Six projects in Virginia will receive Industrial Revitalization Fund grants, which will go toward construction projects in distressed areas. Among these projects are the George Wythe Hotel in Wytheville and the 1908 Schoolhouse in Marion.
Here is the press release from the Office of Gov. Bob McDonnell.
RICHMOND – Governor Bob McDonnell today announced $2.8 million in Industrial Revitalization Fund (IRF) grants for six projects in Virginia. IRF provides grants for construction projects aligned with local and regional economic development strategies, primarily in distressed communities.
“These grants will leverage local and private resources to achieve redevelopment of these derelict structures,” said Governor McDonnell. “The funds will create a catalyst for long-term employment opportunities and on-going physical and economic revitalization to attract private sector investment to these distressed communities.”
Projects were reviewed and evaluated competitively, with an emphasis on those with a high level of blight, identification of impediments to economic development effort, alignment with regional or local strategies, availability of matching resources, level of community distress where the property is located and an identified and feasible end use.
The maximum award was $600,000, and applications were accepted on a rolling basis beginning on Sept. 9-Dec. 31, 2011, or until the entire $3 million in funding is obligated. Funding for this program was made possible by the “Opportunity at Work” budget initiative as a recommendation of the Distressed Communities Sub-committee of the Governor’s Commission on Economic Development and Job Creation.
“Financial barriers often block the timely redevelopment of these structures,” said DHCD Director Bill Shelton. “With the grants and local investments, we believe these projects will spur economic revitalization and provide new life for the deteriorated structures.”
IRF Grant Awards:
(Applicant,Proposal Name,Award Offer)
City of Danville, 321 Craighead Warehouse, $600,000
City of Galax, Sawyers Furniture Site, $382,200
Industrial Development Authority of Halifax County, Burlington Plant, $50,000
Town of Marion, 1908 Schoolhouse, $600,000
City of Richmond, Leigh Street Armory, $600,000
Town of Wytheville, George Wythe Hotel, $600,000