Despite tough budget times in Virginia, critical grant and loan funding dollars are still being awarded for several important Southwest Virginia projects.
The Virginia Coalfield Economic Development Authority announced last week that it will award a $1.5 million grant to the Tazewell County Industrial Development Authority to be used toward site development costs for phase one of the proposed Bluestone Regional Business and Technology Park project planned near Bluefield, Va.
The VCEDA board also authorized a loan of up to $557,363 to be used to help finance the construction of a 5,000 square foot addition to Pemco’s existing 100,000 square facility in Bluefield, Va. The loan funding also will be used for additional equipment including a 20-ton overhead bridge crane.
The board of directors of VCEDA are to be commended for their commitment to creating new economic development projects and desperately needed jobs for Tazewell County.
Helping existing businesses like Pemco expand and create jobs in the region is a priority with VCEDA, according to executive director Jonathan Belcher. Pemco, a manufacturer of electrical power distribution and transformer equipment, was originally formed in 1960, and has operated from the existing Fincastle Turnpike facility since 1996.
The second $1.5 million grant award brings the long-planned Bluestone Regional Business and Technology Park another step closer to reality.
The Bluestone, which is being developed near Bluefield, Va., is a 680-acre mixed-use development that will include sites for new businesses and industry, a workforce training center, offices, a hotel and conference center, retail stores, residential units, a nine-hole golf course and walking trails.
The development of the technology park is critical to future growth in Southwest Virginia, and will create desperately needed new jobs for the region, including neighboring southern West Virginia. The $1.5 million award by VCEDA will be used in conjunction with an earlier $2 million grant awarded by the Virginia Tobacco Commission to help get infrastructure in place for the Bluestone, such as roads, water and sewage, according to Tazewell County Administrator Jim Spencer.
Spencer said the county’s IDA hopes to advertise phase one of the project for bids by Jan. 11, 2000, and “hopefully start construction soon after,” Spencer said.
Although work on the long-planned Bluestone project has been slow thanks to a number of environmental and historical challenges, Spencer said officials are excited to finally be moving forward with the development and are looking forward to a groundbreaking celebration.
Despite tough times in the Commonwealth, including a projected $2.5 billion budget shortfall, it’s good to know that local projects like the Bluestone are still on track for development.
The Bluestone, and the Pemco expansion, wouldn’t have been possible without the assistance of VCEDA, as well as the Virginia Tobacco Commission in the case of the Bluestone project.
VCEDA, and the tobacco commission, are to be commended for their continued support of Southwest Virginia.
