Annual Report 2022, Virginia Coalfield Economic Development Authority
Summary
The 2022 Annual Report of the Virginia Coalfield Economic Development Authority (VCEDA), opening with a chairman's letter from Larry Mosley to Governor Glenn Youngkin and the General Assembly. Fifty new projects and expansions were announced in 2022, the letter states, with more than $220 million in private investment planned. It states that VCEDA approved loans and grants for $9,524,604 in new VCEDA funding and, with the region's federal legislators, raised $8.995 million in federal funding for the Coalfields Expressway. The report also contains an executive director's report, project and seed capital highlights, marketing events, loan and grant approvals, an independent auditors' report and a statement of cash receipts and disbursements.
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“Annual Report 2022, Virginia Coalfield Economic Development Authority.”
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ANNUAL
REPORT
2022
VIRGINIA COALFIELD ECONOMIC DEVELOPMENT AUTHORITY
Chairman’s
H A I R M A N Letter
’S LETTER
The Honorable Glenn Youngkin
Governor of Virginia
Patrick Henry Building, 3rd Floor
1111 East Broad Street
Richmond, Virginia 23219
Dear Governor Youngkin,
Larry Mosley
Chairman We are pleased to submit to you and the General Assembly the 2022 Annual Report of the
Virginia Coalfield Economic Development Authority (VCEDA).
Fifty new projects and expansions were announced in 2022, involving 709 full-time and
191 part-time new jobs. These projects plan more than $220 million in private investment
in the region. New project announcements included the locations of Signco, Ronald Mark
Associates, and Blackstone Data Services to Tazewell County as well as expansions by
Appalachian Millworks & Cabinetry and AMR PEMCO in that county; the K-VA-T Food
Stores expansion and a new substance abuse rehabilitation facility in Dickenson County;
the Coronado Global expansion in Buchanan and Tazewell Counties; and expansions by
TABLE OF CONTENTS
Polycap and Bates Family Farm in Russell County. Funding from VCEDA’s Seed Capital
2 Chairman's Letter Matching grant program assisted 37 new business start-ups with 267 full-time and part-
3 Executive Director’s Report time jobs projected.
4-5 2022 Projects & Expansions
In 2022, VCEDA approved 54 loans and grants for $9,524,604 in new VCEDA funding.
6-14 2022 Project Highlights Funding was approved for projects in all eight localities in the VCEDA region. In addition
15-25 2022 Seed Capital Highlights to providing administrative assistance to the Virginia Coalfields Expressway Authority
26-28 Marketing (CFX), VCEDA, in conjunction with the region’s federal legislators, raised $8.995 million
29 2022 VCEDA Marketing Events in federal funding for the CFX which is deemed a crucial component in the economic
development future of Southwest Virginia.
30 Coalfields Expressway
31 VCEDA Board VCEDA is committed to its mission and crucial role in helping to diversify the region’s
32-33 Loan & Grant Approvals economy. We look forward to working with the Governor’s Office and the General Assembly
to help our region continue to diversify and grow.
34-35 Independent Auditors’ Report
35 VCEDA Statement of Cash Receipts Sincerely,
& Disbursements
Larry Mosley
Mission of the Virginia Coalfield Economic Development Authority VIRGINIA COALFIELD ECONOMIC DEVELOPMENT AUTHORITY
The primary purpose of the Authority is to enhance the economic base for the seven county and one city coalfield region of Virginia (Lee, Wise, Scott,
Buchanan, Russell, Tazewell and Dickenson Counties and the City of Norton). The Authority shall provide financial support for the purchase of real
estate, construction of buildings for sale or lease, installation of utilities, direct loans and grants to private for-profit basic employers; may apply for
matching funds from the state or federal government, or the private sector; and any other support improvements it deems necessary.
Code of VA Title 15.2 Chapter 60, Section 15.2-6002
2
EXECUTIVE DIRECTOR’S REPORT
The Virginia Coalfield Economic Development Authority (VCEDA) was formed by the
Virginia General Assembly in 1988 to enhance and diversify the economy of the seven-
county, one-city coalfield region of Southwest Virginia, which includes the counties of
Buchanan, Dickenson, Lee, Russell, Scott, Tazewell and Wise and the City of Norton.
Since VCEDA was formed, the region has seen the creation of tens of thousands of jobs,
billions in private investment, the economic diversity index of the region has improved by
more than 250%, and the region’s unemployment rate has been cut by at least half.
2022 saw the region build upon these successes despite the lingering effects of the
Jonathan Belcher
COVID-19 pandemic and high national inflation. Some of these successes included:
Executive Director/
General Counsel » The announcement of 43 new projects in the region, projected to create 365 full-time
and 141 part-time jobs and $35,879,701 in private investment.
» The announcement of 7 expansion projects in the region, projected to create 344 full-
time and 50 part-time jobs and $184,475,200 in private investment.
» The approval by the VCEDA Board of 54 loans and grants for $9,524,604 in new VCEDA
funding.
» Thirty-seven new business start-ups in the region supported by grants from VCEDA’s
Seed Capital Matching Fund program, projecting 126 full-time and 141 part-time jobs.
» Twenty-five outreach marketing events to promote the region, which VCEDA promotes
as Southwest Virginia’s e-Region, throughout the United States.
» The raising of $8.995 million in federal funding for the Coalfields Expressway, in
conjunction with the Virginia Coalfields Expressway Authority and the region’s federal
legislators.
Important projects announced during the year in the region included the Coronado
Global expansion in Buchanan and Tazewell Counties; the K-VA-T Food Stores expansion
and a new substance abuse rehabilitation facility in Dickenson County; expansions by
Polycap and Bates Family Farm in Russell County; the locations of Signco, Ronald Mark
Associates, and Blackstone Data Services to Tazewell County as well as expansions by
Appalachian Millworks & Cabinetry and AMR PEMCO in that county; and a host of new
business start-ups in the region including Whistle Pig Country Store in Lee County, Air
VCEDA staff includes, from left, Mitzi White, Office Fiber Communications in Russell County, and 12 new business start-ups in Wise County,
Manager; Jean Jordan, Funds Administrator; Jonathan the most Seed Capital-supported start-ups of any county.
Belcher, Executive Director/General Counsel; Marketta
Horton, Economic Development Specialist; and Susan As always, the successes of 2022 were possible because of the region’s team approach
Copeland, Marketing Coordinator. as VCEDA and its economic development allies work towards a common goal for the
betterment of the region. It is this team approach that
will continue to be critical as the region perseveres in its
challenge to enhance and diversify the economy of the
coalfields of Virginia.
3
2022 NEW PROJECTS
NEW PROJECTS LOCALITY JOBS PRIVATE INVESTMENT
Hurley Remodeling & Custom Designs LLC Buchanan 2 FT / 4 PT $15,000
Dickenson County Substance Abuse
Dickenson 52 FT $1,000,000
Rehabilitation Center
Wright Way Repair LLC Dickenson 3 FT $37,000
CRC Affordable Quality Lawn Care LLC Dickenson 3 FT $10,000
Mountain View Marina & Campground, LLC Dickenson 3 FT / 6 PT $182,000
Hammilltime Construction, LLC Dickenson 2 FT / 4 PT $30,000
Sykes Seamless Gutter LLC Dickenson 1 FT / 1 PT $50,084
Delightfully Designed, LLC Dickenson 1 FT $10,000
Whistle Pig Country Store, LLC Lee 3 FT / 12 PT $319,200
Rock Bottom Horse Camp, LLC Lee 1 FT / 1 PT $95,000
B’s Wigs, Extensions and Beauty Supply L.L.C. Norton 5 FT / 2 PT $33,141
RTW Music LLC d/b/a The Music Schoool and Shop Norton 2 FT / 12 PT $130,000
Elite Motion Dance Company Inc. Russell 3 FT / 5 PT $14,700
Air Fiber Communications, Inc. Russell 12 FT $10,000
Double Dreaming, LLC d/b/a Retail Junkies Russell 1 FT / 3 PT $11,590
Lavish Hair Design, LLC Scott 5 FT / 2 PT $10,300
Grain Bin Market LLC Scott 2 FT / 5 PT $39,750
Kane St. Smokehouse LLC Scott 4 FT / 10 PT $148,600
Hall Logging, LLC Scott 3 FT / 1 PT $53,120
Devils Fork Campground LLC Scott 2 FT / 4 PT $54,279
Boutique 276 LLC Scott 1 FT / 3 PT $10,016
Signco Tazewell 19 FT $650,000
Adair Behavioral Services LLC Tazewell 8 FT / 3 PT $36,961
Ethics Hair Care LLC Tazewell 6 FT $37,252
The Happy Goat, LLC Tazewell 2 FT / 5 PT $282,000
Blackstone Data Services, LLC Tazewell 5 FT $18,000,000
Ronald Mark Associates, Inc. Tazewell 29 FT $13,500,000
Bee Noodled, LLC Tazewell 8 FT / 3 PT $50,000
Tazewell Test Center, LLC Tazewell 1 FT / 1 PT $13,350
FT = full-time; PT = part-time
4
2022 NEW PROJECTS
NEW PROJECTS LOCALITY JOBS PRIVATE INVESTMENT
Far Fetched Grooming LLC Wise 8 FT / 4 PT $45,000
WM3 Enterprises LLC Wise 5 FT / 7 PT $15,000
Oma’s Haus LLC Wise 4 FT / 7 PT $187,500
One Step At A Time, LLC Wise 4 FT $445,000
Sweet Winks LLC Wise 2 FT / 4 PT $51,000
Paymerang LLC Wise 50 FT N/A
Micah McDermott LLC d/b/a Just Melt It Wise 7 FT $35,000
The Charc Board LLC Wise 5 FT / 5 PT $15,050
Sugar Plum Tavern and Eatery LLC Wise 2 FT / 6 PT $89,908
Universal Fitness LLC d/b/a Absolute Fitness Wise 2 FT / 5 PT $75,000
Fourth Street Sweets, LLC Wise 1 FT / 10 PT $16,100
The Shack at Lonesome Pine, LLC Wise 1 FT / 4 PT $19,800
Cluck Truck, LLC Wise 1 FT / 2 PT $52,000
MECC/SWCC Solar Workforce Accelerator Regional 84 FT N/A
TOTAL NEW PROJECTS (43) 365 FT / 141 PT $35,879,701
2022 EXPANSIONS/RETENTIONS
EXPANSIONS/RETENTIONS LOCALITY JOBS PRIVATE INVESTMENT
Breaks Interstate Park Buchanan/Dickenson 3 FT / 50 PT N/A
Coronado Global Resources Inc. Buchanan/Tazewell 181 PT $169,100,000
Polycap LLC Russell 15 FT N/A
Bates Family Farm, LLC Russell 35 FT $300,000
Appalachian Millworks & Cabinetry, LLC Tazewell 15 FT $1,050,000
AMR PEMCO Tazewell 20 FT $575,200
K-VA-T Food Stores Dickenson 75 FT $13,450,000
TOTAL EXPANSIONS (7) 344 FT / 50 PT $184,475,200
TOTAL NEW PROJECTS &
709 FT / 191 PT $220,354,901
EXPANSIONS/RETENTIONS (50)
FT = full-time; PT = part-time
5
HIGHLIGHTS
Wildwood Recovery Center / Dickenson County /
$4 Million Loan
VCEDA approved a $4 million loan to help the Dickenson County Industrial
Development Authority (IDA) establish the only in-patient residential
substance abuse rehabilitation facility in the region to be located in Dickenson
County near Clintwood, VA. The $7 million Wildwood Recovery Center will be
operated by Addiction Recovery Care (ARC), headquartered in Louisa, Ky.,
and will include modular buildings, two 7,000-square-foot administrative
and six 1,900-square-foot dormitories, allowing ARC to serve at least 96
male individuals. The project is also being supported by a $2 million loan
by the Virginia Small Business Financing Authority, the Dickenson County
Board of Supervisors, the town of Clintwood and other county entities. Within
its first year of operation, Wildwood Recovery Center is projected to create
approximately 30 local jobs and 52 jobs within two to five years.
