The Front Royal-Warren County Economic Development Authority expects to close on a $3.65 million property sale on Friday.

The EDA board of directors voted 4-0 on Friday to sell 53 acres of land near the U.S. 340-522 corridor for $3.65 million. The proceeds from the sale, however, will go to the EDA’s two creditors to pay down the authority’s debt of millions of dollars.

Chairman Robert MacDougall and directors Robert Cullers, James Fox and Bruce Townshend voted in favor of moving forward with the sale. Director Dave McDermott attended the meeting but left prior to the vote.

Specifically, directors voted to approve the resolution, dated Oct. 24, approving the seventh amendment to the purchasing contract with Equus Capital Partners/Executive Land Holdings IV LLC for the sale of 53.37 acre

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