Annual Report 2023, Virginia Coalfield Economic Development Authority
Summary
2023 Annual Report of the Virginia Coalfield Economic Development Authority (VCEDA), with a Chairman's letter from Larry Mosley to Governor Youngkin. The letter states that Fifteen new projects and two expansions were announced in 2023, involving 373 full-time and 51 part-time jobs, and that these projects plan more than $25 million in private investment. It names the location of Tate Access Floors, projecting 170 new jobs, and the expansion of company headquarters of CNX Resources in Tazewell County. It says VCEDA approved 41 loans and grants for $13,250,633 in new VCEDA funding. It says VCEDA raised $7 million in federal funding for the CFX and the first 2.57 miles of the Virginia CFX opened.
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“Annual Report 2023, Virginia Coalfield Economic Development Authority.”
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ANNUAL
REPORT
2023
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 2023 Annual Report of the
Virginia Coalfield Economic Development Authority (VCEDA).
Fifteen new projects and two expansions were announced in 2023, involving 373 full-time
and 51 part-time jobs. These projects plan more than $25 million in private investment
in the region. New project announcements included one of the largest manufacturing
announcements in the region in years, the location of Tate Access Floors to St. Paul,
Va., projecting 170 new jobs. Other significant announcements include the expansion of
company headquarters of CNX Resources in Tazewell County and the location of Ronald
Blue Trust to Wise County. Funding from VCEDA’s Seed Capital Matching grant program
TABLE OF CONTENTS
assisted 10 new business start-ups with 58 full-time and part-time jobs projected.
2 Chairman's Letter
3 Executive Director’s Report
In 2023, VCEDA approved 41 loans and grants for $13,250,633 in new VCEDA funding.
Funding was approved for projects in all eight localities in the VCEDA region. In providing
4 2023 Projects & Expansions
administrative assistance to the Virginia Coalfields Expressway Authority (CFX), VCEDA,
5-17 2023 Project Highlights in conjunction with the region’s federal legislators, raised $7 million in federal funding
18-22 2023 Seed Capital Highlights for the CFX and as a result saw the opening of the first 2.57 miles of the Virginia CFX as
23 2023 VCEDA Marketing Events a four-lane, which is deemed a crucial component in the economic development future of
24-29 Marketing Southwest Virginia.
30 Coalfields Expressway VCEDA is committed to its mission and crucial role in helping to diversify the region’s
31 VCEDA Board economy. We look forward to working with the Governor’s Office and the General Assembly
32-33 Loan & Grant Approvals to help our region continue to diversify and grow.
34-35 Independent Auditors’ Report Sincerely,
35 VCEDA Statement of Cash Receipts
& 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.
2023 was another successful year for the region, with the following being some of the
Jonathan Belcher
highlights of the year:
Executive Director/
General Counsel » The announcement of 15 new projects in the region, projected to create 297 full-time
and 50 part-time jobs and $25,051,013 in private investment.
» The announcement of 2 expansion projects in the region, projected to retain 67 full-time
jobs, create 9 new full-time and 1 part-time jobs, and $900,000 in private investment.
» The approval by the VCEDA Board of 41 loans and grants for $13,250,633.10 in new
VCEDA funding for projects in all 8 localities in the VCEDA region, projected to
help create or retain 516 full-time and 110 part-time jobs and $27,665,152 in private
investment.
» Ten new business start-ups in the region supported by grants from VCEDA’s Seed
Capital Matching Fund program, projecting a total of 31 full-time and 27 part-time jobs.
» Thirty-three outreach marketing events to promote the region, which VCEDA promotes
as Southwest Virginia’s e-Region, throughout the United States.
» The initiation of a new foreign direct investment (FDI) initiative to encourage European
companies to invest and create jobs in the region.
» The opening of the first 2.57 miles of the Coalfields Expressway in Virginia, completed
as a four-lane thanks to federal funding obtained with the assistance of the region’s
federal legislators and the Virginia Coalfields Expressway Authority, for which VCEDA
provides staff support.
Important projects announced during the year in the region included the location of Tate
Access Floors, Inc. to St. Paul, Virginia, which at 170 projected new jobs is one of the largest
VCEDA staff includes, from left, Mitzi White, Office manufacturing announcements in the region in years; the CNX Resources expansion in
Manager; Jean Jordan, Funds Administrator; Jonathan
Tazewell County; the Heart Stone Lodge announcement in Buchanan County; and the
Belcher, Executive Director/General Counsel; Marketta
Horton, Economic Development Specialist; and Susan location of Ronald Blue Trust to Wise County. The year also saw the announcement of
Copeland, Marketing Coordinator. new business start-ups through the VCEDA Seed Capital Matching Fund program in all
seven counties in the VCEDA region. Loan and grant
funds were announced by VCEDA for a variety of
important projects throughout the year including for
industrial site development, shell building construction,
broadband, workforce development and training, and
tourism development including several grants for the
Breaks Interstate Park.
As always, the successes of 2023 were possible because of
the region’s team approach 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
2023 NEW PROJECTS
NEW PROJECTS LOCALITY JOBS PRIVATE INVESTMENT
Air Repair, Inc. Buchanan 6 FT $10,000
Heart Stone Lodge Buchanan 17 FT / 23 PT $7,820,865
Bona-Fide Barbecue, LLC Dickenson 2 FT / 1 PT $23,605
The Well on Main LLC Dickenson 2 FT / 3 PT $16,000
Good ol Boys Processing, LLC Lee 3 FT / 3 PT $82,293
Breath of Dawn, LLC Russell 4 FT / 4 PT $34,000
Tate Access Floors, Inc. Russell/Wise 170 FT $14,900,000
Carl Scott Leather Company, LLC Scott 3 FT $14,000
Stoney Ridge Farm and Retreat, LLC Tazewell 2 FT / 8 PT $38,500
R&R Automation Tazewell 27 FT $2,050,000
Appa Bagworks LLC Tazewell 1 FT / 2 PT $14,000
Just Adventure Productions LLC Wise 4 FT / 2 PT $20,000
Vonda’s Hometown Restaurant, LLC Wise 4 FT / 4 PT $27,750
Ronald Blue Trust Wise 22 FT $0
AnswerNet Regional 30 FT $0
TOTAL NEW PROJECTS (15) 297 FT / 50 PT $25,051,013
2023 EXPANSIONS/RETENTIONS
EXPANSIONS/RETENTIONS LOCALITY JOBS PRIVATE INVESTMENT
CNX Resources Tazewell 75 FT* $900,000
Heart of Appalachia Tourism Authority Regional 1 FT / 1 PT N/A
TOTAL EXPANSIONS/RETENTIONS (2) 76 FT / 1 PT $900,000
TOTAL NEW PROJECTS &
373 FT / 51 PT $25,951,013
EXPANSIONS/RETENTIONS (17)
FT = full-time; PT = part-time; CNX includes 67 retained FT jobs.