Blackstone Data Services, LLC / Tazewell County /
New Project
Blackstone Data Services, LLC, a data center hosting service and
cryptocurrency mining business, announced in October it will be coming to
Tazewell County and locating in the Bluestone Business and Technology Park
shell building. The new company is expected to create five new jobs and a
projected private capital investment of $18 million and will provide data
center hosting, server and node maintenance, and cryptocurrency mining
container asset manufacturing to benefit a three-state area. In 2017, the
VCEDA Board approved up to a $2,739,700 loan to the Tazewell County
Industrial Development Authority (IDA) to help finance site development and
costs associated with the construction of the approximately 40,000-square-
foot technology shell building to be occupied by Blackstone.
Ronald Mark Associates, Inc. / Tazewell County /
New Project
Governor Glenn Youngkin announced in November that Ronald Mark
Associates, Inc. (RMA), a leader in custom resin and vinyl fabric formulations
and technical services, will invest $13.5 million to establish a manufacturing
operation in Tazewell County. The company will occupy the former Komatsu
Mining Corp. facility at 1081 Hockman Pike in Bluefield, VA, revitalizing
a vacant facility and creating 29 new jobs. VCEDA worked with Tazewell
County officials, the Virginia Economic Development Partnership and state
legislators to recruit a new tenant for the former manufacturing facility.
Headquartered in Hillside, NJ, RMA has been marketing, distributing, and
packaging PVC resin since 1971 and manufacturing vinyl films and technical
textiles since 1979.
6
Signco / Tazewell County / $650,000 Investment
Governor Glenn Youngkin announced in March that Signco, a Chicago-based
custom sign manufacturer will invest $650,000 to establish an operation
in Tazewell County and create 19 new jobs. The company will occupy the
former MC Signs facility in Bluefield, VA. Founded in 1984 in Melrose Park, IL,
Signco works with businesses of all sizes to create customized sign and logo
designs and boasts a state-of-the-art graphics department for large format
digital printing and fleet graphics. Additionally, the company has developed
a new manufacturing process using 3D printing to make multi-dimensional
LED letters, the first company in the United States to bring this technology
to the mainstream sign industry. The company cited the workforce and its
strong core values of family and innovation as being keys to its decision to
locate in Tazewell County.
Appalachian Millworks & Cabinetry, LLC /
Tazewell County / $400,000 Loan
VCEDA approved a $400,000 loan to be used to finance building construction,
renovations and improvements to streamline manufacturing and assist with
an expansion of Appalachian Millworks & Cabinetry, LLC (AMC) in Tazewell
County, bringing with it 15 new full-time jobs and $1,050,000 in private
investment. Known for its custom cabinetry, trim, flooring and other millwork,
AMC began operations in 2015 in the former W.B.F. White and Sons building,
which was formerly used for the operation of a similar business, Clinch
Valley Millworks. To become more efficient and streamline the manufacturing
process, AMC has purchased a new location, the former Magic Mart building
and site located in downtown Richlands, for a relocation and expansion
allowing the company to have higher volume production, increase sales and
add jobs.
AMR PEMCO / Tazewell County / $447,200 Loan
Twenty new jobs and $575,200 in private investment are projected to be
coming to Tazewell County in the next two years as a result of an expansion
at AMR PEMCO in Bluefield, VA, made possible in part by an up to $447,200
low-interest loan to the company by VCEDA. The funds will be used to finance
the purchase of equipment and machinery and to make building renovations
and expansions to increase production space and efficiencies at the
company’s manufacturing facility in Bluefield. The company currently has
88 full-time employees at the Bluefield facility, but projects that number will
increase to 108 within two years. AMR PEMCO designs and manufactures
dry-type transformers, power distribution equipment and industrial control
enclosures and buildings. Through the years, VCEDA has provided six loans
to PEMCO Corporation for various expansion projects, including the current
loan.
7
HIGHLIGHTS
Food City Groundbreaking / Dickenson County /
Expansion
K-VA-T Food Stores officials broke ground in September on a new state-of-
the-art Food City supermarket that will be located at the intersection of
Dickenson Highway and Main Street in Clintwood, VA. The 45,000-square-
foot retail supermarket will serve as a replacement for Food City’s existing
location in Clintwood and is expected to open in spring 2023. VCEDA
provided a grant to the Dickenson County Industrial Development Authority
to help develop the site. VCEDA recognizes Food City as a highly significant
regional employer, and the 75 new jobs and $13,450,000 investment this
new store will bring to Dickenson County will be a boost to the economy and
to downtown Clintwood.
Coronado Global Resources Inc. / Buchanan and
Tazewell Counties / Expansion
VCEDA was in attendance in December at Coronado’s Buchanan Mine for
the celebration and ribbon cutting of the planned $169 million expansion to
one of the largest producers of metallurgical coal in the state. An additional
181 jobs are projected to be added as a result of the expansion which puts
the mine in a position to be able to double its extraction capacity bringing
its total workers at the site to 781. Gov. Glenn Youngkin was present at the
December event to help cut the ribbon on the expansion. VCEDA was pleased
to host a meeting with the secretary of commerce and trade, the Virginia
Economic Development Partnership, Coronado officials and the Metallurgical
Coal Producers Association at its offices in May.
Paymerang / Wise County / New Project
VCEDA extended its congratulations to Paymerang, a payment and invoice
automation company based in Central Virginia, who announced it will
incorporate Wise County in its business expansion plans. The company and
its parent company, Aldrich Capital Partners, announced plans to expand
its operations to include use of space in Big Stone Gap in the former Mutual
Drug building to create 50 jobs. Employees in the Wise County facility will
engage in software development and payment operations for Paymerang’s
nationwide client base. VCEDA has been pleased to work with Big Stone Gap
in the past to provide a $90,000 grant for renovations to the building; and
another $10,000 seed capital grant for Curklin’s which is already located in
the building.
8
Polycap LLC / Russell County / $100,000 Grant
VCEDA approved an up to $100,000 grant from the VCEDA Coalfield
Workforce Development and Training Fund to the Russell County Industrial
Development Authority (IDA) to assist with a planned expansion by Polycap
LLC. An additional 15 new full-time jobs are expected to be created within
a four-year period and will exceed original job projections made by the
company when it first located in Southwest Virginia’s e-Region. The grant
will be used for workforce development and training. Currently, Polycap
LLC employs 41. Polycap LLC was recruited to the Lebanon shell building
in 2019 by the Russell County IDA and VCEDA. It is the first and only U.S.
manufacturing plant for Plasticap, which was based in Toronto, Canada.
Plasticap has since moved all of its manufacturing to the Lebanon facility
and now operates solely under the Polycap name.
Acme Building / Russell County / $200,000 Loan
VCEDA approved an up to $200,000 loan to the Russell County Industrial
Development Authority (IDA) to finance additional renovations and
improvements at the former Acme building in Lebanon, VA for its new tenant
which will bring with it up to 35 full-time jobs within five years. The IDA has
been working with Bates Family Farm, LLC, which is interested in use of
the building to develop a manufacturing/processing plant for its goat milk
lotions and soaps. Bates Family Farm first relocated to Russell County in
2019. VCEDA approved an up to $500,000 loan request from the IDA in 2021
to assist with the purchase and renovation of the former Acme building. The
IDA has continued to work with Bates Family Farm, LLC to expand into the
building once upfits to the property are completed.
Russell Place / Russell County / $350,000 Loan
VCEDA approved an up to $350,000 loan to the Russell County Industrial
Development Authority (IDA) to be used for additional site development at
the IDA’s Russell Place, a vacant industrial building and its approximately 12
acres. The funds will be used to finance site development, construction, and
other improvements in the continued development of the property located in
Lebanon, VA. With the assistance of a $900,000 loan from VCEDA last year,
the IDA purchased and partially renovated the property, and demolition work
on some older sections of the building were started. The VCEDA funds will be
used to match the Tobacco Commission funds to allow the IDA to complete
the project, and will help the IDA make additional improvements and add to
the property’s marketability to prospective job-creating tenants.
9
HIGHLIGHTS
Virginia Tech Study / Target Industries /
Southwest Virginia’s e-Region
Four target industries that VCEDA should continue to prioritize to promote
job growth and investment were identified in an industry strategic analysis
conducted by the Virginia Tech Center for Economic and Community
Engagement. The findings in the VCEDA-commissioned report were presented
to the VCEDA board at its September meeting, and the study found that the
region is already outperforming national averages in some key sector areas.
The report identified advanced manufacturing, electronic information
technology, energy-related enterprises and creative tourism as the four
target sectors. In arriving at the findings, the challenges and opportunities
in each industry cluster were analyzed. VCEDA began marketing the region as
the e-Region some years ago to focus on emerging technologies (advanced
manufacturing), electronic information technologies, energy and education
and through additional programs VCEDA has formulated, tourism and
entrepreneurship.
