August 5, 2018
Governor Ralph Northam has announced that $1,440,000 in Industrial Revitalization Fund (IRF) awards have been made for projects located in 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.”
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:
Cook’s Corner Project
City of Newport News
2506 Jefferson Avenue Project
City of Norton