Annual Report on Virginia Business Ready Sites Program (VBRSP) Fund — VEDP

Summary

This is a letter dated November 1, 2023 from the President and Chief Executive Officer of VEDP to the co-chairs of the Senate Finance and Appropriations Committee and the chair of the House Appropriations Committee, with the subject Annual Report on Virginia Business Ready Sites Program (VBRSP) Fund. It states that $54,500,000 was appropriated to the Fund for the 2023 fiscal year and expenditures totaled $9,882,852.35, all from a $19,000,000 set-aside. As of June 30, 2023 the program's cash balance was $99,602,908.99. A total of $89,793,000 was awarded in fiscal year 2023 to assist localities with 25 sites, through four characterization grants and 21 site development grants. The listed project summaries include a $25,000,000 grant for Upper Magnolia Green in Chesterfield County.

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VEDPI
        November 1 , 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
        P.O. Box 2608                                  P .0. Box 10527
        Reston, Virginia 20195                         Alexandria, Virginia 2231 O

        The Honorable Barry D. Knight
        Chair
        House Appropriations Committee
        1852 Mill Landing Road
        Virginia Beach, Virginia 23457

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

        Senators and Delegates:

        I am writing to provide documentation of the transactions of the Virginia Business Ready
        Sites Program (VBRSP) Fund, which occurred during the 2023 fiscal year as required
        by§ 2.2-2240.2:1(E) of the Code of Virginia.

       For the 2023 fiscal year that ended June 30, 2023, per Chapter 2 of the Acts of
       Assembly of 2022, Special Session I, as amended by Chapter 769 of the Acts of
       Assembly of 2023 (''the budget"), a total of $54,500,000 was appropriated to the Fund,
       with an additional $54,500,000 appropriated for the 2024 fiscal year. Of the
       $109,000,000 appropriated for the biennium and deposited into the fund in January
       2023, $19,000,000 was set aside to support an economic development project as
       specified in paragraph P.4 of Item 113 of the budget. Expenditures from the Fund made
       during the fiscal year totaled $9,882,852.35. All expenditures were from the
       $19,000,000 set aside. Additionally, a total of $485,761.34 in interest income was
       deposited into the fund during the fiscal year. As of June 30, 2023, the program's cash
       balance was $99,602,908.99 and the balance available for future commitments totaled
       $692,761.34. It is important to note that VBRSP grants are paid on a reimbursement
       basis, which is why a cash balance remains.

       From the fund, a total of $89,793,000 was awarded in fiscal year 2023 to assist
       localities to develop or characterize 25 sites. VEDP made four awards for
       characterization grants and 21 awards for site development grants. All these grants
       remain active. Summaries on these projects follow:



901 E. Cary Street, Suite 900
Richmond, Virginia 23219
VEDP.org
VBRSP Annual Report FY23
November 1, 2023
Page 2


Site Characterization Grants

   1. Amelia County: Richardson Road. Site Characterization Grant awarded: $2,500.
      This site was characterized for the first time as Tier 2. Work is complete.

   2. Fauquier County: Early Family Property. Site Characterization Grant awarded:
      $3,000. This site was characterized for the first time as Tier 2. Work is complete.

   3. Fluvanna County: James Madison Highway Property. Site Characterization
      Grant awarded: $5,000. This site was characterized for the first time as Tier 2.
      Work is complete.

   4. Fauquier County: JJCS Property. Site Characterization Grant awarded: $2,500.
      This site was characterized for the first time as Tier 2. Work is complete.

Site Development Grants

   1 . Albemarle County: North Fork, UVA Discovery Park. Site Development Grant
       awarded: $3,000,000. Albemarle County Economic Development Authority was
       awarded funding to complete clearing and grading and infrastructure
       improvements to establish a 31.5-acre pad-ready site. This work is underway.

   2. Alleghany County: Alleghany Regional Commerce Center. Site Development
      Grant awarded: $3,290,000. The City of Covington-Alleghany County Industrial
      Development Authority was awarded funding to complete grading and move the
      site from Tier 2 to Tier 4. This work is underway.

   3. Amherst County: Dillard Tract. Site Development Grant awarded: $322,071. The
      Economic Development Authority of Amherst County was awarded funding to
      complete additional due diligence for Lot B (55 acres) and Lot D (105 acres).
      This work is underway.

   4. Bedford County: New London Business and Technology Center. Site
      Development Grant awarded: $63,750. The Bedford County Economic
      Development Authority was awarded funding to complete due diligence and
      develop a master plan for the 174-acre site. This work is underway.

