RICHMOND—Governor Ralph Northam today announced $1,440,000 in Industrial Revitalization Fund (IRF) awards for Middlesex County and the cities of Newport News and Norton. The IRF program provides gap financing for construction projects aligned with local and regional economic development strategies, primarily in distressed communities.
“Strong infrastructure is key to any successful economic strategy in the Commonwealth, and with this funding we are supporting the revitalization of vacant buildings that will bring new life, new business, and new opportunities to these communities,” said Governor Northam. “Strategic and targeted investments like these are critical to ensuring that localities have the resources to complete projects that will directly benefit their communities and spur regional economic development efforts.”
“Financial barriers often block the timely redevelopment of vacant structures,” said Secretary of Commerce and Trade Brian Ball. “The IRF program is intended to leverage local and private resources to achieve market-driven redevelopment of these structures, creating a catalyst for employment opportunities and ongoing economic revitalization in these communities. I’m pleased the Commonwealth can support these impactful projects in diverse communities.”
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. The maximum award is $600,000 per project. Seven applications totaling more than $3.9 million in funding were received.
2019 Industrial Revitalization Fund Awardees:
|
Locality |
Project Name |
Award Offer |
|
Middlesex County |
Cook’s Corner Project |
$480,000 |
|
City of Newport News |
2506 Jefferson Avenue Project |
$480,000 |
|
City of Norton |
Project Apple |
$480,000 |
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