4
2H0I G2 3H LNI EG H
WT PS R O J E C T S
VCEDA Executive Director/General Counsel Jonathan Belcher, right, and Ernie McFaddin, Executive Director of the Russell County Industrial Development Authority, pose for
a photo for Virginia Business magazine at the St. Paul buildng where Tate is establishing a manufacturing operation. Photo by Tim Cox.
Tate to invest $14.9 million in St. Paul, creating 170 new jobs manufacturing data center components
VCEDA was pleased to play a part in helping to recruit Tate, a global VCEDA also approved $250,000 in workforce development and training
provider focused on the research, development and manufacturing of next- funds for the company.
generation raised access floors, airflow management and infrastructure
The Virginia Economic Development Partnership worked with Russell
solutions for commercial and data center applications, to St. Paul, Va.
County and VCEDA to secure the project for Virginia. Governor Youngkin
Governor Glenn Youngkin made the announcement of the company’s approved a $700,000 grant from the Commonwealth’s Opportunity Fund to
decision to locate to Virginia in November, pointing out Tate will invest assist Russell County with the project.
$14.9 million to establish its new manufacturing facility in Russell County.
The Virginia Tobacco Region Revitalization Commission also approved a
The new production plant will focus primarily on data center component $146,000 Tobacco Region Opportunity Fund grant to support the project.
manufacturing and containment products to serve customers in Virginia
Support for Tate’s job creation will be provided through the Virginia Talent
and other data center sites. Virginia successfully competed with numerous
Accelerator Program, a workforce initiative created by VEDP in collaboration
states for the project, which will create 170 new jobs.
with the Virginia Community College System and other higher education
VCEDA’s investment in the project began in 2020 when VCEDA provided partners, with funding support from the Governor’s administration and the
the IDA with $2.5 million in financing that enabled the IDA to acquire the Virginia General Assembly.
building in St. Paul that will be occupied by the company for the project.
5
HIGHLIGHTS
A ceremonial groundbreaking for the CNX Resources Virginia Headquarters office was held in October at the Richlands Professional Building in downtown Richlands,
Va. Shovels and sledge hammers in hand, the ceremony marked the start of the building renovation project. Virginia Deputy Secretary of Commerce and Trade James
Campos (fourth from right) was the guest speaker at the event. He is joined by VCEDA, county, town, RPB and CNX officials in addition to Del. Will Morefield and Sen. Travis
Hackworth.
CNX Resources Relocates, Expands Virginia Headquarters Office
A $900,000 loan from VCEDA to the Tazewell County Industrial Development in Buchanan, Tazewell and Russell Counties. The company is a premier,
Authority was approved which is being used to assist CNX Resources in the low carbon intensive natural gas development, production, midstream
relocation and expansion of the gas company’s Virginia headquarters to and technology company. Its corporate headquarters are located near
the Richlands Professional building location on Front Street in Richlands, Pittsburgh, Pa.
Va. The company has been leasing space in Claypool Hill, Va. which it is
Virginia Deputy Secretary of Commerce and Trade James Campos came to
outgrowing. The move is expected to be complete in 2024.
Southwest Virginia in October to celebrate the groundbreaking for the new
Sixty-seven retained and eight new full-time jobs, for a total of 75 jobs office.
will be coming to Richlands, Va. as the project is completed. As part of
In announcing the move, CNX officials noted its Virginia operations are an
the agreement, the Tazewell County IDA has purchased some 121 acres of
important and integral part of CNX, both historically and going into the
land in Tazewell from CNX Resources, giving the IDA property it can use for
future and indicated the decision to locate its Virginia Headquarters in
future economic development. CNX has entered into a 15-year lease with
Richlands was indicative of its continuing commitment to Virginia and its
RPB Properties on the new building location.
employees here.
CNX, a publicly traded company on the New York Stock Exchange (NYSE) is
the largest producer of natural gas in Virginia, with operations primarily
6
Virginia Coalfields Expressway / Buchanan County
The first 2.57 miles of the Coalfields Expressway (CFX – U.S. Rt. 121) in
Buchanan County was celebrated with a ribbon-cutting ceremony in
November marking the opening of 8.7 miles of the U.S. Rt. 460/U.S. Rt. 121
Corridor Q road project from the Breaks Park Road area to Southern Gap. The
ceremony, hosted by the Virginia Department of Transportation, was held at
the Southern Gap Visitor Center in Buchanan County. The CFX mileage in
the project is the first mileage to be completed and opened to traffic in the
overall CFX project in Virginia which ultimately will link Buchanan, Dickenson
and Wise counties with Interstates 26, 81 and 77. Additional areas of the
roadway are still in the design phase. VCEDA provides staff support to the
Virginia Coalfields Expressway Authority.
Ronald Blue Trust / Wise County
VCEDA joined state and local officials to welcome Ronald Blue Trust during
the grand opening of the company’s newest office location in the Lonesome
Pine Regional Business & Technology Park in Wise, Va. The company, which
has more than $14.5 billion of assets under advisement and a nationwide
network of 18 offices, offers comprehensive financial services and objective
advice to 10,500 clients across the wealth spectrum in all 50 states. The
company projects up to 22 new jobs in Wise within five years. VCEDA assisted
the Wise County Industrial Development Authority with the purchase of the
office property in the form of a $1.2 million loan in 2022.
Heart Stone Lodge / Buchanan County
$700,000 Loan
VCEDA was pleased to be in attendance for the site dedication for Heart
Stone Lodge, a planned assisted living facility to be located at Southern
Gap in Buchanan County. VCEDA previously approved an up to $700,000
forgivable loan to the Buchanan County Industrial Development Authority to
be used to finance building construction in the development of the project.
