McAuliffe announces $1.97 million in Industrial Revitalization Funds

Governor Terry McAuliffe today announced more than $1.97 million in Industrial Revitalization Fund awards for the City of Petersburg, the Towns of Clarksville and South Hill, and the Highland County Economic Development Authority.

IRF provides gap financing through grants and loans for construction projects aligned with local and regional economic development strategies, primarily in distressed communities.

“Revitalization of these derelict and empty structures brings new life into local communities and spurs public and private investment for economic development,” said Governor McAuliffe. “I am pleased to announce these awards that will direct state funds to areas of the Commonwealth that are in need. The creation of sustainable infrastructure is crucial to helping these communities recover and building a new Virginia economy.”

Projects were reviewed and evaluated competitively, with an emphasis on blight reduction, 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. Twelve applications totaling more than $6.2 million in funding requests 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 make meaningful investments in the revitalization and economic development in these communities,” said Secretary of Commerce and Trade Maurice Jones. “These four projects will spur more than $21 million in total development for the four localities.”

The following projects were awarded funding through the 2017 Industrial Revitalization Fund program: