BreakDown: Danville IDA’s Rental Income

Let’s take a look at some of the December financial statements from Danville’s Industrial Development Authority. In this NumbersCentral article, we’ll look at their main checking account and talk about what got paid in rental income during the month of December 2015. I could call this a NumbersCentral article, but I’ve got a cool BreakDown graphic… so it’s a BreakDown!

Let’s start off by looking at the entire page summarizing the IDA’s checking account…

There’s a lot of information there, so don’t jump to any conclusions with reading the explanations coming up in the rest of the article. I don’t have all of the answers, but I will explain what I can. If you’ve got questions, the comment section is open below for you to ask them. I’ll get all of the answers that I can.

Let’s start with the amount that the IDA got from the properties that they lease out…

Let’s do our famous BreakDown treatment on that:

• The Danville Regional Foundation pays $6105 a month for rent and Averett pays $12395 rent on their Bridge St. properties. Their buildings are nice, but wow at those numbers! However, you’ll notice that the IDA is paying $18303.95 per month back on the “512 Bridge St. Loan”, and that’s the Averett/DRF property. So that’s $18500 coming in per month, and leaves $196.05 as um…”profit”.
• I have no idea why the Pemberton Lofts are paying $5000 for parking. Is that monthly, yearly? The residents park behind the building in the Newton’s Landing parking lot, but spaces aren’t specifically reserved for them.
• This is 534 Craghead Street. I have no idea who is leasing this, but they’re paying the IDA $350 a month for it.

• Vintages By The Dan pays $750 for their retail space as well as Lizzy Lou’s Boutique’s. Bobby Carlson Photography pays $1000 monthly rent for his space above those two businesses.
• Sky Valley Foods pays $17000 per month and the IDA pays Virginia Bank & Trust $16479.31 for the loan payment, so that’s $520.69 left over after the payments are made.
• 125 North Union Street is Angie’s (the hat store) and that’s $250 rent per month. 127 North Union Street is the barbershop on the corner next to the city’s public parking lot and the IDA’s books show that store over 90 days late in payments ($1205).
• The 200 block of North Union Street businesses are the ones across the street from First State Bank. 200 North Union is the corner store. They paid $200 in December and the IDA’s books show them owing $1800 as of January 12th. 208 North Union paid $125 and still owes $250. 202 North Union Street paid $350 in December but that property isn’t listed on the IDA’s aging summary.
• Riverside Running is “The Brick” and they pay $800 per month in rent. The IDA aging summary shows them owing $691.50 in the 60-90 day column. I don’t know why.
• Piedmont Powder Coating is on Craghead St. right past the railroad bridge. They paid $1550 in December. The aging summary shows them owing $2799.40, but I don’t know why on that one either.
• Lou’s Antiques pays $4000 in monthly rent for the old Schewels building. That’s over $130 a day. Wow.
• The Launch Place pays in $6000 per month, and the IDA paid out $5757.33 in the corresponding loan payment. $242.67 is left over after that in/out.
• Axnano is the former Luna Technologies (whatever happened to Luna Technologies?) and paid $600 in December.
• Telvista paid $48002.20 and in turn, the IDA paid $46370.29 on two Telvista loans. $1631.91 is the remainder after those transactions settle out.
• GSO Aviation did not make their December rent payment of $2950 and Treasurer Mike Adkins said they will make some calls on that, assuming it was an oversight. They’ve been on time before, so nothing to get alarmed at there.

Whew. All totaled for the month, the IDA received $112237.20 in rental income. Most of that went right back out as loan payments, but this shows that Danville’s Industrial Development Authority is doing a lot of work with commercial properties and businesses. This includes large employers like Telvista all the way down to sole proprietors like Angie’s.

We’ll keep looking at the Danville Industrial Authority’s financial statements and explaining what we can to you. If you have questions, use the comment section. SouthsideCentral is proud to be the only media source that goes in-depth on information like this for our readers.