As planned, Heart Stone Lodge will be built as a 53-suite/61-bed assisted
living facility. The project is expected to create 17 full-time and 23 part-time
jobs within five years of its opening. The Heart Stone Lodge project is being
spearheaded by the Coalfields Health Foundation (CHF). Its overall direct,
indirect and induced economic impact is projected to infuse $1.1 to $1.7
million in new payroll and $2.5 to $5.3 million in total contribution to GDP,
according to CHF officials.
7
HIGHLIGHTS
Southern Gap Shell Building / Buchanan County
$1.53 Million Loan
VCEDA approved an up to $1.53 million loan to the Buchanan County
Industrial Development Authority (IDA) to be used to construct a new
20,000-30,000-square-foot shell building at Southern Gap. The last
industrial building constructed by the IDA was an 80,000-square-foot shell
building built in 2019 as part of Phase II of the IDA’s Southern Gap Industrial
Park, and it was immediately taken by a local manufacturer, Paul’s Fan
Company. The building is projected to be expandable to 50,000-square-
feet. The proposed building site is on approximately five acres, located near
Paul’s Fan Company, and is less than a half mile from the U.S. 460/U.S.
121 (Coalfields Expressway) Southern Gap intersection, which is now open
from Kentucky to Southern Gap. The remaining sections from Southern Gap
to Grundy are projected to open by 2027.
Project Intersection / City of Norton
$3.16 Million Loan
VCEDA approved an up to $3.16 million loan to the Norton Industrial
Development Authority (IDA) to be used to finance the construction and
development of an approximately 20,000-square-foot industrial building
at Project Intersection. The loan is to be used to finance site development,
building construction, other improvements and costs, including architectural
and engineering fees to assist with the location of an unnamed prospect that
would become the second tenant in the park. EarthLink, LLC, the first tenant
in Project Intersection, is scheduled to open its newly built customer support
center in 2024. VCEDA approved an up to $100,000 grant from the VCEDA
Coalfield Workforce Development and Training Fund to assist EarthLink with
its location.
Bates Family Farm, LLC / Russell County
$250,000 Loan
VCEDA approved an up to $250,000 loan to the Russell County Industrial
Development Authority (IDA) to be used to finance additional renovations
and improvements at the former Acme building in Lebanon, Va., where Bates
Family Farm, LLC is expanding and locating a manufacturing/processing
plant for its goat milk skin care products. The planned expansion projects 35
full-time jobs within five years. In 2021, VCEDA approved an up to $500,000
loan to assist with the purchase and renovation of the former Acme building,
and in 2022 approved an up to $200,000 loan for additional renovations and
improvements. Governor Glenn Youngkin announced in December that Bates
Family Farm’s expansion into the 40,000-square-foot building will allow for
the development of new products and construction of a new creamery to
produce food products, bottled goat milk and artisan cheeses for wholesale
and retail distribution.
8
Meat Processing Center / Tazewell County
$800,000 Loan
VCEDA approved an up to $800,000 loan to the Industrial Development
Authority of Tazewell County to be used to finance site development,
building construction, other improvements and costs for the construction
and development of a meat processing facility in Tazewell County, Va. The
need for a USDA certified meat processing facility in the region was one of
the primary recommendations in a 2017 Virginia Tech agricultural study
commissioned by VCEDA. The regional meat processing facility will be leased
to an operator which will be announced by the IDA.
Elam Phase 1 & 2 / Wise County / $300,000 Loan &
$700,000 Grant
VCEDA approved an up to $300,000 loan to the Wise County Industrial
Development Authority (IDA) to assist with the Phase 2 development of the
IDA’s Elam Farm property which is adjacent to the Lonesome Pine Regional
Business & Technology Park. VCEDA approved an up to $700,000 grant
to assist with Phase 1 site development of the Elam property to include
access road construction, utilities installations and extensions, and other
improvements. In 2013, VCEDA approved an up to $834,250 loan to the IDA
to help to purchase an approximately 203-acre tract of real estate known as
the Elam Farm. This property was purchased for economic development and
as a future expansion to the technology park.
Heart of Appalachia Tourism Authority / Regional
$50,000 Grant
The marketing of tourism-related businesses and assets in the seven-
county, one-city VCEDA region received a boost when VCEDA approved an
up to $50,000 grant to the Heart of Appalachia Tourism Authority (HOA)
from the VCEDA Tourism Capital Improvement Matching Fund. Planned uses
for the grant are the printing of tourism marketing materials including the
Appalachian Backroads map and Heart of Appalachia Travel Guide. The
funds also will be used to develop and revive the Heart of Appalachia Scenic
Drive and Bike Route, which was established more than 20 years ago and
stretches more than 100 miles though Tazewell, Russell and Wise counties.
Since 2001, HOA has received multiple grants totaling $310,000 from VCEDA
which have been utilized for operational and marketing costs as well as for
equipment and for the HOA destination center project in St. Paul.
9
HIGHLIGHTS
Southern Gap Industrial Site / Buchanan County
$2.5 Million Grant
VCEDA approved an up to $2.5 million grant to the Buchanan County
Industrial Development Authority (IDA) to be used to develop an approximately
20-acre industrial site in the Phase II section of the Southern Gap Industrial
Park in Buchanan County. The Southern Gap development, a 3,153-acre area
controlled by the IDA, has been developed through the years utilizing funding
from the county and from VCEDA and is now home to hundreds of workers and
several facilities including the primary customer service call center of the
Virginia Employment Commission (VEC); Paul’s Fan Company; the Southern
Gap Transportation and Logistics Center which is operated by Southwest
Virginia Community College; Southern Gap Outdoor Adventure; and the new
location of Appalachian Power Company’s Buchanan County office.
Breaks Interstate Park / Buchanan and Dickenson
Counties /$694,645 Grant
VCEDA approved an up to $694,645 grant to the Breaks Interstate Park
to develop infrastructure and improvements at the park, specifically an
expansion of the waterpark including swimming pool construction. The
overall waterpark project will include the construction of a 3,200-square-
foot swimming pool, estimated to cost some $1.37 million, which includes
funding from other sources. VCEDA also approved an up to $88,809 grant
earlier in the year for seven projects at the park, including the construction of
a wildlife viewing tower and other maintenance and aesthetic improvements.
Currently, the park has six full-time and 80 part-time employees. The park
estimates it will add one full-time employee and 20 part-time employees
within two years.