Green and Haysi Lots / Dickenson County /
$50,000 Grant
VCEDA approved an up to $50,000 grant from the VCEDA Dickenson County
Account to be used to finance a feasibility study related to the Dickenson
County Industrial Development Authority’s (IDA’s) “Green Lot” located in
Clintwood, VA, and the “Haysi High School Lot” located in Haysi, VA, to
assist in the marketing and economic development of those properties.
Space-Based Broadband / Dickenson County /
$144,000 Grant
VCEDA approved an up to $144,000 grant from the VCEDA Education and
Telehealth Access Fund to the Dickenson County Industrial Development
Authority (IDA) to be used to finance the provision of low earth orbit space-
based broadband to unserved and/or underserved children in Dickenson
County. The project will bring access to high-speed Internet to an additional
60 households, to include 97 school-aged children. Potential benefits of the
project include enhanced educational opportunities for students, health
treatment expansion and enhanced workforce education and remote worker
opportunities. VCEDA was appropriated $500,000 in the Virginia state
budget for FY2023 and $500,000 in FY2024 “for initiatives intended to
expand education and telehealth access.” VCEDA also received $500,000 for
that purpose in FY2022.
10
Breaks Interstate Park / Buchanan and Dickenson
Counties / $1.18 Million Grants
Improvements to the Breaks Interstate Park, including the addition of a
swimming pool, log cabin construction, cottage and visitor center renovations
and other infrastructure improvements will take place at the park due in
part to three grants totaling $1.18 million approved by VCEDA. The funds
include up to $681,600 in grants to fund the improvement projects which
come from the VCEDA Civil Penalties Fund and an up to $500,000 grant to
fund the construction of a new swimming pool which comes from the VCEDA
Dickenson County account. The park demolished its decades old swimming
pool and replaced it with a waterpark in 2012, which VCEDA also helped to
fund. Park officials noted that while the facility has been well received, it has
also prompted calls from park guests regarding the need for the addition of
a swimming pool.
Solar Workforce Accelerator Program /
Regional / $225,000 Grant
Up to 84 full-time jobs in the field of solar energy are projected to be created
through the new Solar Workforce Accelerator program being funded by an
up to $225,000 grant approved by VCEDA in 2021 and announced in 2022
through its Renewable Energy Fund. The funds will be used to establish a joint
solar education program being developed by Southwest Virginia Community
College (SWCC) and Mountain Empire Community College (MECC). The
VCEDA funds will be used for workforce development and training. Through
the program, students will be trained and placed in paid internships. The
two community colleges joined forces to establish the Southwest Virginia
Solar Workforce Accelerator covering the seven counties and one city of the
VCEDA region.
Lonesome Pine Regional Business and Technology
Park Building / Wise County / $1.2 Million Loan
VCEDA approved an up to $1.2 million loan to the Wise County Industrial
Development Authority (IDA) to be used for the purchase of an approximately
10,000-square-foot furnished office building and an approximately 4.363-
acre site in the Lonesome Pine Regional Business and Technology Park in
Wise County. The property, located at 5957 Windswept Boulevard in Wise,
was originally sold by the IDA to Southern Coal Corporation which built the
office building. The building, later owned by Davis Mining & Manufacturing,
Inc., was vacated. The floorplan of the building includes 19 individual offices;
two conference rooms with conference table and chairs; and an entrance
reception area. The acquisition of the building fits with planning efforts
by the IDA to assist in future tenant recruitment and adds to the region’s
inventory of marketable buildings and sites.
11
HIGHLIGHTS
Clintwood Splash Pad / Dickenson County /
$300,000 Grants
VCEDA approved three grants totaling $300,000 for the development of
a splash pad recreational area in Clintwood, VA. In separate 2021-2022
actions, the VCEDA board approved $50,000 for the project requested
by the Dickenson County Industrial Development Authority (IDA) from
the VCEDA Tourism Capital Improvement Matching Fund; $50,000 for the
project requested by the Town of Clintwood from the VCEDA Tourism Capital
Improvement Matching Fund; and gave its approval to a second request from
the IDA to transfer up to $200,000 from the VCEDA Dickenson County Account
to the VCEDA Tourism Capital Improvement Matching Fund and to approve
an up to a $200,000 grant from the VCEDA Tourism Capital Improvement
Matching Fund to the IDA. The funds will be used to finance site development,
paving, splash pad construction, building construction, the purchase of
equipment, other improvements and costs associated with the project.
Space-Based Broadband / Wise County /
$232,500 Grant
VCEDA approved a $232,500 grant from the VCEDA Education and Telehealth
Access Fund to the Wise County Industrial Development Authority (IDA) to
be used to finance the provision of low earth orbit space-based broadband
through Starlink Satellite Internet to additional unserved and/or underserved
children in Wise County. The grant funds will be used for the cost and expense
of hardware and wiring, and for two-year subscriptions for 94 residences in
Wise County. This will result in a grand total of 438 students that will receive
Starlink Satellite Internet service in the county. VCEDA was appropriated
$500,000 in the Virginia state budget for FY2022, $500,000 for FY2023
and $500,000 in FY2024 for initiatives intended to expand education and
telehealth access and developed the VCEDA Education and Telehealth Access
fund to administer the funds being received from the state.
U.S. Sen. Mark Warner Roundtable / VCEDA Office
U.S. Sen. Mark Warner led a roundtable discussion held at the Virginia
Coalfield Economic Development Authority (VCEDA) office in Lebanon in
the fall with approximately 45 in attendance, including VCEDA Chairman
Larry Mosley and Lebanon Mayor Tony Dodi. Among the topics discussed
included the federal infrastructure bill, broadband, funding for the Coalfields
Expressway, the recent federal inflation reduction act, global economy issues,
clean energy, coal synergy projects, rare earth minerals and Abandoned Mine
Land funding.
12
Virginia Secretary of Commerce and Trade Tour /
Southwest Virginia’s e-Region
Virginia Secretary of Commerce and Trade Caren Merrick and Virginia
Economic Development Partnership (VEDP) President & CEO Jason El Koubi
took part in a series of regional roundtable discussions related to economic
development, education, workforce and the coal industry, hosted by VCEDA
in Lebanon in May. VCEDA also hosted a luncheon in honor of Merrick and
El Koubi at the Russell County Conference Center attended by approximately
100 Southwest Virginia state and local elected officials, economic developers
and other Southwest Virginia leaders. VCEDA Executive Director/General
Counsel Jonathan Belcher opened the roundtable sessions presenting an
overview of VCEDA and its programs and providing Merrick and El Koubi
and their staff participants with some key facts about the Virginia coalfield
region marketed by VCEDA as Southwest Virginia’s e-Region.
Virginia Department of Transportation Meeting /
CFX and Economic Development
The importance of the Virginia Coalfields Expressway (CFX) as a tool for
economic development in the region, as well as a tool for roadway safety
was stressed by Virginia Coalfields Expressway Authority Chairman Jay Rife,
Virginia CFX Authority Executive Director Jonathan Belcher and others during
a May meeting in Abingdon of the Virginia Department of Transportation
(VDOT) to consider the region’s piece of the Commonwealth’s overall $51
billion six-year road plan. Speaker after speaker spoke of the benefits of the
CFX project in the region and urged VDOT to find a way to build the roadway,
suggesting one approach would be for it to be made part of the Corridor Q
project already under construction in Buchanan County and that VDOT seek
its designation as being a part of the Appalachian Regional Commission’s
Appalachian Development Highway System.
Paul’s Fan Company / Buchanan County /
Grand Opening
VCEDA was pleased to take part in the ribbon cutting for Paul’s Fan Company
at Southern Gap in Buchanan County in April celebrating the company’s
decision to expand its operations in Buchanan County. In 2019, VCEDA
approved an up to $5.6 million loan to the Buchanan County Industrial
Development Authority (IDA) which saw Paul’s Fan Company sign on to
occupy the shell building under construction at Southern Gap at that time,
bringing with it 40 new full-time jobs and the retention of 42 additional
full-time jobs over a 10-year period. The addition of the BEAST Company
manufacturing line of aluminum trailers at the new location is projected to
add another 15 jobs.
13
HIGHLIGHTS
Workforce Development and Training / Mountain
Empire Community College / $200,000 Grant
VCEDA approved an up to $200,000 grant to the Mountain Empire Community
College Foundation from the VCEDA Coalfield Workforce Development
and Training Fund to be used for workforce development and training.
The college may use the funding for costs and expenses of scholarships,
tuition, training instructional costs, retraining costs, customized workforce
training for area businesses, assessments, including, but not limited to,
costs of administering National Career Readiness Certificate testing, and
certifications for residents of Southwest Virginia’s e-Region. VCEDA also
approved up to a $500,000 grant in 2018 and up to a $100,000 grant in
2021 to the MECC Foundation to support workforce development and training
needs in the region. Since 2018, approximately 484 students have completed
569 certifications and training courses to meet the workforce demands of
our region.
Energy Storage and Electrification Manufacturing /
Regional
VCEDA helped co-host an April meeting of the Energy Storage and
Electrification Manufacturing Jobs Project (ESEM) where a Community
Economic Development Analysis and Advisory Plan Report was presented and
discussed. VCEDA is part of this collaborative GO-Virginia funded initiative
to help existing companies expand and to recruit new industries in the fields
of energy storage and electrification manufacturing. The ESEM project aims
to facilitate the development of a vibrant energy storage and electrification
economy in Southwest Virginia by creating jobs in the local manufacturing
sector, attracting new investments to the region and expanding the local tax
base. Regional companies participating in the project include AMR Pemco,
Lawrence Brothers, Simmons Equipment and West River Conveyors.
VCEDA Executive Director / Virginia Power 500 List /
Virginia Business Magazine
VCEDA Executive Director/General Counsel Jonathan Belcher was named to
the Virginia Power 500 list, a listing by Virginia Business magazine of the
500 most powerful, influential leaders in business, government, politics and
education in the state. Belcher, who also serves as the executive director
of the Virginia Coalfields Expressway Authority, was one of nine Southwest
Virginia residents named to the prestigious list. He began working with
VCEDA in 1997 and became its executive director in 2006. He holds a B.B.A.
in Real Estate from Morehead State University, a J.D. from the College of
William & Mary and is a licensed attorney.
