first bank  

Northam announces $1.4M in Industrial Revitalization Funds

virginia
Photo Credit: niroworld

Gov. Ralph Northam announced $1,440,000 in Industrial Revitalization Fund grants for the towns of Bedford and St. Paul, and the cities of Covington and Richmond.

IRF grants provide gap financing for construction projects aligned with local and regional economic development strategies, primarily in distressed communities. Northam made the announcement at Virginia Union University, where IRF funding will support a project to redevelop the historic Industrial Hall building into a Center for African American History and Culture.

“The Industrial Revitalization Fund continues to be an important resource for redeveloping deteriorated structures across the Commonwealth and encouraging the public and private sectors to work together to increase economic and community development,” said Northam. “With these grants, we are investing in projects that will transform older, vacant buildings, bringing bring new life and purpose to their communities and spurring new jobs and positive growth across our Commonwealth.”

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. Eleven applications totaling more than $6.1 million in funding were received.

“The funded projects are transforming deteriorated buildings that stand as a significant deterrent for future economic opportunity in the surrounding areas and regions,” said Secretary of Commerce and Trade Brian Ball. “Through the IRF grants, we are investing funds into the vibrancy of these communities through impactful projects, and we are encouraging strategic public-private collaboration that will encourage new economic and community development in the four communities.”

Since 2012, the IRF program has funded 29 projects that have revitalized vacant, blighted buildings. These projects have generated more than $81 million in other public and private investment, and resulted in the creation of more than 415 jobs across the Commonwealth.

The following projects were awarded funding through the 2020 Industrial Revitalization Fund program:

Applicant Project Name Award
Town of Bedford Bedford School Campus Redevelopment Project $400,000
City of Covington Alleghany Highlands Industrial Heritage and Technology Discovery Center $240,000
City of Richmond Virginia Union University Industrial Hall $400,000
Town of St. Paul Lyric Project $400,000
TOTAL: $1,440,000

Augusta Health Augusta Free Press Kris McMackin CPA
augusta free press news
Augusta Free Press