State funds will help industrial redevelopment projects in four cities
Industrial redevelopment projects in four Virginia cities are getting a boost from the commonwealth. Gov. Terry McAuliffe announced $2.3 million in Industrial Revitalization Fund (IRF) awards Monday for Petersburg, Roanoke, Waynesboro and Ashland.
The program provides gap financing for construction projects aligned with local and regional economic development strategies, primarily in distressed communities.
“By revitalizing these dilapidated structures, we are generating new economic development opportunities for these communities and bringing these once-empty structures back to life,” McAuliffe said in a statement.
The maximum award is $600,000 per project. Nine applications totaling more than $5.5 million in funding were received. The funds are intended to leverage local and private resources to achieve market-driven redevelopment of derelict structures, creating catalysts for long-term employment opportunities.
According to Secretary of Commerce and Trade Maurice Jones, the $2.3 million from the IRF program will spur nearly $11 million in total development for the four projects.
The projects are: Petersburg Ice and Coal Building, Gill Memorial Technology Accelerator in Roanoke, Virginia Metalcrafters redevelopment in Waynesboro and Ashland Theatre redevelopment in Ashland.