14
S E E D C A P I TA L P R O J E C T S
VCEDA SEED CAPITAL MATCHING FUND
VCEDA established the VCEDA Seed Capital Matching Grant
Fund in 2017 to provide a source of matching grant funds to assist
new, start-up, and emerging small businesses located within the
region, and to attract small businesses from outside the region to
locate within the region.
STATISTICS
Stats on Seed Capital Matching Fund
SINCE 2017
NEW START-UPS 174
VCEDA region for-profit businesses in qualifying business
sectors one year and under with less than 10 full-time employees
1297 (723 FULL-TIME;
are eligible to apply for dollar-for-dollar matching grants up PROJECTED JOBS
to $10,000 from the VCEDA Seed Capital Matching Fund.
574 PART-TIME)
Applicants work with the Small Business Development Centers at
Mountain Empire and Southwest Virginia community colleges to PROJECTED INVESTMENT $10,382,846
prepare the applications to VCEDA that include detailed business
and financial plans. Businesses must be located in, or plan to
operate in, the VCEDA region. In 2022, VCEDA approved grants from the Seed Capital Matching
A February 2021 study of the Seed Capital Matching Fund Fund to assist 37 new small business start-ups throughout the
completed by Virginia Tech’s Center for Economic & Community region. Start-ups were approved in all eight localities served
Engagement found that VCEDA seed capital program had by VCEDA. In 2022, VCEDA approved a total of $369,303.90
a very high return on VCEDA’s investment of approximately in seed capital grants, which represents less than 4% of total
34:1. The study also found that VCEDA has played a critical VCEDA funding approved in 2022. However, seed capital projects
role in the development of small businesses and in support of accounted for 18% of full-time jobs and 74% of part-time jobs
entrepreneurship. announced in 2022, with a total of 126 full-time and 141 part-time
jobs being projected over a five year period.
Hurley Remodeling & Custom Designs LLC / Buchanan County
Jonathan and Ashley Hurley have long enjoyed home renovation work and at the end of 2021, the couple decided to open Hurley
Remodeling & Custom Designs LLC in Hurley, VA. Small jobs and larger ones have found the remodeling help they need through the
business which does all types of reno work, from flooring and tilework to bathroom and kitchen remodels and everything in between. As
the business grows, the Hurleys hope to be able to add a second crew to lessen wait times and expand their opportunities for work. The
business projects two full-time and four part-time employees within five years.
Wright Way Repair LLC / Dickenson County
High quality, experienced automotive service at an economical price became available in the Clinchco area as Wright Way Repair LLC
opened in 2023, according to Heather Wright, who co-owns the new business with her husband, Joshua. Wright Way Repair LLC offers
automotive repair services in Dickenson County, primarily serving residents in Clinchco, Haysi and Clintwood and those traveling
through the area. A building at 141 Road Branch was purchased and renovated to house the new business and to offer storage space for
rent. The business projects three full-time employees within five years.
15
S E E D C A P I TA L P R O J E C T S
Oma’s Haus LLC Rock Bottom Horse Camp, LLC
Whistle Pig Country Store, LLC B’s Wigs, Extensions and Beauty Supply L.L.C.
Delightfully Designed, LLC Devil’s Fork Campground LLC Bee Noodled, LLC
16
CRC Affordable Quality Lawn Care LLC / Dickenson County
Quality lawn care at an affordable price is what CRC Affordable Quality Lawn Care, LLC strives daily to deliver to its customers in
Dickenson and surrounding counties, according to CRC Owner Craig Carpenter. Carpenter noted the business officially opened in
March 2022 and has been growing and adding new customers ever since. Lawn care, mulching, hedge and shrub trimming, weed eating,
fall and spring clean-up and brush clearing are among the services offered. CRC Affordable Quality Lawn Care LLC projects three full-
time employees within five years.
Mountain View Marina & Campground, LLC / Dickenson County
When Sarah and Michael Oquin bought a marina located on the Flannagan Reservoir in Dickenson County and renamed it the Mountain
View Marina & Campground, they planned not only to operate the marina, but also to expand the variety of experiences offered there
from being a place to park your boat to also be a place to launch from for any number of water sports including fishing, kayaking,
canoeing, paddle boarding and pedal boating. The marina will also offer dry dock storage, a campground and cabin rentals in the future
as it grows. The business projects three full-time and six part-time employees within five years.
Hammilltime Construction, LLC / Dickenson County
With a range of needs by home and business owners, no job is too small for Hammilltime Construction, LLC, according to Rodney
Hammill, who opened the new business in Clintwood, VA, to provide quality and affordable home improvements and repairs. Various
construction-related work, carpentry, remodels and repairs are among the services offered. The business projects two full-time and four
part-time jobs within five years.
Sykes Seamless Gutter LLC / Dickenson County
From the installation of new seamless gutter and gutter guards to gutter repairs and cleanout, Sykes Seamless Gutter LLC, offers a variety
of gutter solutions to homeowners and business owners alike. Fascia and soffit installs and repair are also part of the services offered.
Affordable products and quality workmanship are the hallmarks of the business owned by David and Julie Sykes, who opened the
business at 132 Market Street in Clintwood, VA, in July 2021. Within six months, they employed two people full-time and one part-time.
Looking to the future, they hope to add one additional full-time and one additional part-time employee.
Delightfully Designed, LLC / Dickenson County
With the popularity of customized laser engraved/etched items continuing to grow, Valerie Mullins made the decision to jump into the
field, creating different and unique products from pictures to jewelry when she opened Delightfully Designed, LLC in Clintwood, VA.
The ability to personalize gifts – from pictures to custom jewelry – makes the business something to appeal to all types of customers –
young and old, to businesses or individuals, she said. Delightfully Designed created one full-time job and is looking at the possibility of
adding another part-time assistant.
17
S E E D C A P I TA L P R O J E C T S
Whistle Pig Country Store, LLC / Lee County
Sisters Jan Brown and Melissa Hubbard returned to their native Lee County, VA, to do what they could to help revitalize the community
which nurtured them in their growing up years. Both had left the area for work, but after retiring from their day jobs and after Melissa’s
husband passed away, they said they both felt a calling to return home and jointly, they made the decision to invest in their community
and began to work to develop Whistle Pig Country Store, LLC in Ewing. They held their first farmers market in July 2022 and began
to work on developing their physical store location. The business projects three full-time and 12 part-time employees within five years.
Rock Bottom Horse Camp, LLC / Lee County
Visitors from several states have found a place to camp and to stable their horses as they came to Lee County to ride the equestrian trails
in the Cumberland Gap National Historical Park, or stopped to visit the White Rocks, Sand Cave or Hensley Settlement Trails. Rock
Bottom Horse Camp, LLC not only offers lodging for horses and their owners who are touring the area, but also for those just traveling
through the area. Owners John and Erin Miele said visitors thus far have come from Arizona, Texas, Missouri, Kentucky and Tennessee
to name a few states. In addition to the stable facilities for horses, the camp, located in Ewing, VA, also offers five RV sites and three tent
sites. Future plans call for the addition of a bathhouse. Currently, Rock Bottom Horse Camp, LLC has one full-time and one part-time
employee.
B’s Wigs, Extensions and Beauty Supply L.L.C. / Norton
Helping others to feel good about themselves is something Gary Williams and his wife, Rebecca, hoped they could do as they opened B’s
Wigs, Extensions and Beauty Supply, L.L.C. in Norton, VA, which caters not only to those who are looking for a change in hairstyle, but
also to those who have suffered hair loss as the result of a medical condition, aging or cancer treatments. The business has one full-time
and two part-time employees and within five years, is projecting five full-time and two part-time jobs.
RTW Music LLC d/b/a The Music School and Shop / Norton
While The Music School and Shop on Park Avenue in the City of Norton provides retail musical instruments and accessories, its primary
focus is educational, according to owner James Wardell. The veteran-owned small business provides centralized resources for vocal and
instrumental instruction in music. The business maintains studio space and a cadre of highly skilled musical instructors, coordinating
marketing and scheduling as well as bookkeeping services. Private lessons, group lessons, classes, intensive coaching and audition/
performance preparation are offered to all ages and ability levels. The business projects two full-time and 12 part-time employees within
five years.
Elite Motion Dance Company Inc. / Russell County
Expanding opportunities for students from six months and older to learn to dance or to dance competitively is one of the goals of
Elite Motion Dance Company Inc., in Lebanon, according to owner Jasmine Adams. The dance studio provides many opportunities for
Southwest Virginia families to explore the field of dance and fitness. From competitive dance teams to an adult fitness and conditioning
group, the studio offers something to appeal to all ages. Dance students range in age from six months to 18 years. The business projects
three full-time employees and five part-time employees within five years.
18
Air Fiber Communications, Inc. / Russell County
Expanding Internet service to help eliminate the digital divide for those living in rural areas of Russell County, VA, is the primary goal
of Air Fiber Communications, Inc. as the business seeks to provide residents with the ability to access remote work opportunities, utilize
the Internet for school or college training and have access to resources enabling them to participate in the digital economy. Owned
by Jodi Eaton and Joshua Eaton, the business opened officially last April and owns its own towers and has space on others leased. Its
primary customers are those living in rural regions of Russell County who have limited or no high-speed Internet options. The business
is projecting 12 full-time jobs within five years.
Double Dreaming, LLC d/b/a Retail Junkies / Russell County
Offering fashionable clothing tailored to meet generational fashion trends and customer purchasing preferences is the goal of Double
Dreaming, LLC’s Retail Junkies Store on 77 West Main Street in Lebanon, VA. Owners Robbin Hovis and Monique Tatum also offer items
found in their brick and mortar location online through their e-commerce website. With a stated mission of being one of the best local
businesses found in Lebanon, Retail Junkies provides new merchandise as well as liquidation items and local vendor merchandise. The
business projects one full-time and three part-time employees within five years.
Lavish Hair Design, LLC / Scott County
Paige Seaver always knew she wanted to operate her own business and after working with others for a few years, she decided to take the
plunge and began working to open her own hair salon, Lavish Hair Design, LLC. In July 2022, that dream came true as she celebrated
the grand opening of her business on 244 E. Jackson Street in Gate City. The business projects five full-time and two part-time employees
within five years.
Grain Bin Market LLC / Scott County
When the Grain Bin Market LLC opened in 2022, Tina Shipley, owner, wanted the new business to have a certain look to make it unique.