Green Lot / Dickenson County / $30,000 Grant
VCEDA approved an up to $30,000 grant to the Dickenson County Industrial
Development Authority (IDA) to be used for additional site development in
Clintwood, Va. The funds will be used for the construction of a permanent
entrance and installation of roller compacted stone at the 1.14-acre site,
adjacent to Clintwood Lumber in Clintwood, and known as the “Green Lot.”
VCEDA has supported the development of the Green Lot project previously,
approving a $300,000 loan toward the project in 2016 and a $60,000 loan
in 2021 to assist in the development of the site. VCEDA also approved a
$50,000 grant to the IDA for a feasibility study to assist in the marketing and
economic development of both the Green Lot and the IDA’s Haysi High School
Lot properties.
10
Space-Based Broadband / Dickenson County
$169,152 Grant
VCEDA approved an up to $169,152 grant 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. A portion of the funding, $124,800, comes from the VCEDA
Education and Telehealth Access Fund, and the remaining amount, $44,352,
comes from the VCEDA Dickenson County account. The grant will be used for
hardware, wiring and two-year subscriptions for each household served. The
most recent request approved builds upon prior successes by providing the
service to another 48 households with 74 children. VCEDA was appropriated
$500,000 each year in the Virginia state budget for FY2022, FY2023 and
FY2024 “for initiatives intended to expand education and telehealth access.”
Chip Mill Site Redevelopment / Dickenson County
$217,000 Grant
VCEDA approved an up to $217,000 grant to be used to assist the
Dickenson County Industrial Development Authority (IDA) in its Chip Mill
Site Redevelopment Project in the Red Onion area of Dickenson County. The
funds will be used to repurpose the abandoned chip mill site and to provide
a build ready pad of approximately 23.5 acres. In 2021, VCEDA approved an
up to $1.175 million loan to the IDA to be used to finance the purchase of
the former Mountain Forest Products chip mill site containing 433.17 acres
of real estate more or less in Dickenson and Wise counties in Virginia for
economic development purposes. The property is adjacent to the IDA’s Red
Onion Industrial Park, located between the towns of Pound and Clintwood, Va.
Honaker Amphitheater & e-Bike Charging Station
Russell County / $50,000 Grant
VCEDA approved up to a $50,000 grant from the VCEDA Tourism Capital
Improvement Matching Fund to be used to install a new e-bike charging
station and the construction of an amphitheater in the Town of Honaker
Community Park and Recreation area. The grant will help to fund the projects
which are located in the park situated along the TransAmerica Bicycle Trail
in the Town of Honaker. Known as the ‘Redbud Capital of the United States,’
Honaker hosts an annual Redbud Festival which is now in its 40th year. The
national TransAmerica Bicycle Trail, founded in 1973, runs from Astoria,
Oregon to Yorktown, Virginia. The construction of an e-bike charging station
will offer cyclists a place to charge their bikes while visiting the town and
enjoying its other amenities.
11
HIGHLIGHTS
Education and Telehealth / Dickenson County
$171,000 Grants
VCEDA approved two grants totaling $171,000 to the Dickenson County
Industrial Development Authority (IDA) to provide funding to finance the
provision of Starlink low earth orbit space-based broadband service to
further expand education and telehealth access in Dickenson County. Up
to $150,000 is available for the service expansions to households using
telemedicine services in the county which will include two-year subscriptions
for each household served. The IDA, working with the St. Mary’s Health Wagon,
has identified an estimated 50 households, which include an estimated 65
telemedicine patients, as eligible for the services. The second grant, which
is for up to $21,000, will be used to finance the provision of Starlink services
to mobile telehealth units operated in Dickenson County by the Cumberland
Plateau Health District. Included is a two-year subscription for each mobile
unit.
Laurel Bed Lake Study / Russell County
$25,000 Grant
VCEDA approved an up to $25,000 grant to the Russell County Industrial
Development Authority (IDA) to be used to conduct a feasibility study
examining the development of a road to Laurel Bed Lake between Lebanon,
Va. and Rosedale, Va. Laurel Bed Lake is considered the most pristine in the
state, and the 20,000 acres surrounding it are said to have true wilderness
features and diverse flora and fauna. The study will determine if there is
sufficient support by landowners and agencies involved to allow for its
construction which in turn would support hunting, fishing, non-motorized
boating, hiking, picnicking and other low impact activities consistent with
wildlife management. The IDA sees the feasibility study as an opportunity to
evaluate a new access point to a great tourism resource within the county.
Appalachia Visitor Center / Wise County
$30,000 Grant
VCEDA approved an up to $30,000 grant to the Industrial Development
Authority of Wise County to assist the Town of Appalachia with the development
of the Appalachia Visitor Center to be located in the downtown Main Street
area on property owned by the town. Funding from the grant will be used
for site development, building improvements, construction, renovation and
other improvements to a manufactured building that will serve as the visitor
center. The project is described as the focal point of the town’s downtown
revitalization efforts and the goal is to provide a central point of information
for visitors who may be visiting the area and local attractions including the
Powell River Trail and motorsports initiatives such as the “Dragon Slayer”
Highway 160 route.
12
Broadband and Telehealth Services / Wise County
$332,250 Grants
VCEDA approved three grants totaling $332,250 to expand broadband
service and to finance the provision of Starlink low earth orbit space-based
broadband service to further expand education and telehealth access in Wise
County. Up to $150,000 is available for service expansions through the Wise
County Industrial Development Authority’s project with the St. Mary’s Health
Wagon to identify telehealth/telemedicine patients in Wise County in need of
services. This will help provide high speed Internet services for an estimated
50 households, including an estimated 65 telemedicine patients. Also
approved was up to $161,250 for the IDA’s Mountain Empire Older Citizens
broadband access project for an estimated 50 unserved and/or underserved
Wise County senior citizens with telemedicine or telehealth needs; and up to
$21,000 to the IDA for mobile telehealth services provided by the LENOWISCO
Health District.
Workforce Development and Training / Mountain
Empire Community College / $200,000 Grant
VCEDA approved up to a $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 at Mountain
Empire Community College (MECC). The funds will be used for scholarships,
tuition, training instructional costs, retraining costs and customized workforce
training for area businesses as well as for assessments for residents of the
VCEDA region. In total, more than $1 million in grants have been approved
by VCEDA to the MECC Foundation, including more than $200,000 approved
from the VCEDA Renewable Energy Fund in support of renewable energy
training in the area. VCEDA has provided workforce development and training
funding assistance several times to the MECC Foundation, as well as to the
Southwest Virginia Community College Educational Foundation.
