- Last Updated on 03:48 PM 02/11/13
- BY The Gazette-Virginian
South Boston’s Industrial Development Authority has been awarded a $100,000 Industrial Revitalization Fund grant for the redevelopment of John Randolph Hotel.
South Boston officials learned of the news Monday afternoon when the Virginia Department of Housing and Community Development announced the South Boston Industrial Development Authority was one of three projects awarded a total of $900,000 in Industrial Revitalization Fund grants.
The fund provides grants for construction projects aligned with local and regional economic development strategies, primarily in distressed communities.
“In this program’s first year, we see the beginnings of several derelict structures being brought back to life,” said Bill Shelton, director of DHCD. “The funds will not only restore vacant, unused buildings, but it will spur economic revitalization, bringing jobs and more private investment to communities that need it.”
Projects were reviewed and evaluated competitively, with an emphasis on those with a high level of blight, identification of impediments to economic development effort, alignment with regional or local strategies, availability of matching resources, level of community distress where the property is located and an identified and feasible end use.
The maximum award was $500,000, and 16 applications, totaling nearly $2.7 million, were received.
The funds are intended to leverage local and private resources to achieve market-driven redevelopment of these derelict structures, creating a catalyst for long-term employment opportunities and on-going physical and economic revitalization, Shelton said.
At the end of a meeting last April to discuss the acquisition of real estate for a public purpose Thursday, the South Boston Industrial Development Authority authorized Town Manager Ted Daniel to apply for a revitalization grant to assist in rehabilitation of a vacant property in the town.
Grant funds will be used to assist in the redevelopment of the vacant and deteriorated property on Main Street in South Boston located in the Enterprise Zone.
The South Boston Enterprise Zone Program is an economic development program designed to foster business investment and job creation through the provision of both state and local incentives.
Enterprise Zone boundaries include the downtown business district, Seymour Drive, John Randolph Boulevard and the J. Aubrey Houghton Industrial Park.
Virginia’s Community Development Block Grant program provides funding to support business district revitalization efforts to improve economic and physical conditions throughout a community.