As the pieces to a grain bin were shipped in from Kentucky and put together, she achieved just that. The 3290 Wadlow Gap Road location
offers home décor items. The store and market seeks to attract both locals and tourists in its decision to reconstruct an old grain bin on
site and use it as the store location. The business projects two full-time employees and five part-time employees within five years.
Kane St. Smokehouse LLC / Scott County
Josh Cress is quick to admit he learned a lot about cooking from his grandfather and to him, it seemed natural that when it came to
looking at starting a business in Scott County, opening a restaurant was a good choice. He and his wife, Courtney, bought the former
service station/garage/flower shop on 744 Kane Street and turned it into the Kane St. Smokehouse LLC, doing the majority of renovation
work on the restaurant space themselves to ready for an August 2022 opening. The business projects four full-time and 10 part-time
employees within five years.
19
S E E D C A P I TA L P R O J E C T S
Grain Bin Market LLC Boutique 276 LLC
Cluck Truck, LLC Air Fiber Communications, Inc.
Far Fetched Grooming LLC Ethics Hair Care LLC
20
Hall Logging, LLC / Scott County
With timbering contracts in place to log acreage in Pennington Gap and Dungannon in Virginia and in Rogersville, TN; additional
contracts in the works; and an abundant supply of timber throughout the region and beyond providing the potential for additional
growth, Matthew Hall opened Hall Logging, LLC in Scott County. Timber cut is sold to local mills. Hall learned about logging working
with his father, Johnny, a long-time logger. He is a certified timber cutter and like his father, he takes pride in providing a safe and quality
work environment. The business projects three full-time and one part-time employee within five years.
Devils Fork Campground LLC / Scott County
As tourism continues to grow in Southwest Virginia, Jennifer and David White decided it was time to take advantage of the land they
owned on Green Chapel Lane in Dungannon, VA, near the Devils Bathtub in Scott County, to build a campground to allow tourists
coming to hike in the area a place to stay and enjoy the surrounding area. Jennifer grew up on the land where the couple’s new Devils
Fork Campground is located. In addition to initially creating 10 primitive campsites, plans are to build a one-bedroom cabin and to offer
yurt camping. A bathhouse will be constructed on the property as well. The business projects two full-time and four part-time employees
within five years.
Boutique 276 LLC / Scott County
Kayla Warren said she has always appreciated a good deal and that’s one of the reasons she opened Boutique 276 in Duffield. The business,
located at 463 Duff Patt Highway in Duffield is a ladies clothing, shoes and accessories boutique offering size options from small to
3X. In opening the business, Warren said she hoped to help grow her town and the community while at the same time providing job
opportunities and strengthening the local economy. The business projects one full-time and three part-time employees within five years.
Adair Behavioral Services LLC / Tazewell County
Providing a safe and nurturing environment for children with Autism, developmental delays and other special needs is what Adair
Behavioral Services LLC focuses on as its therapists work with families whose children need the specialized care the North Tazewell, VA,
clinic offers. The clinic, located at 146 Bluemont Lane, provides care for children who have been referred by their primary care physician.
The business projected eight full-time employees and three part-time employees within five years but has already exceeded its total
employment goals in part-time employment with nine currently hired and is well on its way to achieving its five-year projection, with
five full-time employees now employed.
Ethics Hair Care LLC / Tazewell County
In addition to providing specialized care for clientele with wavy, curly hair, Ethics Hair Care LLC owner Kim Ross said her new salon
opening in Bluefield is focused on providing and developing its own formulations of chemical-free natural hair care products. Ethics Hair
Care was birthed from a much-needed service for curly and coily textured hair care in the Bluefield and surrounding area, Ross said,
noting as an African American living in a rural area, the support and resources for diverse needs are not as common as in a metropolitan
area. Located in the College Plaza at Bluefield, the business projects six full-time employees within five years.
21
S E E D C A P I TA L P R O J E C T S
The Happy Goat, LLC / Tazewell County
In 2021, Vincent and Lucie D’Amato decided it was time to leave Virginia Beach where they had lived for more than 30 years to move to
Tazewell County to the farm where Lucie grew up. The decision to open a small business followed based on the idea of supporting the
county in which they now live full time. They decided to purchase and renovate a circa 1889 building on Main Street to open their new
business, a deli and hiking gear shop, The Happy Goat, LLC. The business projects two full-time employees and five part-time employees
within five years.
Bee Noodled, LLC / Tazewell County
Erin and Nick Keene began their foray into the restaurant business first thinking they might operate a food truck, but as they developed
the concept, the food truck idea turned into a brick and mortar restaurant on 171 Main Street in Tazewell, VA. Later this year, the couple,
along with daughter, Bailee, will open Bee Noodled, a pasta concept restaurant that will deliver quick entrees in a casual setting, using
fresh local ingredients, honey and quality poultry and other meat products. Their vision is to serve quality recipes with exceptional
service. Originally from Tazewell, the Keenes returned to the area, hoping to bring back a little something sweet to the community that
molded them. The business projects eight full-time and three part-time employees within five years.
Tazewell Test Center, LLC / Tazewell County
Making it easier for those who need to take a test to earn a particular certification without having to travel far from home to do it is the
primary reason Renee Perkins opened the Tazewell Test Center to provide proctoring services for a variety of professions and employers
requiring pre-employment exams or certifications. Exams available to be proctored include academic, those for certification/professional
associations, federal agencies, government/state licensing agencies and IT certifications to name a few. In its first six months of operation,
the test center proctored exams for Virginia Waterworks and Wastewater, CompTIA, Evaluation Systems, Virginia Department of
Environmental Quality, Microsoft, FBI, IRS, American Academy of Nurse Practitioners Board, Department of Professional and
Occupational Regulations Board and others. The business projects one full-time and one part-time job within two years.
Far Fetched Grooming LLC / Wise County
After years of working for someone else in the field of pet grooming, Kaylyn Laws decided it was time to open her own shop and
celebrated her new business, Far Fetched Grooming LLC’s first year anniversary July 30. According to some of the research statistics
provided in the business application, the need for pet grooming and pet boarding has almost doubled in the past decade. The business
projects eight full-time and four part-time employees within five years.
WM3 Enterprises LLC / Wise County
While general landscaping and lawn care services have been the primary focus of work done by WM3 Enterprises LLC, small construction,
driveway repair and more are also on the list of services offered by WM3 for both residential and commercial customers. Wallace Mullins
III, or “Tre’,” opened the business to be able to provide needed services in the community, however, in addition to completing jobs in
Wise County and the City of Norton, Mullins said his company’s service area also includes customers in Dickenson County. The business
projects employment of five full-time and seven part-time employees within five years.
22
Oma’s Haus LLC / Wise County
Traditional German foods became available on Southwest Virginia tables as Oma’s Haus – operated by the mother and daughter team of
Ulrike and Sonja Whalen – opened on 111 Dickerson Avenue in Coeburn, VA. The German restaurant also features an artisan bakery,
selling German pretzels, including Gouda cheese and bacon pretzels, as well as other traditional German breads and desserts, marketing
those at area farmer’s markets and as special orders. The business projects four full-time employees and seven part-time employees within
five years.
One Step At A Time, LLC / Wise County
Helping pediatric patients with their physical therapy needs is the goal Dr. Rebecca Bevins has for her outpatient clinic, One Step At
A Time, LLC. One of the things that makes her clinic unique is that it incorporates the use of hippotherapy – the use of a horse and
the specific movements of the horse – as a therapeutic or rehabilitative treatment. Patients come to the clinic through doctor referrals
or direct patient referral. Physical therapy, occupational therapy and speech therapy are offered. The business projects four full-time
employees within five years.
Sweet Winks LLC / Wise County
High-end, yet affordable skin care services are the primary focus of Sweet Winks LLC, according to owner Sarah Mullins Botts, who noted
additional services including lash extensions and organic teeth whitening are also offered as the business maintains its goal to enhance
the natural appearance of its customers. Sweet Winks LLC was established to serve women looking for an enhanced, but natural look,
Botts said, describing it as a full-service studio for light aesthetics such as eyelash extensions, lash lift and tint, brow lamination, brow
tint, facials, teeth whitening and more. The business projects two full-time employees and four part-time employees within five years.
Micah McDermott LLC d/b/a Just Melt It / Wise County
From cheese-stuffed burgers to brisket melts, Philly cheese steaks to club sandwiches and soups, Just Melt It provides its customers with
a variety of lunch to early supper dining options prepared at its food truck and served to go, or to eat on the spot at the new business’
outdoor seating area, aptly nicknamed the “Mountain View Oasis”. Just Melt It is a food truck with a twist in the way it approaches its
operation as a stationary truck with seating available outdoors on-site, serving both locals and tourists in the Wise County area. Gourmet
specialty sandwiches and craft beers and wine are available. The business is projecting seven full-time jobs within five years as it grows.
The Charc Board LLC / Wise County
As charcuterie boards have grown in popularity, a niche has been created for the craft of making them which led Misti Ramey to open
The Charc Board on 319 E. Main Street in Wise, VA. Boards or boxes of all sizes to serve individuals as well as businesses for entertaining,
events and parties are offered. They can be personalized, or prepared options are available and include those featuring an array of meats
and cheeses to those featuring sweet treats. At Christmas, a brunch board featuring bacon, fruits, sugared waffles, pancakes, cinnamon
rolls and boiled eggs was also a good seller. Customers have the option to dine in or take out. The business projects five full-time and five
part-time employees within three years.
23
S E E D C A P I TA L P R O J E C T S
The Happy Goat, LLC Micah McDermott LLC d/b/a Just Melt It
One Step At A Time, LLC Kane St. Smokehouse LLC
Universal Fitness LLC d/b/a Absolute Fitness Adair Behavioral Services LLC
24
Sugar Plum Tavern and Eatery LLC / Wise County
Family style dining with home-cooked food featuring American cuisine is what Sugar Plum Tavern and Eatery LLC expects to provide
for diners in St. Paul, VA as the new restaurant opens to serve breakfast and lunch. Located on 16609 Broad Street in St. Paul, the new
restaurant will seek to serve tourists and locals alike, giving them a place to eat, unwind and relax, said the owner, Donna Roetzer. As
the business grows, dinner may be added and the plan calls for the addition of a small bar selling beer on tap, bottled beer and wine. The
business projects two full-time and six part-time employees within five years.