Entrepreneurial Skills Training / Regional
$50,000 Grant
VCEDA approved an up to $50,000 grant to the Napoleon Hill Foundation in
Wise, Va. to be used for continued workforce development. The funds from
the VCEDA Coalfield Workforce Development and Training Fund will be used
to assist with the continued development of a free online interactive course
in entrepreneurial skills for high school students in the VCEDA region. A
similar grant was approved for the foundation in 2021 which resulted in 148
students in the VCEDA region registering for the online course, exceeding the
initial goal of 100 students. Students from the VCEDA region are eligible to
participate in the online program which is also well-aligned with VCEDA’s
seed capital program that encourages regional entrepreneurs to pursue their
goals of starting and maintaining small businesses and creating jobs.
13
HIGHLIGHTS
Solar Workforce Accelerator Program / Regional
$117,150 Grant
VCEDA approved an up to $117,150 grant to the Mountain Empire
Community College (MECC) Foundation for the college’s Solar Workforce
Accelerator Program. MECC previously applied jointly with Southwest
Virginia Community College (SWCC) to develop the program which focuses on
workforce development and training in the solar field. Through the program,
students are trained and placed in paid internships. MECC recently applied
to VCEDA for a second round of funding to be used to continue to grow the
MECC program after a successful start to the program in 2022. Based on
a completed market analysis, it is estimated VCEDA’s funds will help to
directly support 19 commercial and institutional solar projects in Southwest
Virginia, create 84 new jobs, attract $2.4 million in private investment and
generate $1.6 million in energy cost savings through the program.
Federal Funding / Coalfields Expressway / $7 Million
On January 3, it was announced that by working with the region’s federal
legislators, a $7 million request submitted by the Virginia Coalfields
Expressway Authority for paving of the CFX in Buchanan County, was included
in the FY23 federal budget. The first 2.57 miles of the CFX in Virginia opened
in November and was able to be completed as a four-lane thanks to the $7
million in FY23 federal funding raised. VCEDA provides the staff support for
the Virginia Coalfields Expressway Authority.
Sunset Holler Amphitheater / Buchanan County
$50,000 Grant
VCEDA approved an up to $50,000 grant from the VCEDA Tourism Capital
Improvement Matching Fund to Sunset Holler, Inc. to help finance the
construction of a large amphitheater to be called Sunset Holler and located
at the Southern Gap development in Buchanan County. Sunset Holler, Inc.
and Southern Gap Outdoor Adventure, Inc. recently have entered into a
non-binding Memorandum of Understanding to collaborate on the planned
amphitheater. The project will involve a land swap between Sunset Holler,
Inc., the Buchanan County Industrial Development Authority and Southern
Gap Outdoor Adventure, Inc. and is subject to final approval by all parties.
Once complete, this will be a major tourism destination for the county.
14
Theatre Guild of Buchanan County / Buchanan
County / $50,000 Grant
VCEDA approved a $50,000 grant from the VCEDA Tourism Capital
Improvement Matching Fund to the Theatre Guild of Buchanan County
(TGBC) to finance building renovations including electrical upgrades, the
purchase and installation of an HVAC system, outdoor shed renovations and
other improvements at a former Coca-Cola bottling facility, renamed by the
group as the Community Arts Mainstage (CAM) where the Theatre Guild has
housed performances since 2021. Its goal is to bring the highest standard
of community theatre to the county and to cultivate arts appreciation. Since
its inception in 2016, TGBC has had yearly performances from both the youth
and adults in the community and continues to strive to be a professional
theatre organization by bringing Broadway musicals, plays and original
productions to Buchanan County.
AnswerNet / Regional / Job Fair
As part of its outreach marketing efforts to attract jobs to Southwest
Virginia’s e-Region, VCEDA worked with AnswerNet, a Pennsylvania-based
company, to assist in the company’s hiring project searching for regional
residents interested in applying for remote data service jobs. AnswerNet
operates more than 20 contact centers in the United States and Canada and
is a full-service provider of inbound, outbound and automated contact center
services. VCEDA assisted in helping AnswerNet hold a virtual job fair in
August to fill remote data service jobs. The Virginia Economic Development
Partnership, Southwest Virginia Workforce Development Board (SWVWDB),
Virginia Employment Commission (VEC), Southwest Virginia Community
College (SWCC) and Mountain Empire Community College (MECC) also
assisted in the project.
Ronald Mark Associates / Tazewell County
Ribbon Cutting
VCEDA was pleased to attend and participate at Ronald Mark Associates
(RMA) September ribbon cutting in Bluefield, Va. RMA located in the building
formerly occupied by Komatsu bringing an investment of $13.5 million and
the creation of at least 29 new jobs to Tazewell County. In choosing Tazewell
County, the company cited the mechanical talent available in the region as
a perfect match for the infrastructure fabrics and technical textiles Ronald
Mark produces.
15
HIGHLIGHTS
Russell Theater Grand Opening / Russell County
$150,000 Grant
VCEDA was honored to take part in the ribbon cutting marking the opening of
the Russell Theater in Lebanon, Va. VCEDA approved an up to $150,000 grant
in 2019 to be used to assist in financing the renovation and rehabilitation
of the historic theater. The total cost of the project was $1.381 million.
Additional funders included the Town of Lebanon, the Virginia Department
of Housing and Community Development through a Community Development
Block Grant, Cumberland Plateau Planning District Commission, Virginia
Tobacco Commission and the Appalachian Regional Commission. The
theater projects two full-time employees and three part-time employees.
Lyric Theater Opening / St. Paul / $100,000 Grant
VCEDA took part in the ribbon cutting marking the official opening of the
Lyric Theater in St. Paul in January. VCEDA has been involved in helping
to fund the restoration of the theater. An up to $100,000 grant to the Town
of St. Paul Industrial Development Authority (IDA) was approved in 2020
for building construction, rehabilitation and improvements as well as the
purchase of furniture, fixtures and equipment. VCEDA also assisted the St.
Paul IDA with Phase I of the project, approving a $40,000 grant in 2018 to
help pay for the new marquee.
