The Floyd County Economic Development Authority is getting a $369,000 grant from the Appalachian Regional Commission. Senator Jim Webb made the announcement today. Funds will support the construction of a new innovation center that will house high-tech industries.
Here is the press release from the office of Senator Jim Webb.
WASHINGTON, D.C. — Senator Jim Webb (D-VA) today announced a $369,000 grant for the Floyd County Economic Development Authority from the Appalachian Regional Commission. Senator Webb sent a letter of support to the commission for the grant application in September 2011.
The grant supports construction of a new “Innovation Center” in the Floyd Regional Commerce Center. The mixed-use facility will provide space to help expand high-tech industries, such as biomedical and biotechnical companies, in the New River Valley.
“This grant will help boost job creation and private investment in Floyd County,” said Senator Webb. “I will continue to support projects that strengthen the economy and the communities of Southside and Southwest Virginia, which have faced some of the greatest economic challenges in the nation during the recession.”
The new 14,000-square foot, multi-tenant facility will include four “clean-room” spaces to conduct research in a controlled environment, which can be used for product development and commercial production. Floyd County already has received two letters of intent from biomedical startups that wish to occupy space in the Innovation Center.
In March, Senator Webb announced an $800,000 grant from the U.S. Department of Commerce for the Floyd County EDA’s project.