RICHMOND, VA – Governor Glenn Youngkin today announced over $1.8 million in Industrial Revitalization Funds (IRF) for Rockbridge County and the towns of Pamplin and Tazewell. The three awarded projects will create over 25 jobs and leverage an additional $2.5 million in private investment.
“These remarkable projects will breathe new life into dilapidated structures that have been obstacles to economic growth, transforming them into sources of jobs, tourism and community pride,” said Governor Glenn Youngkin. “IRF funding allows us to make holistic investments in our infrastructure that will directly benefit our communities while energizing our regional development efforts.”
IRF leverages local and private resources to achieve market-driven redevelopment of vacant and deteriorated industrial and commercial properties. The program is targeted toward vacant non-residential structures whose poor condition creates physical and economic blight to the surrounding area in which the structure is located. Five proposals were received this funding round and 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 transformation of older, vacant or blighted structures into productive, usable spaces is crucial, both to encourage local investment and to remove obstacles impeding future growth,” said Secretary of Commerce and Trade Caren Merrick. “IRF funds enable us to grow our economy while strengthening small businesses and investing in the continued vibrancy of our communities.”
“When financial barriers block the timely redevelopment of vacant structures, those communities can become stymied in their redevelopment efforts,” said Director of the Virginia Department of Housing and Community Development Bryan Horn. “The IRF program offers innovative solutions to communities caught in that cycle, providing targeted funding to projects that will directly benefit these communities and their residents.”
Since 2012, the IRF program has funded 73 projects that have revitalized vacant, blighted buildings. These projects have generated more than $277 million in additional public and private investment and resulted in the creation of more than 1,500 jobs across Virginia. For more information on IRF, visit dhcd.virginia.gov/irf.
