LEBANON, VA – DECEMBER 19, 2022 — An up to $350,000 loan from the Virginia Coalfield Economic Development Authority (VCEDA) to the Russell County Industrial Development Authority (IDA) to be used for additional site development needs at the IDA’s Russell Place property was closed recently.
The funds will be used to finance site development, building demolition, building construction, building improvements and other improvements in the continued development of the IDA’s Russell Place property located at 122 Haber Drive in Lebanon.
With the assistance of a $900,000 loan from VCEDA last year, the IDA purchased and partially renovated the “Russell Place,” a vacant industrial building and its approximately 12 acres. As part of the renovations, demolition work on some older sections of the building which were in poor condition were started.
“With the need for additional industrial buildings in the region, the IDA has decided it would best to plan how to further develop the Russell Place property,” said VCEDA Executive Director/General Counsel Jonathan Belcher. “These funds will help the IDA make additional improvements to prepare the property for future development and will add to the property’s marketability to prospective job-creating tenants.”
Additional improvements, according to the IDA’s application, include further site development, demolition work, the reconstruction of one wall of the existing 52,000 square foot metal building when the brick section is removed, garage doors and electrical connections.
According to the IDA’s application, the IDA has secured $303,500 from the Virginia Tobacco Region Revitalization Commission to assist with the project. The VCEDA funds will be used to match the Tobacco Commission funds to allow the IDA to complete the project.
“Russell County IDA is extremely grateful for the partnership and funding provided by VCEDA for the Russell Place project,” said Russell County IDA Executive Director Ernie McFaddin. “This funding will allow us to continue our work on the Russell Place project. Our end goal will be to have a move-in ready facility that will attract new business and industry into Russell County.”
About Virginia Coalfield Economic Development Authority and Southwest Virginia’s e-Region: The Virginia Coalfield Economic Development Authority, created by the Virginia General Assembly in 1988 to enhance and diversify the region’s economy and help create jobs, markets Southwest Virginia’s e-Region and its focus on electronic information technology, energy, education, emerging technologies, and entrepreneurship. VCEDA is a unique economic development organization that manages funds for economic development projects from a percentage of the coal and natural gas severance taxes paid by coal and natural gas companies that operate in the region. Located in southwestern Virginia, the region includes Buchanan, Dickenson, Lee, Russell, Scott, Tazewell, and Wise counties and the City of Norton. www.vceda.us or www.e-Region.org.