CLINTWOOD, VA – August 22, 2022 – An up to $60,000 loan for additional site development on an approximately one-acre lot in the Town of Clintwood was recently closed between the Virginia Coalfield Economic Development Authority (VCEDA) and the Dickenson County Industrial Development Authority (IDA).
The funds will be used to install a stormwater detention system on the approximately 1.14 acre tract of property located in the town.
In December 2016, VCEDA approved an up to $300,000 loan to the Dickenson County IDA to be used to finance the purchase of the site, grading, development, construction of a retaining wall, installation of utilities and other improvements.
“According to the IDA’s application to VCEDA, a survey conducted after the grading of the site revealed that the disturbed area was 1.04 acres and that a Department of Environmental Quality (DEQ) stormwater permit would be required,” said Jonathan Belcher, VCEDA executive director/general counsel. “The IDA believes the best option to meet the stormwater requirements is to install a stormwater detention system. VCEDA is glad to assist the IDA with the further development of the site to make it more marketable to prospects who will create jobs.”
The new system proposed will reduce the peak water flow to pre-development levels to comply with the stormwater permit for the property and to comply with DEQ regulations, according to the IDA’s application.
“The town is appreciative of the IDA and VCEDA for helping to develop additional sites in the town for economic development,” said Danny Lambert, mayor of the Town of Clintwood. “We are anxious to get something in there.”
The IDA continues to market the property for potential development.
“I am grateful for VCEDA’s help with this project and look forward to locating a new business on this site to create jobs and economic growth for Dickenson County,” said Dickenson County Administrator Larry Barton.
“The Dickenson County Industrial Development Authority is very much aware of the need for a Stormwater Detention System to be installed on this site in the Town of Clintwood,” said Dickenson County IDA Chairman Larry Yates. “Once installed, it will bring an additional property to the county’s inventory of available sites which the town and county can market to prospective businesses.
“VCEDA has helped in many ways to promote business and employment growth in Dickenson County and this is another example of their willingness to help our county and towns grow and prosper,” Yates added.
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.