   5. Chesterfield County: Upper Magnolia Green. Site Development Grant awarded:
      $25,000,000. Chesterfield County was awarded funding to complete the design
      and permitting for wet utility extension, road extension, and designing the 400-
      acre pad. This work is underway.
VBRSP Annual Report FY23
November 1, 2023
Page 3


  6. City of Chesapeake: Coastal Virginia Commerce Park. Site Development Grant
     awarded: $750,000. The City of Chesapeake was awarded funding to obtain a
     wetlands delineation and determination from the Army Corps of Engineers to
     ensure the site may be developed. This work is underway.

  7. Essex County: Tappahannock Industrial Park. Site Development Grant
     awarded: $261,300. The Town of Tappahannock was awarded funding to
     complete due diligence and design/engineering for the industrial park. This work
     is underway.

  8. Frederick County: Valley Innovation Park. Site Development Grant awarded:
     $7,225,000. Frederick County was awarded funding to install a sanitary sewer
     and new substation. Work is anticipated to commence before the end of the
     calendar year.

  9. Giles County: Wheatland EcoPark. Site Development Grant awarded: $387,865.
     Giles County was awarded funding to complete due diligence and master
     planning for the entire park, as well as preliminary engineering work for Pad C
     within the park. The locality is working with Columbia Gas and the design work is
     underway.

  10. Henry County: Commonwealth Crossing Business Centre. Site Development
      Grant awarded: $22,237,705. The Martinsville-Henry County Economic
      Development Corporation was awarded funding to fully develop a 150-acre pad
      site (Tract 2), by the grading of 93 additional acres. This work is underway.

  11. James City County: Hazelwood Farms. Site Development Grant awarded:
      $485,500. James City County was awarded funding to complete or update all
      due diligence items and design utility extensions to the site. The design work is
      underway.

   12. City of Lynchburg: Ivy Creek Innovation Park Sites A and B. Site Development
       Grant awarded: $261,750. The Economic Development Authority of the City of
       Lynchburg was awarded funding to complete due diligence, design, and
       permitting for an access road and water and sewer extensions. This work is
       underway.

  13. Louisa County: Shannon Hill Regional Business Park. Site Development Grant
      awarded: $11,590,000. Louisa County was awarded funding to construct an
      extension from existing wet utilities at Femcliff to the site off Shannon Hill Road.
      The design work is underway, and construction will begin once regulatory
      agencies finish their review.
VBRSP Annual Report FY23
November 1, 2023
Page 4


   14. City of Norfolk: Fairwinds Landing. Site Development Grant awarded:
       $3,351,865. The City of Norfolk was awarded funding to complete demolition and
       removal of rail track under the current long-term ground lease. This work is
       underway.

   15. Pittsylvania County: Southern Virginia Megasite. Site Development Grant
       awarded: $1,500,000. The Danville-Pittsylvania Regional Industrial Facility
       Authority was awarded funding to address regulatory approval items for the Army
       Corps of Engineers. This work is underway.

   16. City of Roanoke: Roanoke Centre for Industry and Technology, Tract 8. Site
       Development Grant awarded: $85,000. The City of Roanoke was awarded
       funding to develop Tract 8 from a Tier 2 to a Tier 3 site by completing due
       diligence. This work is underway.

   17. Roanoke County: Wood Haven Technology Park. Site Development Grant
       awarded: $504,149. The Western Virginia Regional Industrial Facility Authority
       was awarded funding to find a suitable parcel for the neighboring church to
       relocate to and for wetlands mitigation on-site. This work is underway.

   18. City of Staunton: Staunton Crossing. Site Development Grant awarded:
       $4,555,000. The City of Staunton was awarded funding to complete the
       extension and construction of wet utilities to raise the site to Tier 4. This work is
       underway.

   19. Sussex County: Sussex Megasite. Site Development Grant awarded: $247,900.
       Sussex County was awarded funding to complete master planning, due
       diligence, and to identify the best uses for the site. Professional services work is
       underway.

  20. Wise County: Lonesome Pine Regional Business & Technology Park. Site
      Development Grant awarded: $750,000. The Industrial Development Authority of
      Wise County was awarded funding for earthwork, stormwater management,
      clearing and grading, and related costs to elevate the site from Tier 2 to Tier 5.
      This work is underway.

  21.City of Waynesboro: Nature's Crossing Technology Center. Site Development
     Grant awarded: $3,911, 145. The Economic Development Authority of
     Waynesboro was awarded funding to provide an extension of water and
     wastewater pipes, concurrent with VDOT's Smart Scale Southern Corridor Road
     project. This work is underway.
VBRSP Annual Report FY23
November 1 , 2023
Page 5


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

Si cerely,     c;;--,               C-
      o.i.-.    '--Q \c ">
Jason I Koubi
President and Chief Executive Officer

JRE:co

cc    The Honorable Caren Merrick
      Secretary of Commerce and Trade


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