Universal Fitness LLC d/b/a Absolute Fitness / Wise County
With physical fitness continuing to be a priority for many and industry trends projecting that to remain far into the future, the timing was
right for Jamie and Brandi Cox to open Absolute Fitness in Wise County. The 24/7 gym, located on 309 Church Street in Wise, recently
celebrated its first anniversary and in that time has seen its membership grow to some 561 members. From specialized classes to private
fitness programs, the gym offers a little something for everyone through both individual and family memberships with discounts in place
for veterans, first responders and school and hospital workers. The business projects two full-time and five part-time employees as it
continues to grow.
Fourth Street Sweets, LLC / Wise County
From buffets on the first and third Sunday of every month, to sweet treats, specialty sandwiches and breakfast items, Fourth Street Sweets,
LLC offers a little something not only for diners stopping by to grab a quick bite, but also to those calling ahead for catering services. Holli
Cox found the opportunity to purchase a bakery in St. Paul and after making the purchase, began to officially pursue her lifelong dream
of owning a bakery, serving up fresh pastries and home-cooked foods. The business projects one full-time and 10 part-time employees.
The Shack at Lonesome Pine, LLC / Wise County
What started as a food truck nicknamed “The Shack,” as a nod to the appearance of the food truck as it was brought home to be renovated,
has since sparked an interest in the community and in Rebecca and Joe Baird that led them down a path to develop a full-service restaurant
with a bar. The Shack at Lonesome Pine, LLC, located at 2706 Country Club Road in Big Stone Gap, officially opened in February 2023
and began providing guests with a dining experience and a place to hold catered events in space leased at Lonesome Pine Country Club.
The business, which is open for lunch and dinner, originally projected one full-time and four part-time employees within five years, but
has already adjusted those projections to be two full-time and five part-time.
Cluck Truck, LLC / Wise County
If it’s chicken you’re looking for with a little dose of Southern hospitality, you’ll find it at Cluck Truck, LLC, a mobile food truck primarily
serving customers in the Big Stone Gap, Norton and Wise areas during the week and branching out to the Tri-Cities area and seasonally
to fairs and festivals on the weekends. Micah Nida and Greg Kiser officially opened the new business last July and through the business,
they seek to cater to consumers from all walks of life, offering everything from down home chicken biscuits to chicken tenders, chicken
sandwiches, chicken nuggets and a variety of sauces. Regular fries and garlic-parmesan fries round out the sandwich combos and fried
pickles have also been added to the mix. The business projects one full-time and two part-time jobs within two years.
25
MARKETING SOUTHWEST VIRGINIA’S e-REGION
A gradual recovery from the virtual climate created by the COVID-19 pandemic continued to
somewhat affect marketing and business development in 2022, and VCEDA participated in 25
outreach events throughout the year. In 2022 VCEDA had 67 in-person and virtual prospect visits
and handled 218 inquiries about Southwest Virginia’s e-Region.
VCEDA participated with the Virginia Economic Development Partnership (VEDP) in marketing call
trips to Indiana, Tennessee, and Ohio. VCEDA, joined by local economic developers, also conducted a
Marketing Ambassadors for VCEDA virtual call trip talking with site location consultants about the region. VCEDA also participated with
include, from left, Charlotte Mullins, VEDP in several trade shows including the 7x24 Exchange Conference in Orlando, FL, Industrial
Diane Thomas, Jim Baldwin and Fabrics Association (IFAI) International Expo in Charlotte, NC, and the Private Label Manufacturers
Cathy St. Clair.
Association (PLMA) show in Chicago, IL.
VCEDA attended the Site Selectors Guild Annual
Conference in San Diego, CA and was a sponsor
with VEDP of a dinner for consultants. VCEDA also
participated with VEDP and served as a sponsor of the
Site Selectors Guild Fall Forum held in Richmond, VA.
VCEDA participated and was a sponsor of the Virginia
Pavilion at the AUVSI Xponential in Orlando, FL;
participated and exhibited at SelectUSA Investment
Summit in National Harbor, MD; and led a team to
Data Center World in Austin, TX, where the e-Region
team of local economic developers and VCEDA met
with companies and exhibited at the expo. VCEDA
attended and featured an exhibit at the Metallurgical
Coal Producers Association (MCPA) annual conference
in Roanoke, WV, and also attended the International
Manufacturing Technology Show in Chicago. VCEDA
participated and exhibited at several regional events
such as Southwest Virginia Alliance for Manufacturing
(SVAM) expos and awards banquets, the Appalachian
Council for Innovation’s annual gala, the Southwest
Virginia Veterans Expo and the annual Southwest
Virginia Economic Forum at the University of Virginia’s
College at Wise.
In state, VCEDA participated in the Team Virginia
Site Consultants Symposium in Richmond, VA; the
Governor’s Summit on Rural Prosperity and the Virginia
Chamber of Commerce’s Economic Summit and Forum
on International Trade. VCEDA also participated in the Virginia Economic Developers Association
(VEDA) meetings and events including a sponsorship of the summer meeting held in Wytheville, VA.
Susan Copeland, VCEDA marketing
coordinator, right, and Charlotte Social media channels continue to gain followers and attention for VCEDA and Southwest Virginia’s
Mullins, VCEDA marketing
e-Region. A LinkedIn campaign in March, coupled with an ad in Virginia Business magazine, drew
ambassador, met with a variety of
foreign company representatives at attention to videos on VCEDA’s website (vceda.us/impact) from companies telling their stories and
the Southwest Virginia’s e-Region how VCEDA has helped them to locate to Southwest Virginia’s e-Region.
booth in June at the SelectUSA
Investment Summit at National Lead generation efforts were enhanced by the addition of a new software platform Gazelle.ai that
Harbor, Md. VCEDA has subscribed to and also made available to local economic developers in the region.
VCEDA added two Marketing Ambassadors to the team in 2022. Jim Baldwin, recently retired as the
executive director of the Cumberland Plateau Planning District Commission, and Diane Thomas,
recently retired from VEDP’s International Trade department. They join Cathy St. Clair and Charlotte
Mullins as VCEDA Marketing Ambassadors.
26
VCEDA had ads in several issues of Virginia
Business magazine in 2022. This ad is tied to
a landing page on VCEDA’s website (vceda.us/
impact) and a LinkedIN ad campaign which shows
how VCEDA can assist companies with their site
location decisions and projects.
On April 25-28, VCEDA attended and helped sponsor
the Virginia Pavilion at the AUVSI Xponential
conference in Orlando, FL, to help promote the
region to innovation and technology oriented
companies.
VCEDA was pleased to be an exhibitor at Data Center World Conference in Austin, TX and to meet with
companies to promote Southwest Virginia’s e-Region. The conference is the leading data center conference for IT
infrastructure and data center facilities professionals. Members of the SWVA e-Region team included, from left,
(front) Susan Copeland, VCEDA marketing coordinator; Natalie Chapman, Wise County; and Richard Johnson, Lee
County; and (back) Brian Falin, Wise County; John Kilgore, Scott County; and Tim Danielson, Tazewell County.
VCEDA hosted a
familiarization tour of
Southwest Virginia’s VCEDA was represented by VCEDA Marketing
e-Region for staff members Coordinator Susan Copeland at the Site Selectors
of the Virginia Economic Guild Annual Conference in San Diego in March.
Development Partnership VCEDA also helped sponsor a dinner with the
(VEDP) in October. Breaks site selectors hosted by the Virginia Economic
Interstate Park was one of Development Partnership. The Site Selectors Guild
the stops on the two-day is the only association of the world’s foremost
tour of the region. professional site selection consultants.
27
MARKETING SOUTHWEST VIRGINIA’S e-REGION
VCEDA Marketing Ambassador Jim Baldwin, right,
represented VCEDA at the Governor’s Summit on
Rural Prosperity in Smithfield, VA. While there, he had
an opportunity to meet with Sen. Travis Hackworth,
left, and Virginia Secretary of Transportation
Sheppard Miller III, center, to again stress the
importance of the Coalfields Expressway as a key
economic development need in Southwest Virginia.
VCEDA joined VEDP and several other regional economic development groups in Virginia to co-sponsor the 2022
Fall Forum of the Site Selectors Guild, which included an event held at the Governor’s Mansion. Susan Copeland,
VCEDA marketing coordinator, and Charlotte Mullins, VCEDA marketing ambassador, represented VCEDA at the
forum.
VCEDA took part in the International
Manufacturing Technology Show, the
largest manufacturing technology
VCEDA was a sponsor of the Virginia trade show in North America, held in
Economic Developers Association Chicago, IL. Charlotte Mullins, VCEDA
(VEDA) summer meeting held in marketing ambassador, and Tim
Wytheville, VA. Danielson, Tazewell County economic
development director, attended.
VCEDA hosted VEDP Research Division staff, John Loftus, sites and buildings VCEDA was represented by Marketta Horton, economic development specialist,
manager, left, and Abigail Patterson, sites and buildings analyst, July 11-14 on a and Jean Jordan, funds administrator, at the seventh annual SWVA Economic
tour of available sites and buildings in all eight VCEDA localities. Ernie McFaddin Forum at the University of Virginia’s College at Wise.
of Russell County IDA, right, in photo.
