Richmond, Virginia – Governor Glenn Youngkin’s recent announcement of over $1.8 million in Industrial Revitalization Funds (IRF) marks a significant step towards rejuvenating Rockbridge County and the towns of Pamplin and Tazewell. This funding initiative is set to not only create over 25 new jobs but also attract an additional $2.5 million in private investment, catalyzing economic growth and community revitalization.
Revitalizing Communities Through Strategic Investments
The focus of these IRF investments is on transforming dilapidated structures that have long stood as barriers to economic progress into vibrant centers of employment, tourism, and local pride. Governor Youngkin emphasized the transformative impact of these projects, stating, “These remarkable projects will breathe new life into dilapidated structures that have been obstacles to economic growth, transforming them into sources of jobs, tourism, and community pride.” This initiative reflects a strategic approach to leverage local and private resources for the market-driven redevelopment of vacant and deteriorated industrial and commercial properties.
IRF targets vacant non-residential structures that cause economic and physical blight in their communities. The competitive evaluation process for this funding round considered factors such as the level of blight, economic development impediments, alignment with local or regional strategies, and the availability of matching resources. Projects were also selected based on community distress levels and the feasibility of the proposed end uses.
Secretary of Commerce and Trade Caren Merrick commented on the importance of converting older, underused buildings into productive assets. “IRF funds enable us to grow our economy while strengthening small businesses and investing in the continued vibrancy of our communities,” Merrick noted. This sentiment was echoed by Bryan Horn, Director of the Virginia Department of Housing and Community Development, who highlighted the role of IRF in overcoming financial barriers that hinder timely redevelopment efforts.
A Track Record of Success and Future Prospects
Since its inception in 2012, the IRF program has funded 73 projects that have revitalized blighted buildings, generating over $277 million in subsequent public and private investments and creating more than 1,500 jobs across Virginia. The substantial funding amounts for this fiscal year include $1,000,000 for the Stillwater Revitalization Project in Rockbridge County, $500,000 for the ARCH Foundation in Pamplin, and $399,000 for the Tazewell Cinema in Tazewell, totaling $1,899,000.
For communities like Rockbridge, Pamplin, and Tazewell, the IRF represents a critical resource for overcoming economic stagnation and fostering sustainable growth. As these projects unfold, they promise not only to enhance local economies but also to enrich the lives of residents by transforming underutilized spaces into thriving hubs of activity.
Residents and stakeholders interested in the specifics of these initiatives and the broader scope of the IRF can find more information on the Virginia Department of Housing and Community Development’s official website. As these projects progress, they are set to redefine the economic and social landscapes of their respective communities, embodying the state’s commitment to revitalization and growth.
