by Cathy St. Clair
News Editor 
  Amendments to agreements between the Town of Grundy Industrial Development Authority and Commonwealth-Grundy Partners, L.P., the developer of the town’s redevelopment site, will see the town contribute some $2.2 million in additional funding toward construction of a 500-space parking structure on the site.
  The parking structure is the foundation for the new Wal-Mart Super Center planned on the site under the terms of the original development agreement. The amendments to that agreement further call for actual construction to begin within 60 days of the signing of the agreement. It also calls for “the public parking structure, Wal-Mart Super Store and other integral retail spaces” to be completed and open for business by October 31, 2008.
  According to Town IDA Director Chuck Crabtree, the agreements recognize the increased construction costs which have continued to escalate since the development agreements were first executed in September 2004.
  Amendments to the agreements have been the topic of multiple meetings of the IDA in recent weeks as the town and the developer have traded document changes back and forth before arriving at the final document forms.
  The amendments were unanimously approved Friday during a continued meeting of the Town IDA.
  Chris Shortridge made the motion to approve the amendments and Shea Shrader made the second. IDA Chairman Mark Mutter was given the authority to sign the amended agreements upon receipt from the developer.
  Wording in the agreements specifically recognize the escalating costs of construction which have occurred since the development agreements were first signed. The estimated cost for the parking structure alone has increased from $5 million to $7.2 million.
  The new agreements also acknowledge delays which have occurred in the project including the delayed turnover date of the site from the U.S. Army Corps of Engineers to the town; VDOT detour traffic plans through the site; unexpected water, sewer and surface drainage installation delays; and unexpected soil conditions.
  “Recognizing the increased cost of the entire project for Commonwealth and the IDA and the importance of the development to the IDA and the Town of Grundy, the IDA agrees to contribute funding to the project towards the increased cost of the public parking structure and public facilities,” the agreement amendments note.
  Under the terms of the agreements, the IDA will put in $2.2 million toward the parking building construction on top of the $5 million already authorized for the structure by the Virginia Department of Transportation. The town’s money on the project will not be used until after the VDOT funding has been exhausted on the structure. In the event the entire $2.2 million is not needed for the parking structure, the balance of any funds not used will be used to pay the cost of public sidewalks and public roadways to the extent those are not paid for by grant funds.
  Changes to the development agreement will allow the town to fund an additional $100,000 toward lighting and landscaping for the project in order to enhance the public area in the event the IDA chooses to do so. The current agreement call for asphalt in that area, however, the town may choose to replace that with concrete, as well as to install benches, planters, stamped concrete and other amenities in the public area on the site plan.
  In the agreements, Commonwealth agrees to “use diligent efforts to cause Wal-Mart to make a public announcement of the project within 30 days of the execution of the agreement” and further, it agrees to begin construction on “the Public Parking/Wall-Mart Super Store structure within 60 days” of the execution of the agreement. The company also agrees to pursue completion of the parking structure, Wal-Mart and other integral retail spaces and to have those open for business by October 31, 2008.
  Construction of the retail space in the Town Center not related to the parking structure and Wal-Mart will be completed within 36 months of the date the agreements are executed, with construction on improvements identified as future development areas started within 36 months and opened for business within 48 months of the agreement date.
  The agreement calls for the development of a regional or national chain sit down restaurant within 48 months of the date of agreements with completion within 12 months of the start date.
  Crabtree noted that the additional funds for the parking structure will come from funding the town already has in hand, including that from Coalfield Economic Development Authority funds received for the redevelopment project as well as funds the town received from the sale of the old town office building when it settled with the corps as the office was relocated for the flood control project.