28
2022 VCEDA MARKETING EVENTS
EVENT DATE LOCATION
VCEDA Virtual Call Trip Jan. 5 – Feb. 1, 2022 Virtual
Site Selectors Guild Annual Conference March 2-4, 2022 San Diego, CA
Women in Manufacturing Symposium March 11, 2022 Abingdon, VA
VEDA Spring Conference March 23-25, 2022 Richmond, VA
Data Center World March 28-31, 2022 Austin, TX
AUVSI Xponential April 25-28, 2022 Orlando, FL
Team Virginia Site Consultant Symposium May 4, 2022 Richmond, VA
MCPA Annual Conference May 22-24, 2022 Roanoke, WV
VEDP Business Investment Call Trip Indiana May 23-27, 2022 Indiana
Southwest Virginia Economic Forum May 25, 2022 Wise, VA
VEDA Summer Membership Meeting June 6-7, 2022 Wytheville, VA
7x24 Exchange Spring Conference June 12-15, 2022 Orlando, FL
SelectUSA Investment Summit June 26-29, 2022 National Harbor, MD
VEDP Business Investment Call Trip Tennessee August 1-3, 2022 Virtual
Appalachian Council for Innovation Annual Gala August 17, 2022 Abingdon, VA
Business Investment Call Trip Ohio August 22-24, 2022 Ohio
Southwest Virginia Manufacturers Expo August 30, 2022 Abingdon, VA
International Manufacturing Technology Show Sept. 12-17, 2022 Chicago, IL
Site Selectors Guild Fall Forum Sept. 19-21, 2022 Richmond, VA
SW VA Manufacturing Awards Banquet October 6, 2022 Abingdon, VA
Governor’s Summit on Rural Prosperity October 12-13, 2022 Smithfield, VA
Industrial Fabrics Association International Expo October 12-14, 2022 Charlotte, NC
Southwest Virginia Veterans Expo October 13, 2022 Abingdon, VA
PLMA Annual Private Label Trade Show Nov. 13-15, 2022 Chicago, IL
VA Chamber Economic Summit & Forum on International Trade December 2, 2022 Richmond, VA
TOTAL MARKETING EVENTS (25)
29
C O A L F I E L D S E X P R E S S WAY ( C F X )
Members and officers of the Virginia Coalfields Expressway Authority pose for a photograph at the December 9, 2022 board
meeting in Lebanon, Virginia. Pictured, from left (front), are John Schoolcraft, J.H. Rivers, vice chairman, Jay Rife, chairman,
and Jonathan Belcher, executive director and secretary/treasurer, and (back) Scott Mullins, Peggy Kiser, Melanie Salyer,
James Keen, Keith Viers, and Philip Cook. Not pictured are Bonnie Bates and Ed Talbott, III.
2022 Productive Year for Virginia Coalfields Expressway Authority
The primary purpose of the Virginia Coalfields Expressway Hawk’s Nest sections of the CFX in Buchanan County to make
Authority (CFX), created by the Virginia General Assembly in those sections a four lane. The invaluable assistance of the region’s
2017, is to improve transportation into, from, within and through legislators in these efforts was noted.
Southwest Virginia, assist in regional economic development
and generally enhance highway safety in the affected localities On May 11, representatives from the CFX Authority and several
of Southwest Virginia. The Virginia Coalfield Economic coalfield counties attended a public meeting held by the Virginia
Development Authority (VCEDA) provides staffing assistance to Department of Transportation (VDOT) in Abingdon where the
the Virginia Coalfields Expressway Authority. importance of the CFX was emphasized during public comment.
After becoming operational in late 2020, the first full year of United States Congressman Morgan Griffith spoke about the
activity for the CFX Authority was 2021, and 2022 proved to be efforts to obtain the $1.995 million in the FY2022 federal budget
a productive year despite the fact that the Authority continues and his support for obtaining additional funding for the CFX at the
to remain unfunded operationally. The Authority was joined June 30 meeting of the CFX Authority. The board’s final meeting
by United States Senator Tim Kaine and representatives of the of the year was held on December 9 where Jay Rife was reelected
Appalachian Regional Commission, among others, at its April 18, chairman and J. H. Rivers was reelected vice chairman for 2023.
2022 meeting for a discussion on the Coalfields Expressway. On December 29, the $7 million funding requested for adding
Jonathan Belcher, executive director, informed the board that a additional lanes in Buchanan County was included in the FY2023
congressionally directed spending request of $1.995 million had federal budget signed by the president, and like the previous
been obtained in the FY2022 federal budget for pre-engineering $1.995 million, will be managed by VDOT.
work on the sections of the CFX from Grundy, VA to the West Chairman Jay Rife reminded the board concerning the expressway:
Virginia state line. He also obtained the board’s consent to seek “It’s going to be a difficult task, but we can’t get discouraged. This
an additional $7 million in congressionally directed spending to is a long-term project.”
add additional lanes to the U.S. 121/U.S. 460 intersection and
30
VCEDA BOARD
Board members and officers of the Virginia Coalfield Economic Development Authority are from left (front) Jonathan Belcher, VCEDA executive director/general counsel; Josh
Ball, vice chairman; Larry Mosley, chairman; and Esther Bolling, treasurer; (back) Tim Stuller, Becky Coleman, Kathy Still, Maggie Asbury, Troy Nichols, Scotty Wampler, Andy
Hrovatic, Brian Hess, Barbara Altizer and Carroll Branham. Not pictured are Rhonda Sluss, J.P. Richardson and Duane Miller.
Virginia Coalfield Economic Development Authority Board
OFFICERS COAL PRODUCERS PLANNING DISTRICT COMMISSIONS
Larry Mosley | Chairman Troy Nichols Scotty Wampler
Joshua Ball | Vice Chairman Paramont Contura, LLC Cumberland Plateau PDC
J.P. Richardson | Secretary J.P. Richardson Duane A. Miller
Esther Bolling | Treasurer Surface Minerals Company LENOWISCO PDC
Brian Hess
GOVERNOR’S APPOINTEES Coronado IV LLC COUNTY BOARD OF SUPERVISORS
Maggie Asbury Carroll Branham | Buchanan County
Esther Bolling GAS PRODUCER Rhonda Sluss | Dickenson County
Becky Coleman Joshua Ball Andy Hrovatic | Tazewell County
Larry Mosley Pocahontas Gas
Kathy Still VIRGINIA ECONOMIC
VIRGINIA COAL & ENERGY ALLIANCE DEVELOPMENT PARTNERSHIP
Barbara Altizer Tim Stuller
Metallurgical Coal Producers
Association
VIRGINIA COALFIELD ECONOMIC DEVELOPMENT AUTHORITY
31
2 0 2 2 V C E D A L O A N A P P R O VA L S
LOANS PROJECT NAME APPROVED AMOUNT
Dickenson County Dickenson County IDA/Substance Abuse Rehabilitation Center 2/17/22 $4,000,000.00
Russell County Russell County IDA/Acme Building Improvements 2/17/22 $200,000.00
Russell County Russell County IDA/Russell Place Improvements 9/15/22 $350,000.00
Tazewell County Appalachian Millworks & Cabinetry, LLC 6/16/22 $400,000.00
Tazewell County Tazewell County IDA/Project Frazier 9/15/22 $400,000.00
Tazewell County Pemco Corporation d/b/a AMR PEMCO 11/17/22 $447,200.00
Wise County Wise County IDA/Tech Park Office Building Purchase 2/17/22 $1,200,000.00
TOTAL LOANS (7) $6,997,200.00
2 0 2 2 V C E D A G R A N T A P P R O VA L S
GRANTS PROJECT NAME APPROVED AMOUNT
Buchanan County Hurley Remodeling & Custom Designs LLC 11/17/22 $10,000.00
Buchanan/Dickenson County Breaks Interstate Park/2022 Improvements 2/17/22 $601,600.69
Buchanan/Dickenson County Breaks Interstate Park/Swimming Pool 2/17/22 $500,000.00
Buchanan/Dickenson County Breaks Interstate Park/Visitor Center 9/15/22 $80,000.00
Dickenson County Dickenson County IDA/Splash Pad 4/21/22 $200,000.00
Dickenson County Town of Clintwood/Splash Pad 4/21/22 $50,000.00
Dickenson County Wright Way Repair LLC 6/16/22 $10,000.00
Dickenson County CRC Affordable Quality Lawn Care LLC 6/16/22 $10,000.00
Dickenson County Mountain View Marina & Campground, LLC 11/17/22 $10,000.00
Dickenson County Hammilltime Construction, LLC 11/17/22 $10,000.00
Dickenson County Sykes Seamless Gutter LLC 11/17/22 $10,000.00
Dickenson County Delightfully Designed, LLC 11/17/22 $10,000.00
Dickenson County Dickenson Co. IDA/Green & Haysi Lots Study 11/17/22 $50,000.00
Dickenson County Dickenson Co. IDA/Space Based Broadband 11/17/22 $144,000.00
Lee County Whistle Pig Country Store, LLC 6/16/22 $10,000.00
Lee County Rock Bottom Horse Camp, LLC 11/17/22 $10,000.00
Norton B’s Wigs, Extensions and Beauty Supply L.L.C. 11/17/22 $10,000.00
Norton RTW Music LLC d/b/a The Music School and Shop 11/17/22 $10,000.00
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2 0 2 2 V C E D A G R A N T A P P R O VA L S
Russell County Russell County IDA/Polycap LLC 4/21/22 $100,000.00
Russell County Elite Motion Dance Company Inc. 6/16/22 $10,000.00
Russell County Air Fiber Communications, Inc. 11/17/22 $10,000.00
Russell County Double Dreaming, LLC d/b/a Retail Junkies 11/17/22 $10,000.00
Scott County Lavish Hair Design, LLC 6/16/22 $10,000.00
Scott County Grain Bin Market LLC 6/16/22 $10,000.00
Scott County Kane St. Smokehouse LLC 11/17/22 $10,000.00
Scott County Hall Logging, LLC 11/17/22 $10,000.00
Scott County Devils Fork Campground LLC 11/17/22 $10,000.00
Scott County Boutique 276 LLC 11/17/22 $10,000.00
Tazewell County Adair Behavioral Services LLC 6/16/22 $10,000.00
Tazewell County Ethics Hair Care LLC 6/16/22 $9,303.90
Tazewell County The Happy Goat, LLC 6/16/22 $10,000.00
Tazewell County Bee Noodled, LLC 11/17/22 $10,000.00
Tazewell County Tazewell Test Center, LLC 11/17/22 $10,000.00
Wise County Far Fetched Grooming LLC 6/16/22 $10,000.00
Wise County WM3 Enterprises LLC 6/16/22 $10,000.00
Wise County Oma’s Haus LLC 6/16/22 $10,000.00
Wise County One Step At A Time, LLC 6/16/22 $10,000.00
Wise County Sweet Winks LLC 6/16/22 $10,000.00
Wise County Wise County IDA/Space Based Broadband 9/15/22 $232,500.00
Wise County Micah McDermott LLC d/b/a Just Melt It 11/17/22 $10,000.00
Wise County The Charc Board LLC 11/17/22 $10,000.00
Wise County Sugar Plum Tavern and Eatery LLC 11/17/22 $10,000.00
Wise County Universal Fitness LLC d/b/a Absolute Fitness 11/17/22 $10,000.00
Wise County Fourth Street Sweets, LLC 11/17/22 $10,000.00
Wise County The Shack at Lonesome Pine, LLC 11/17/22 $10,000.00
Wise County Cluck Truck, LLC 11/17/22 $10,000.00
Regional Mountain Empire Community College Foundation 4/21/22 $200,000.00
TOTAL GRANTS (47) $2,527,404.59
TOTAL LOANS & GRANTS (54) $9,524,604,59
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INDEPENDENT AUDITORS’ REPORT
The Board of Directors
Virginia Coalfield Economic
Development Authority
Lebanon, Virginia 24266
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENT
Opinion
We have audited the accompanying statement of cash receipts and disbursements of Virginia Coalfield Economic Development Authority (the “Authority”) for the year ended December 31, 2022
and the related notes to the financial statement.