Breaks Interstate Park / Buchanan and Dickenson
Counties / $79,971 Grant
VCEDA approved an up to $79,971.33 grant from the VCEDA Civil Penalties
Fund to be used to develop infrastructure and improvements at the Breaks
Interstate Park, including repainting, repairs, and improvements to the
park’s existing potable water tank, Phase II improvements to the Chafin
Lodge including fire suppression upgrades, the purchase of additional
furniture, new flooring, expansion of the gift shop, new drywall, and other
improvements.
16
EarthLink, LLC / Wise & Norton / $100,000 Grant
VCEDA announced an up to $100,000 grant approved in 2021 from the VCEDA
Coalfield Workforce Development and Training Fund to be used for workforce
development and training to further assist with the location of EarthLink, LLC
to the Wise/Norton area. A leading high-speed Internet service provider, the
company temporarily located its operations in a portion of the old Sykes call
center building in the Lonesome Pine Regional Business & Technology Park
in Wise, while a new building is under construction at Project Intersection
in Norton. The workforce training grant approved by VCEDA is to be used to
train local talent in sales, customer service, and advanced technical support
skills. EarthLink projects creating 288 full-time jobs within five years.
Special Guests / VCEDA Local Economic Developers
Meeting with VEDP
On May 23, VCEDA was honored to have top Virginia Economic Development
Partnership officials and Delegate Israel O’Quinn join VCEDA and the
counties’ local economic developers for a quarterly VCEDA Local Economic
Developers Meeting at the VCEDA Office.
Breaks Interstate Park / Buchanan and Dickenson
Counties / $168,155 Grant
VCEDA approved an up to $168,155.12 grant from the VCEDA Civil Penalties
Fund to be used to develop infrastructure and improvements to the Breaks
Interstate Park, specifically including renovations and new furniture at the
park’s hotel and restaurant/conference buildings, improved park entrance
lighting, swimming pool construction, an HVAC unit for the Visitor Center,
swinging bridge site improvements, bike rental facility improvements, and
other improvements.
17
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 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 184
VCEDA region for-profit businesses in qualifying business
sectors one year and under with less than 10 full-time employees
1,355 (754 FULL-TIME; 601
are eligible to apply for dollar-for-dollar matching grants up PROJECTED JOBS
to $10,000 from the VCEDA Seed Capital Matching Fund.
PART-TIME)
Applicants work with the Small Business Development Centers at
Mountain Empire and Southwest Virginia community colleges to PROJECTED INVESTMENT $10,662,994
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. a very high return on VCEDA’s investment of approximately
Six small businesses which have previously received VCEDA seed 34:1. The study also found VCEDA has played a critical role
capital grants were recognized in December for their job creation in the development of small businesses and in support of
activities, celebrating the success of the overall seed capital entrepreneurship.
program since its inception. The six businesses recognized were In 2023, VCEDA approved grants from the Seed Capital Matching
the largest job creators by calendar year class of the seed capital Fund to assist 10 new small business start-ups throughout the
program and combined, those businesses – all of which continue region. A total of 31 full-time and 27 part-time jobs are projected
to be in business today – have created 98 jobs to date – 44 full- by those businesses in a five-year period. Since the seed capital
time and 54 part-time jobs – through their first and second years program was created in 2017, a total of 184 businesses have
of reporting. been approved, creating 656 full and part-time jobs to date.
A February 2021 study of the Seed Capital Matching Fund Jobs projected to be created within five years total 1,355. Total
completed by Virginia Tech’s Center for Economic & Community investment by these businesses over a five year period is projected
Engagement found that the VCEDA seed capital program had to be nearly $10.7 million.
Six small businesses which have previously received VCEDA seed
capital grants were recognized at the December VCEDA board
meeting as the largest job creators in the program by calendar
year since the program began in 2017. From left are Larry Mosley,
VCEDA chairman; Becki O’Quinn-Purdie, Mountain Empire
Community College Small Business Development Center (SBDC)
director; Chris Williams, Black Bear BBQ LLC; Allison Sparks,
Valley Animal Clinic, PLLC; Sharon Thomas, Bargain Mart, LLC;
Kaylyn Laws, Far Fetched Grooming LLC; Debbie Ratliff, Foxtail
Orchards Cabins and Campgrounds, LLC; Margie Douglass,
SBDC program manager at Southwest Virginia Community
College; and Jonathan Belcher, VCEDA executive director/
general counsel. Not pictured is Curklin’s LLC, who was present at
the luncheon, but left prior to the photo being taken. Collectively,
these six businesses created 98 jobs through their second year of
reporting.
18
Air Repair, Inc. / Buchanan County
The custom manufacture of ductwork and the added ability to serve both residential and commercial HVAC needs is something Tony
Owens, of Air Repair, Inc., offers as a service in the four-county area of Buchanan, Dickenson, Russell and Tazewell counties. In addition
to doing his own ductwork in the sheet metal shop he established as a part of the new business, Owens has the ability to provide for the
custom ductwork needs of other companies as well. The business projects six full-time employees within three years.
Bona-Fide Barbecue, LLC / Dickenson County
With few dining options in the Clintwood area of Dickenson County, Wesley Rose decided the time might just be right to turn his long-
held love of cooking barbecue for family and friends into the dream realized of operating his own small business. He began the process
to outfit a food truck and to complete necessary certifications in late 2023 and has plans to open Bona-Fide Barbecue, LLC in early spring
2024 offering a unique take on classic barbecue with a fair food twist, using fresh, local ingredients whenever possible. The business
projects two full-time and one part-time employees within five years.
The Well on Main LLC / Dickenson County
From gourmet coffees and iced coffees, to smoothies and juices, The Well on Main LLC in Clintwood, VA, offers a little something for
everyone, including bakery items featuring old favorites and a changing menu of daily specials. Owner, Melinda Edwards, noted the new
business, located near the Ralph Stanley Museum and Jettie Baker Center, sells to the local community as well as to visitors. Ingredients
are locally sourced whenever possible. Dine-in options are available and catering services are also offered. The business projects two full-
time and three part-time employees.
Good ol Boys Processing, LLC / Lee County
Helping to support beef and hog producers, as well as regional deer hunters, Good ol Boys Processing, LLC, plans to open its doors in
September 2024 to begin processing meats at its new facility now under construction in the Rose Hill area of Lee County. Owner, Jesse
Hoskins, who previously worked in a meat processing plant in Tennessee, said he decided to look at opening one in his home county to
provide services to local farmers and hunters. The business projects up to three full-time and three part-time employees within five years.
