For the Record - Shenandoah Valley

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Eagle Financial Services, the Winchester holding company for the Bank of Clarke County, announced it would not accept any assistance under the Treasury Department’s Troubled Asset Relief Program, which purchases preferred stock from banks in exchange for capital assistance. Eagle had been approved for a $10 million investment but decided against it in order not to dilute the ownership position of local stockholders. (The Winchester Star)

James Madison University’s board of visitors approved the largest master plan in the school’s history. If followed in its entirety, the plan would mean the addition of 3.5 million square feet of new facilities and expansion of academic, student support and athletic facilities. The plan includes expanded use of green building concepts, more library space, dorms, parking garages and a new convocation center. (The Daily News-Record)

Mohawk Industries laid off 73 of 435 workers from its carpet production facility in Waynesboro. The slumping housing market cut demand for carpets, but the company said it has no plans to close the plant. (The News-Virginian)

OakCrest Cos., a Winchester development group, will invest $5 million in housing construction and renovation projects in downtown Winchester. The plan centers on Kent Street, where revitalization has taken root during the past few years. The company plans to purchase at least 10 properties in the area for renovation and establishment of town house or condominium housing. (The Winchester Star)

Pike Church LLC, a Harrisonburg development group, plans to pursue a 160-acre mixed-used project along South Main Street on the city limits with Rockingham County. About 83 percent of the development would be in the county. Plans call for 384 residences and 400,000 square feet of commercial space. (The Daily News-Record)

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