A loan and grant funding totaling $1 million will be used to develop the Wise County Industrial Development Authority’s Elam Farm property.
A $700,000 grant and a $300,000 loan have been approved by the Virginia Coalfield Economic Development Authority [VCEDA] to assist with the first two phases of development for the property, which totals 203 acres and is adjacent to the Lonesome Pine Regional Business and Technology Park in the town of Wise, according to a VCEDA news release.
Work is currently underway, and the site will serve as an expansion of the business park, which has 400 acres of development, according to the county’s website.
“VCEDA is pleased to assist the Wise County IDA in the Elam Farm property development,” VCEDA Executive Director Jonathan Belcher said in the release. “Once the work has been completed, Wise County will have a 65-acre shovel ready industrial site, giving the county and the Southwest Virginia e-Region a highly marketable site suitable for a variety of projects, including advanced manufacturing or data center projects.”
In 2013, the VCEDA board also approved an $834,250 loan to the IDA to purchase the property.
The IDA also obtained a $1.85 million award from the Virginia Department of Energy’s AMLER [Abandoned Mine Land Economic Revitalization] Program. When combined with local funds, the money is being used for access road improvements and utility infrastructure extensions, which are part of the first phase.
For phase two, the IDA obtained a $1 million federal HUD Community Development Grant and a $750,000 grant from the Virginia Economic Development Partnership Business Ready Sites Program. According to the IDA, these funds will be used for site clearing and earth work.
IDA Executive Director Brian Falin said the multi-phase development is an important piece of future growth and investment in the county.
“This project will allow us to shorten our speed-to-business timeline from years to months, which is critical for project competitiveness,” he said in the release.