Breath of Dawn, LLC / Russell County
Primitive camping, dry cabins and renovated RVs are among the alternative overnight accommodations, Breath of Dawn, LLC will offer
as it opens in 2024. The new business will also offer classes focused on backyard gardens, food preservation and sustainable living on 35
acres of what owner, Jessica Monroe, calls an educational homestead. A new pavilion will be constructed and will open in late spring 2024
allowing planned agritourism facets of the business to be shared along with the rich heritage of Southwest Virginia. The business projects
four full-time and four part-time employees.
19
S E E D C A P I TA L P R O J E C T S
The Well on Main LLC Bona-Fide Barbecue, LLC
Breath of Dawn, LLC
Air Repair, Inc. Good ol Boys Processing, LLC
20
S E E D C A P I TA L P R O J E C T S
Carl Scott Leather Company, LLC / Scott County
Leather slip covers for Bibles, patches for hats and clothing and belts are among the leather goods items Carl Scott Leather Company, LLC
is manufacturing from its new location in Duffield, Va. With a contract from an Ohio-based company in hand to make Bible slip covers
in four different sizes, Carl Scott began looking for ways to expand his new custom leather manufacturing business. Scott also hopes to
train and teach others in the art of leatherworks and periodically offers classes in the community. The business projects up to three full-
time employees within five years.
Stoney Ridge Farm and Retreat, LLC / Tazewell County
Visitors to the region looking for a “glamping” experience need look no further than Tazewell County as Laura Hunt and David Belanger
open Stoney Ridge Farm and Retreat, LLC and its first yurt camping. Additionally, the business is a working farm and will provide
opportunities for guests to learn about farming and farm animals and to explore its 200 acres of pasture and mountain trails. Guests are
housed in luxury-equipped yurts constructed on the mountainside overlooking acres of pastures, where cows, alpacas, goats, chickens
and donkeys graze and live. It projects up to two full-time and eight part-time employees within five years.
Appa Bagworks LLC / Tazewell County
Functional and fashionable artisan-made leather purses, bags, wallets, belts and accessories are the primary goods manufactured and
sold at Appa Bagworks LLC, a new business operating on Main Street in Tazewell. The retail store opened at the end of the year and also
features a workshop where owner, Tanner Hale, crafts the leatherworks items. The business mission is to create high-quality, long-lasting
leather products reflecting commitment to sustainability, ethical production practices and timeless design. The business projects one full-
time and two part-time employees within three years.
Just Adventure Productions LLC / Wise County
Assisting other small businesses with their digital production and marketing needs is the primary goal of Just Adventure Productions
LLC. Justin Falin officially opened the business which provides full-service videography, drone videography and social media marketing.
A full range of consulting is offered under one roof and is intended to propel businesses into the digital age of media and marketing.
Expansion plans for the future include web design, mobile apps and social media training services. The business projects up to four full-
time and two part-time employees within five years.
Vonda’s Hometown Restaurant, LLC / Wise County
The desire to give back to their community and to create a homestyle dining option in Pound was the primary reason Mark Pilkenton
and his daughter, Kelsey, began planning to open Vonda’s Hometown Restaurant, named after Mark’s wife and Kelsey’s mother, Vonda.
The new restaurant will feature homestyle cooking, utilizing local produce and local meats. Additionally, it will offer retail space for local
artisans and crafters to sell their products. The business projects up to four full-time and four part-time employees within five years.
21
S E E D C A P I TA L P R O J E C T S
Vonda’s Hometown Restaurant, LLC Appa Bagworks LLC
Stoney Ridge Farm and Retreat, LLC Carl Scott Leather Company, LLC
22
2023 VCEDA MARKETING EVENTS
EVENT DATE LOCATION
Virginia Chamber of Commerce Reception January 17, 2023 Richmond, VA
VEDA Legislative Reception January 18, 2023 Richmond, VA
Center for Rural Virginia Reception January 18, 2023 Richmond, VA
Southwest Virginia Legislative Reception January 31, 2023 Richmond, VA
MCPA Legislative Breakfast February 1, 2023 Richmond, VA
SVAM Women in Manufacturing Symposium March 8, 2023 Abingdon, VA
VEDA Spring Conference March 15-17, 2023 Newport News, VA
Site Selectors Guild Annual Conference March 29-31, 2023 San Antonio, TX
Mid-America Trucking Show March 30-April 1, 2023 Louisville, KY
SelectUSA Investment Summit May 1-4, 2023 National Harbor, MD
Data Center World May 8-11, 2023 Austin, TX
AUVSI Xponential May 8-11, 2023 Denver, CO
Virginia Consultants Forum May 15-17, 2023 Virginia Beach, VA
VEDP Business Investment Call Trip Wisconsin May 15-19, 2023 Virtual
MCPA Annual Conference May 21-23, 2023 Roanoke, WV
Southwest Virginia Economic Forum May 25, 2023 Wise, VA
VEDA Summer Membership Meeting June 5-6, 2023 Harrisonburg, VA
Semicon West July 11-13, 2023 San Francisco, CA
SEDC Annual Conference August 13-15, 2023 Williamsburg, VA
ACI Annual Awards Banquet & Gala August 16, 2023 Abingdon, VA
CreatorCon August 23-24, 2023 Norton, VA
Southwest Virginia Manufacturers Expo August 31, 2023 Abingdon, VA
PACK EXPO September 11-13, 2023 Las Vegas, NV
VEDA Fall Conference September 20-22, 2023 Portsmouth, VA
Governor’s Summit on Rural Prosperity October 10-11, 2023 Blackstone, VA
SWVA Alliance for Manufacturing Banquet October 12, 2023 Abingdon, VA
Southwest Virginia Veterans Expo October 13, 2023 Abingdon, VA
Site Selectors Guild Fall Forum October 16-18, 2023 New Orleans, LA
DatacenterDynamics Connect November 6-7, 2023 Leesburg, VA
Classroom to Careers Cybersecurity Summit November 9, 2023 Abingdon, VA
Private Label Manufacturers Association Show November 12-14, 2023 Chicago, IL
VEDA Winter Membership Meeting November 30, 2023 Richmond, VA
VA Economic Summit & Forum on International Trade December 1, 2023 Richmond, VA
TOTAL MARKETING EVENTS (33)
23
MARKETING SOUTHWEST VIRGINIA’S e-REGION
VCEDA continued to promote Southwest Virginia’s e-Region through marketing and business
development in 2023, and VCEDA participated in 33 outreach events throughout the year. In 2023
VCEDA had 43 prospect visits and handled 212 inquiries about Southwest Virginia’s e-Region.
