Virginia Business Ready Sites Program (VBRSP) Fund Transactions During the 2022 Fiscal Year (August 11, 2023)

Summary

Letter dated August 11, 2023 to the co-chairs of the Senate Finance and Appropriations Committee and the chair of the House Appropriations Committee, titled as the Annual Report on Virginia Business Ready Sites Program (VBRSP) under § 2.2-2240.2:1 (E). It reports VBRSP Fund transactions for the 2022 fiscal year ended June 30, 2022: $5,562,000 appropriated, uncommitted carryover funds of $2,992,166, expenditures of $75,000 and a cash balance of $8,554,166. It states that $7,006,650 was committed to assist 14 localities to develop or characterize a site, and it lists each locality's grant, for example $362,700 for Botetourt Center at Greenfield. The closing block names Jason El Koubi, President and Chief Executive Officer.

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“Virginia Business Ready Sites Program (VBRSP) Fund Transactions During the 2022 Fiscal Year (August 11, 2023).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-rd355-0e9548f98f/, SHA-256 dccfa3eec9edabeeecdf53b93cd0dd5b3ce73685ee75a82cbe0af418dca8ebe1.

Full text

DocuSign Envelope ID: 220B42ED-97CB-4D52-891A-6C7F876921C0

August 11, 2023

The Honorable Janet D. Howell The Honorable George L. Barker
Co-Chair Co-Chair
Senate Finance and Appropriations Senate Finance and Appropriations
Committee Committee
900 East Main Street 900 East Main Street
Richmond, VA 23219 Richmond, VA 23219

The Honorable Barry D. Knight
Chair
House Appropriations Committee
900 East Main Street
Richmond, VA 23219

RE: Annual Report on Virginia Business Ready Sites Program (VBRSP) per
§ 2.2-2240.2:1 (E)

Senators and Delegate:

I am writing to provide documentation of the Virginia Business Ready Sites Program
(VBRSP) Fund transactions during the 2022 fiscal year as required by § 2.2-2240.2:1(E)
of the Code of Virginia. While the fund was not effective until July 1, 2022 (FY23), the
numbers below reflect VEDP’s sites program transactions for fiscal year 2022.

For the 2022 fiscal year that ended June 30, 2022, per Chapter 1 of the Acts of
Assembly 2022, Special Session I, a total of $5,562,000 was appropriated to VBRSP.
Additionally, the program had uncommitted carryover funds totaling $2,992,166 from
previous fiscal years. Expenditures from the program made during the fiscal year totaled
$75,000. As of June 30, 2022, the program’s cash balance was $8,554,166, and the
balance available for future commitments totaled $1,547,516. It is important to note that
VBRSP grants are paid on a reimbursement basis, which is why a cash balance
remains.

From the program, a total of $7,006,650 was committed from VBRSP to assist 14
localities to develop or characterize a site. VEDP made three awards for
characterization grants and 11 awards for site development grants. Ten of these grants
remain active. Summaries on these projects follow:

Site Characterization Grants:
1. Campbell County: Dearing Ford Business and Industrial Park. Site
Characterization Grant awarded: $2,500. This site was characterized for the first
time as Tier 2. Work is complete, and all funds were awarded.
DocuSign Envelope ID: 220B42ED-97CB-4D52-891A-6C7F876921C0

Money Committee Chairs
August 11, 2023
Page 2

2. Russell County: Russell County Industrial Complex. Site Characterization
Grant awarded: $2,900. This site was characterized for the first time as Tier 2.
Work is complete, and all funds were awarded.

3. Shenandoah County: Shen Valle Land. Site Characterization Grant awarded:
$1,250. This site was characterized for the first time. The site has two tiers due
to split zoning, with part of the site characterized as Tier 2 and the agriculturally
zoned land characterized as Tier 1. Work is complete, and all funds were
awarded.

Site Development Grants

1. Botetourt County: Botetourt Center at Greenfield. Site Development Grant
awarded: $362,700. Botetourt County was awarded funding to complete the
design and permitting for sanitary sewer and road extension to Lot 3 within the
Park as well as designing the pad for Lot 3. This work is underway.

2. Franklin County: Dogwood Site at Summit View Business Park. Site
Development Grant awarded: $1,017,870. Franklin County was awarded funding
to create a pad site at Summit View Business Park to attract businesses. This
design is underway.

3. Greensville County: Mid-Atlantic Advanced Manufacturing Center. Site
Development Grant awarded: $605,000. Greensville County was awarded
funding to design a natural gas extension to the industrial park. The locality is
working with Columbia Gas through this process, and Columbia Gas is
progressing through the design work.

4. Henry County: Commonwealth Crossing Business Centre. Site Development
Grant awarded: $1,036,250. The Martinsville-Henry County Economic
Development Corporation was awarded funding to complete the design work for
site, road, and water and sewer extensions to Tract 1. The funding is also to
clear-cut the balance of Tract 1. This work is underway.

5. Louisa County: Shannon Hill Regional Business Park. Site Development Grant
awarded: $300,000. Louisa County was awarded funding to design wet utility
extension from existing wet utilities at Zion Crossroads to the site. This work is
underway.

6. City of Norton: Project Intersection. Site Development Grant awarded:
$500,000. The City of Norton was awarded funding to create graded pads at a
former mine site in the City of Norton. Progress is underway.
DocuSign Envelope ID: 220B42ED-97CB-4D52-891A-6C7F876921C0

Money Committee Chairs
August 11, 2023
Page 3

7. Pittsylvania County: Southern Virginia Megasite. Site Development Grant
awarded: $1,312,400. The Danville-Pittsylvania Regional Industrial Facility
Authority was awarded funding to create a 58-acre pad site. This work is
underway.

8. Prince Edward County: Heartland Innovation Technology Park. Site
Development Grant awarded: $640,000. The Prince Edward County Industrial
Development Authority was awarded funding to design wet utility extensions to
the park. This work is underway.

9. Pulaski County: New River Valley Commerce Park. Site Development Grant
awarded: $300,000. Virginia’s First Regional Industrial Facility Authority was
awarded funding for design and permitting for grading at the park. The park is in
the process of completing the professional services for these activities.

10. Roanoke County: Wood Haven Technology Park. Site Development Grant
awarded: $75,000. The Western Virginia Regional Industrial Facility Authority
was awarded funding to plant a natural buffer between the site and the
residential neighbors. This work is complete, and all funds have been distributed.

11. City of Staunton: Staunton Crossing. Site Development Grant awarded:
$850,780. The City of Staunton was awarded funding to complete essential due
diligence and site engineering to raise the tier level to tier 4 readiness. This work
is ongoing.

Please let me know if you have any questions regarding this program.

Sincerely,

Jason El Koubi
President and Chief Executive Officer

JRE: co

cc The Honorable Caren Merrick
Secretary of Commerce and Trade

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