McAuliffe announces $1.9 million in Industrial Revitalization Funds

Governor Terry McAuliffe on Monday announced more than $1.9 million in Industrial Revitalization Fund (IRF) awards for the city of Lynchburg, Bedford County and the towns of Boones Mill and Warrenton. IRF provides gap financing for construction projects aligned with local and regional economic development strategies, primarily in distressed communities.

Speaking about today’s announcement at an event in Warrenton, Governor McAuliffe said, “Small business growth is critical as we work to diversify and build a new Virginia economy, and viable small business strategies will help bring new investment and job creation to the Commonwealth.  The redevelopment of properties like this is key to the revitalization of historic downtown areas and helping the region to attract businesses and visitors.”

IRF is intended to leverage local and private resources to achieve market-driven redevelopment of dilapidated structures, creating a catalyst for long-term employment opportunities and on-going physical and economic revitalization. Since the inception of the program in 2012, IRF has invested more than $7.7 million in these structures throughout the Commonwealth. The funding has leveraged more than $46.6 million in additional funding from both private and public entities, and more than 170 jobs are being created from these projects.

“By leveraging public and private resources, we are able to create support for the project and invest in the revitalization of these communities,” said Secretary of Commerce and Trade Maurice Jones. “These four projects will spur nearly $34 million in total development for the four localities and bring new life into these communities to make them better places to live, work and raise a family.”

The 2016 IRF 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. Thirteen applications totaling almost $7 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.

The following projects were awarded funding through the 2016 IRF program: