Wildwood Commerce Park Receives Grants
Total $5.3 Million in Grants Awarded to Date for Wildwood Commerce Park
The Blue Ridge Crossroads Economic Development Authority (BRCEDA) is pleased to announce that the Virginia Tobacco Indemnification and Community Revitalization Commission in January 2011 awarded a second grant for the Wildwood Commerce Park in the amount of $3.8 million for site development. This grant award follows a 2010 grant award of $1 million by the Commission for BRCEDA’s acquisition of the 167-acre site.
And, in February 2011, the Commonwealth of Virginia recommended a federal Appalachian Regional Commission grant of $500,000 for water and wastewater extensions to the Wildwood Commerce Park site. To date, the project has received $5.3 million in grant awards toward the initial $11 million project budget.
“We are approaching a dollar-for-dollar match between grants and local dollars necessary to develop the Wildwood Commerce Park. With a project of this size and scope, having one grant dollar for every local dollar is a significant accomplishment for the region’s economic development initiatives” stated Ken McFadyen, Regional Director of the Blue Ridge Crossroads Economic Development Authority.
In making the January grant award, the Virginia Tobacco Commission awarded a total of $20 million to seven megasite projects in Southside and Southwest Virginia. Megasite projects are defined as those that should generate at least 400 jobs and $250 million in private investment. The grant award to BRCEDA of $3.8 million represents the highest award made among the three projects in Southwest Virginia, which also includes Washington and Smyth counties.
“The work that Carroll, Galax and Grayson are dedicating through BRCEDA is showing results. The Tobacco Commission’s grant award for the Wildwood Commerce Park will greatly assist the region in creating long-term solutions for job growth and private investment that will bolster the local and regional economy,” stated Delegate Bill Carrico, who attended the Commission’s meeting in Richmond with representatives from Carroll, Grayson and BRCEDA.
The Wildwood Commerce Park is part of a 1,400 acre tract located off Exit 19 of Interstate 77. BRCEDA has optioned 167 acres of this tract, of which 50 acres have already been graded and provided with retention pond access.
This initiative is a collaborative effort involving Carroll County, Grayson County, and the City of Galax, with BRCEDA serving in a management role. The Mount Rogers Planning District Commission has provided vital planning and technical assistance. The land is privately owned, and the owners have invested significant resources in the site in partnership with the localities involved. For the $3.8 million grant award, the private property owners are contributing additional cash and services valued at $675,000. The 167 acres has been optioned for $6.25 million and has been appraised at $6.4 million.
The purpose of the Wildwood Commerce Park is to attract well-paying, high-quality jobs in growing, next-level business sectors.
The $3.8 million Virginia Tobacco Commission grant will be dedicated to engineering and related costs, in addition to funding the construction of water, sewer, access road and fiber communications.
Following the grant approval, Delegate Terry Kilgore, who chairs the Tobacco Commission, stated that the “Localities in the megasite program will now need to step up to the plate to invest and create jobs for the region.”
BRCEDA was formed to provide the leadership for economic development efforts that would benefit the Twin County region. Over the last two years, BRCEDA has established the most successful Small Business Development Center in Virginia, leading to the creation of over 116 new businesses. Before the creation of a stand alone Wired Road Broadband Authority, BRCEDA led the effort to create Virginia’s first community-owned, open access regional broadband network. Most recently, BRCEDA is working with the Town of Fries and Virginia Department of Housing and Community Development to begin the implementation of the new Fries Master Plan.