Patriot Centre II, officials announced on April 28.

Often referred to as the Bryant Property, the the 1,200-acre Patriot Centre II property is located adjacent to the original Patriot Centre Industrial Park and is currently undeveloped.

“This agreement represents an exciting opportunity for our community,” said Dale Wagoner, Executive Director of the IDA and County Administrator. “If it moves forward, it could lead to significant capital investment and bring high-paying jobs to Henry County—exactly the kind of growth we want to support our residents and future generations.”

Under the agreement, the company will pay $50,000 for a six-month exclusive option to purchase the site.

According to a news release, this allows time for the company to conduct environmental studies, feasibility assessments, and planning without being obligated to complete the purchase.

If more time is needed, the option may be extended for an additional six months with another $50,000 payment.

If the project proceeds, the company can purchase the property for $1.2 million.

The deal would be accompanied by a performance agreement requiring the company to meet certain capital investment and job creation goals, the release said.

In addition to the purchase option agreement, the IDA also approved a resolution to formally close out its New Market Tax Credits Project.

This project helped fund the construction of the Commonwealth Centre for Advanced Training (CCAT), a million-gallon water storage tank, a wastewater lift station, and supporting infrastructure at the Commonwealth Crossing Business Centre (CCBC).

The closeout will transfer ownership of the water and sewer facilities to the Henry County Public Service Authority, while CCAT will remain with the IDA.

CCAT will continue serving as a training hub for industries preparing to establish operations at CCBC.

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