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HILLSVILLE — Carroll’s Industrial Development Authority approved a motion to buy two former Kentucky Derby Hosiery buildings at its Monday meeting.
International textile company Gildan, after buying Kentucky Derby Hosiery’s assets, closed many of its American plants, including those in Hillsville, by 2008.
The last offer made by the Carroll IDA on the KDH buildings was $1.6 million, but the authority approved a purchase price of $1.2 million at Monday’s meeting.
For the two buildings with the combined area of 194,144 square feet, that means the county got the buildings for $6.18 per square foot, according to information from the IDA.
The $1.2 million offer comes in at a little more than a quarter of the assessed value of the property, which now stands at $4.47 million.
As with the offer last February, county officials say owning the buildings will give the IDA greater ability to work with prospective businesses.
“This will help us to be able to negotiate with companies who may wish to land in Carroll,” IDA Chairman Richard Slate Sr. said in a press release. “To be able to purchase assets like these two buildings at such a good deal is amazing.”
Carroll Board of Supervisors fully supported the idea, the news release also said.
IDA members discussed meeting Dec. 18 at 4:30 p.m. to tour the KDH buildings in the Carroll County Industrial Park.