Two Roanoke Region Properties Awarded Funding
Two new business parks in the Roanoke Region of Virginia have been awarded funding from the Virginia Business Ready Sites Program. The grants will help improve site readiness.
The Roanoke Region is actively working to develop new real estate for business with focus on sites 50 acres or larger. The Roanoke Region secured two of the eight grants awarded statewide.
Summit View Business Park in Franklin County is a 540-acre planned business park offering sites of 150+- acres located along US 220. Franklin County was awarded $250,000 from the VBRSP program.
The Western Virginia Regional Industrial Facility Authority was awarded $100,000 for a 112 acre site located on Wood Haven Road at the junction of Interstates 81 and 581 in Roanoke County.
The Virginia Business Ready Sites Program, administered by the Virginia Economic Development Partnership, is a discretionary program established to help Virginia localities develop and market their existing industrial or commercial sites to prospective businesses, thus enhancing the Commonwealth’s infrastructure and promoting its competitive business environment.
“The Virginia Business Ready Sites Program is a valuable tool that helps to identify and improve marketable sites for prospective businesses,” said Governor Terry McAuliffe. “As we continue to diversify and build the new Virginia economy, these sites will offer prospective business partners potential homes where they can locate, thrive and create opportunity in communities across the Commonwealth. I congratulate all of the Phase II grantees on bolstering Virginia’s marketability for economic development projects.”
Upon completion of work, three sites will be designated Tier 4 status, meaning all critical infrastructure components are in place, including Summit View Business Park in Franklin County.
Through this public-private partnership program, localities can apply for funding to identify marketable properties greater than 100 contiguous acres. Acreage readiness is ranked from Tier 1 to Tier 5.
- Tier 1: The site is not zoned and minimal or no due diligence has been performed
- Tier 2: Owners have agreed to a competitive sale price and the comprehensive plan reflects that the site is intended for industrial or commercial development
- Tier 3: Sites are zoned for commercial and industrial use, due diligence has been completed, and the estimated costs of development have been quantified
- Tier 4: All infrastructure is in place or will be deliverable within one year and all permit issues have been identified or quantified
- Tier 5: All permits are in place and the site is ready for a disturbance permit
“The Virginia Business Ready Sites Program offers localities across the Commonwealth the ability to take a critical look at their large acreage sites and assess what could be developed for future opportunities,” said Secretary of Commerce and Trade Todd Haymore. “This program is a great collaboration among state, regional, and local stakeholders, and is a testament to the importance of economic development as a team sport as we work together to create jobs for all Virginians.”
Grantees may use the funding for site assessment and development, including environmental assessments, wetland delineation, boundary survey, infrastructure design and development, and other costs associated with improving the site. The VBRSP committee includes VEDP, Virginia Department of Environmental Quality, railroad representatives, utility representatives, civil engineers and other government, business and industry representatives.