Performance bond gives value to $10 sale of Va. building, mayor says

08/21/2013 | Roanoke Times (Va.), The

The developer who purchased a former health department building in Roanoke, Va., for $10 entered into a performance agreement that requires a high level of investment for the facility, including a performance bond, Mayor David Bowers said. The city will receive $140,000 if the project isn't completed in three years. "It's not just $10; you have to enter into a performance agreement. You have to put in millions of dollars," Bowers said.

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Roanoke Times (Va.), The

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