Governor McAuliffe announces more than $2 million in Industrial Revitalization Funds

Governor Terry McAuliffe today announced $2.3 million in Industrial Revitalization Fund (IRF) awards for the cities of Petersburg, Roanoke and Waynesboro, as well as the town of Ashland. The IRF program provides gap financing for construction projects aligned with local and regional economic development strategies, primarily in distressed communities.

“In order to build a new Virginia economy, the Commonwealth needs strong and vital infrastructure,” said Governor McAuliffe. “By revitalizing these dilapidated structures, we are generating new economic development opportunities for these communities and bringing these once-empty structures back to life.”

Projects were reviewed and evaluated competitively, with an emphasis on those with a high level of blight, identification of 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.

The maximum award is $600,000 per project. Nine applications totaling more than $5.5 million in funding were received. The funds are intended to leverage local and private resources to achieve market-driven redevelopment of these derelict structures, creating catalysts for long-term employment opportunities and on-going physical and economic revitalization.

“By leveraging public and private resources, we are able to create support for the project and provide the necessary funding to complete the revitalization effort,” said Secretary of Commerce and Trade Maurice Jones. “The $2.3 million from the IRF program will spur nearly $11 million in total development for the four projects.”

The following projects were awarded funding through the 2015 Industrial Revitalization Fund program: