McAuliffe announces $1.4 million in Industrial Revitalization Funds

Governor Terry McAuliffe today announced $1.45 million in Industrial Revitalization Fund (IRF) awards for three localities in the Commonwealth, including the towns of Big Stone Gap and Cape Charles, as well as the Industrial Development Authority of South Boston.  The IRF provides gap financing for construction projects aligned with local and regional economic development strategies, primarily in economically distressed communities.

terry mcauliffe“Strategic investments like the Industrial Revitalization Fund awards help strengthen our economy and our communities,” said Governor McAuliffe. “Building a new Virginia economy starts with a strong, vibrant local economy in every corner of our Commonwealth. From the Eastern Shore to the Coalfields and every place in between, these funds ensure localities have the resources to complete projects that will diversify our economy and produce real benefits for communities, like direct business activity and tourism.”

Projects were reviewed and evaluated competitively, with an emphasis on those with a high level of blight, impediments to economic development efforts, alignment with regional or local strategies, availability of matching resources, the level of community distress where the property is located, and an identified and feasible end use.

“These projects exemplify the success we can have when private investment is supported by state and local revitalization strategies,” said Secretary of Commerce and Trade Todd Haymore. “With more than $11 million in total private investment and an expected 50 new jobs created for the three localities, these projects represent positive transformations in Virginia.”

The maximum award is $600,000 per project. Nine applications totaling over $5 million in funding requests were received. The funds are intended to leverage local and private resources to achieve market-driven redevelopment of derelict structures, creating catalysts for long-term employment opportunities and on-going physical and economic revitalization.

The following projects were awarded funding through the 2018 Industrial Revitalization Fund program:

 

Locality Project Name Award Offer
Town of Big Stone Gap Mutual Pharmacy Complex Redevelopment      $ 475,000
Town of Cape Charles Cape Charles Brewing Company      $ 500,000
Industrial Development Authority of the Town of South Boston John Randolph Hotel Revitalization      $ 475,000

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