In our opinion, the financial statement referred to in the first paragraph presents fairly, in all material respects, the statement of cash receipts and disbursements of the Authority for the year ended
December 31, 2022, in accordance with the cash receipts and disbursements basis of accounting described in Note 1.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial
Statements section of our report. We are required to be independent of the Authority, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to
our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Emphasis of Matter – Basis of Accounting
We draw your attention to Note 1 of the financial statement, which describes the basis of accounting. The financial statement was prepared on the cash receipts and disbursements basis of
accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of this financial statement in accordance with the cash basis of accounting described in Note 1; and for determining that the
cash basis of accounting is an acceptable basis for the preparation of the financial statement in the circumstances. Management is also responsible for the design, implementation, and maintenance
of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to error or fraud.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Authority’s
ability to continue as a going concern within one year after the date that the financial statements are available to be issued.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’
report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally
accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered
material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Authority’s internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Authority’s ability to continue as a going concern for a
reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal
control related matters that we identified during the audit.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated February 28, 2023, on our consideration of the Authority’s internal control over financial reporting and on
our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of
internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Authority’s internal control over financial reporting
or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Authority’s internal control over financial reporting
and compliance.
Norton, Virginia
February 28, 2023
NOTE 1 - NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES
Financial Reporting Entity – Virginia Coalfield Economic Development Authority was created, effective July 1, 1988, as a political subdivision of the Commonwealth of Virginia, pursuant to the
Code of Virginia, Chapter 60, Sections 15.2-6000-6015. Virginia Coalfield Economic Development Authority accounts for all funds received from tax and grant receipts, investment earnings, loan
collections and related expenditures for the eight participating localities.
Cash basis of accounting – As is the case of many funds of this type, the accounts are maintained, and the statements are presented, on a cash receipts and disbursements basis, reflecting only
recorded cash receipts and cash disbursements. Therefore, cash collected and not recorded in the general ledger, receivables, and payables, inventories, accrued revenue and expenditures, and
equipment and depreciation, which may be material in amount, are not reflected, and this statement is not intended to present the overall financial position or results of operations in conformity
with generally accepted accounting principles.
Cash and cash equivalents – For purposes of reporting cash, the Authority considers all certificates of deposit, savings accounts, and money market funds with an original maturity of three months
or less to be cash equivalents.
Deposits with banks are covered by the Federal Deposit Insurance Corporation (FDIC) and collateralized in accordance with the Virginia Security for Public Deposits Act (the “Act”) Section 2.2-
4400 et. Seq. of the Code of Virginia. Under the Act, banks and savings institutions holding public deposits in excess of the amount insured by the FDIC must pledge collateral to the Commonwealth
of Virginia Treasury Board. Financial Institutions may choose between two collateralization methodologies and depending upon that choice, will pledge collateral that ranges in the amounts from
50% to 130% of excess deposits. Accordingly, all deposits are considered fully collateralized.
CLASSIFICATION OF ACCOUNTS:
Coal and Gas Funds
On September 1, 1988, and on the first day of each month thereafter, each county and city shall remit to the Virginia Coalfield Economic Development Authority twenty-five percent of the revenues
34
collected during the next to last calendar month from the (i) gas road improvement tax pursuant to Section 58.1-3713 and (ii) local coal road improvement severance licenses tax pursuant to
subsection B of Section 58.1-3741.
Pursuant to Section 58.1-3713.4, a county or city may levy an additional license tax on every person engaging in the business of severing gases from the earth. The license tax shall be at a rate not
to exceed one percent of the gross receipts from the sale of gases severed within the county or city. In the counties of Buchanan, Dickenson, Lee, Russell, Scott, Tazewell, and Wise, and the City of
Norton one-half of the revenues derived from such tax shall be paid to the Virginia Coalfield Economic Development Authority.
Tax Credit Funds
Pursuant to Section 58.1-439.2, Coalfield employment enhancement tax credit, for tax years beginning on and after January 1, 1996, but before January 1, 2017, and or after January 1, 2018, but
before January 1, 2022 (for metallurgical coal only), any person who has an economic interest in coal mined in the Commonwealth shall be allowed a credit against the tax imposed by Section
58.1-400 and any other tax imposed by the Commonwealth. If the credit exceeds the person’s state tax liability for the tax year, the excess shall be redeemable by the Tax Commissioner on behalf
of the Commonwealth for ninety percent of the face value within ninety days after filing the return; however, for credit earned in tax years beginning on and after January 1, 2002, such excess shall
be redeemable by the Tax Commissioner on behalf of the Commonwealth for eighty-five percent of the face value within ninety days after filing this return. The remaining ten or fifteen percent
of the value of the credit being redeemed, as applicable for such tax year, shall be deposited by the Commissioner in a regional economic development fund administered by the Virginia Coalfield
Economic Development Authority to be used for regional economic diversification in accordance with guidelines developed by the Virginia Coalfield Economic Development Authority and the
Virginia Economic Development Partnership.
Civil Penalties Funds
Pursuant to the Code of Virginia, Title 45.2, Mines, Minerals and Energy Chapter 10, Virginia Coal Surface Mining Control and Reclamation Act of 1979, Article 2, Regulation of Mining Activity,
Section 45.2-1021, any permittee who violates any permit condition or any other provision of this chapter or the regulations thereunder may be assessed a civil penalty by the Director, except that
if such violation leads to the issuance of a cessation order, the civil penalty shall be assessed. Such penalty shall not exceed $5,000 for each violation except that if the violation resulted in a personal
injury or fatality to any person, then the civil penalty shall not exceed $70,000 for each violation. All civil penalties shall be paid into a special fund in the State Treasurer’s office to be used by the
Director for enhancing conservation and recreational opportunities in the coal-producing counties of the Commonwealth. The Director shall transfer quarterly 50 percent of the fund balance to
the Virginia Coalfield Economic Development Authority for the purposes of developing infrastructure and improvements at Breaks Interstate Park.
CFO Funds
The goal of the Virginia Coalfield Economic Development Authority (VCEDA) Communities for Opportunity (CFO) Loan Fund is to establish a revolving loan fund to encourage economic
development in the coal producing counties of Virginia. Each proposed use of the CFO Loan Fund must have the concurrence of the Director of the Virginia Department of Housing and
Community Development (VDHCD). Generally, VCEDA and VDHCD have determined that the optimum use of the CFO Loan Fund would be to encourage the development and growth of
businesses in the VCEDA coal-producing counties where the development and growth of such businesses will create a unique opportunity in a specific community that would not otherwise be
addressed without financial support from VCEDA. In order to maximize the resources of this program, all projects requesting funding under this program must have a source of matching funds
sufficient to match every dollar requested from the VCEDA CFO Loan Fund with one dollar from some other source(s).
Education and Telehealth Funds
The Virginia State Budget, Chapter 2, Budget Bill - HB30, 2022 Special Session I, Item 115, R allocated $500,000 from the general fund in fiscal year 2023 and fiscal year 2024 for the Lenowisco
Planning District Commission and Cumberland Plateau Planning District Commission, to be managed by the Virginia Coalfield Economic Development Authority (VCEDA). These funds are
designated for initiatives intended to expand education and telehealth access.
Proceeds Held - The treasurer may invest and reinvest funds of the Authority pending their need. All monies received by the Authority pursuant to Section 15.2-6009, together with any matching
funds received from state or federal sources, shall be applied and used only in the county or city from which the funds were received, unless the governing body of the county or city consents
to their use in another county or city. Monies received pursuant to Section 58.1-3713.4 may be used at the discretion of the Authority for purposes and projects as determined by the Authority.
Virginia Coalfield Economic Development Authority
Statement of Cash Receipts & Disbursements—Year Ended December 31, 2022
CASH RECEIPTS CASH DISBURSEMENTS
Administrative Uncommitted
& Business Dev. Project Balance Available
Coal & Gas Funds Balance 1/1/22 Receipts Interest Earned Loans Collections Expenses Loans & Grants 12/31/22 Balance
Buchanan County $4,519,933 $4,370,204 $54,365 $321,500 $358,067 $1,568,766 $7,339,169 $5,132,269
Dickenson County 11,333,504 2,388,946 108,645 90,119 150,767 390,208 13,380,239 7,176,113
Lee County 143,869 1,045 1,359 22,059 82 - 168,250 148,250
City of Norton 468 - 4 - - - 472 472
Russell County 301,319 217,817 8,270 646,361 15,606 39,134 1,119,027 808,161
Scott County 25,556 3,929 233 - 214 - 29,504 29,504
Tazewell County 1,289,494 523,765 18,135 802,290 8,941 78,472 2,546,271 1,307,543
Wise County 3,758,517 302,275 28,672 754,453 25,961 1,200,000 3,617,956 3,617,956
Regional 4,390,567 1,243,447 40,353 57,865 414,443 443,625 4,874,164 3,679,650
Total Coal & Gas Funds $25,763,227 $9,051,428 $260,036 $2,694,647 $974,081 $3,720,205 $33,075,052 $21,899,918
Other Funds:
Tax Credit Funds
Revolving Loan $11,375,272 $226,476 $103,327 $1,718,119 - $205,921 $13,217,273 $12,691,048
Workforce 16,820,502 - 130,071 - - 416,289 16,534,284 5,294,372
Total Tax Credit Funds $28,195,774 $226,476 $233,398 $1,718,119 - $622,210 $29,751,557 $17,985,420
Civil Penalties Funds $813,598 $215,804 $13,539 - - $96,199 $946,742 $157,974
CFO Funds $27,443 - $20 $41,555 - - $69,018 $69,018
Education & Telehealth $27 $500,000 $2,398 - - $376,510 $125,915 $125,915
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SOUTHWEST VIRGINIA’S e-REGION IS MARKETED BY VCEDA
VIRGINIA COALFIELD ECONOMIC
DEVELOPMENT AUTHORITY
P.O. Box 1060 | Lebanon, Virginia 24266 | 276.889.0381
www.vceda.us | www.facebook.com/VAeRegion | @VAeRegion
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