VCEDA attended the Private Label Manufacturers Association (PLMA) show in Chicago, IL with
the Virginia Economic Development Partnership (VEDP). VCEDA also participated with VEDP in
sponsorship of private dinners at the Site Selectors Guild (SSG) Annual Conference in San Antonio,
From left: Marketing Ambassadors TX and the SSG’s Fall Forum in New Orleans, LA. VCEDA joined the Guild Partner Program in 2023,
for VCEDA–Charlotte Mullins, Diane a first-of-its-kind networking partnership that aims to build strong, working relationships between
Thomas, and Cathy St. Clair–help economic development professionals and the industry’s top site selection consultants and offers
promote the region in addition to
economic development organizations enhanced access to site selection consultants through partner-
full-time VCEDA staff.
only networking events with Guild members.
VCEDA began a new Foreign Direct Investment
initiative in 2023, a program to reach out to companies
in several foreign countries through a digital media
marketing campaign to promote Southwest Virginia’s
e-Region internationally and through specific one-on-
one meetings with companies identified in the course of
the program.
VCEDA exhibited and was a sponsor at the Southern
Economic Development Council (SEDC) Annual
Conference, held in Virginia this year in Williamsburg.
VCEDA also was a sponsor of the Virginia Pavilion at
the AUVSI Xponential in Denver, CO; 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 PACK Expo in Las Vegas. VCEDA
participated and exhibited at several regional events
such as Southwest Virginia Alliance for Manufacturing
(SVAM) expos and awards banquet, 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.
VCEDA Marketing Ambassadors
In state, VCEDA participated and sponsored the Virginia Economic Developers Association
Diane Thomas, left, and Charlotte (VEDA) legislative reception in Richmond in January and the spring meeting in Newport News, VA;
Mullins, right, with Tazewell County participated in the Governor’s Summit on Rural Prosperity and the Virginia Chamber of Commerce’s
Economic Development Director Tim Economic Summit and Forum on International Trade.
Danielson, attended the 2023 PACK
Expo in Nevada. The show features Social media channels continue to gain followers and attention for VCEDA and Southwest Virginia’s
cutting edge packaging technology, e-Region. VCEDA placed several ads in Virginia Business magazine during the year, including a
processing equipment and supply
two-page spread for the Virginia Coalfields Expressway Authority, for which VCEDA provides
chain resources.
administrative support.
24
VCEDA supports companies, employees,
VCEDA Makes an Impact in Southwest Virginia’s e-Region and Southwest Virginia’s e-Region
Assisting new companies and helping existing industries region through a seed capital matching grant program The Virginia Coalfield Economic Development Authority (VCEDA) helps recruit
in the region expand and find sites that suit their needs with more than 1,000 jobs projected. companies to the region and get their facilities move-in ready. The organization
is one of the advantages of working with the Virginia also aids regional partners in
Examples of VCEDA’s impact in the region include
Coalfield Economic Development Authority (VCEDA), a building and filling up buildings,
helping a local industrial development authority turn a
regional economic development organization that not marketing business parks, and
technology shell building into the flagship design of a
only promotes Southwest Virginia’s e-Region as an obtaining workforce development
excellent business location, it also manages unique
financing programs that can be combined with local and
customer service center where the 800+ employees of
The Sitel Group handle questions for Intuit’s TurboTax
and training dollars. VCEDA’s two-page ad in the August 2023
state incentives.
and QuickBooks. VCEDA also assisted in helping
Samuel Pressure Vessel Group, a key supplier to
Hear how VCEDA has played a part
in helping these companies locate
issue of Virginia Business, the annual site
Southwest Virginia’s e-Region is a seven-county, one
city area in the southwestern tip of the Commonwealth
major compressor OEMs and distributors, and its 260
employees produce 50,000 pressure vessels a year in a
and grow in the region. Use the QR
code. Or www.vceda.us/impact.
selection edition. VCEDA also had an ad
- focusing on electronic IT, energy, education, emerging
technologies and entrepreneurs.
building revamped through a VCEDA loan. VCEDA also
helped companies such as CGI, SAIC, and Tempur Sealy in the December 2023 issue of Virginia
A region known for its scenic beauty and growing outdoor
recreational opportunities and entrepreneurial culture,
locate in the area.
VCEDA works to enhance the economic base for the
Business.
VCEDA helps recruit companies to the region and get coalfield region of Virginia encompassing Lee, Wise,
their facilities move-in ready. Since 1988, VCEDA has Scott, Buchanan, Russell, Tazewell, and Dickenson
helped hundreds of companies locate and expand in the counties, and the City of Norton. Read about VCEDA’s
region involving thousands of new jobs. Just since 2017, impact at vceda.us/impact.
VCEDA has helped 178 new business start-ups in the
In 2017, VCEDA established a seed capital matching grant
fund 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.
A total of 178 new start-ups have been
approved, like the Cluck Truck, a mobile
food truck serving customers in the
region and seasonally at fairs and
festivals. More than 1,000 full and
part-time jobs are projected in these
m a i l@ e - Re gi on.org • www.e - Re gi on.org • www.vce d a .u s
new businesses.
VIRGINIA The Coalfields Expressway, known as CFX, is a
proposed limited-access highway designated
COALFIELDS U.S. Route 121 and a Congressional High Priority
Corridor to provide an efficient transportation artery MORE INFORMATION ON THE
EXPRESSWAY through the coalfields region of Southwest Virginia
and southern West Virginia.
PROPOSED VIRGINIA COALFIELDS
EXPRESSWAY. USE THE QR CODE.
Information on CFX on Virginia Department of Transportation website www.virginiadot.org/projects/bristol/about_coalfields_expressway.asp
SUPPORT CONNECTIVITY $12.8 BILLION SIGNIFICANT ROI VALUE
The Virginia Coalfields Expressway In addition to the economic IMPACT A 2021 economic impact study In addition to improved traffic
Authority (CFX) was formed by
the Virginia General Assembly in
development benefits for the
highway’s communities, when
According to an economic
impact analysis of the Coalfields
said direct construction spending
on the project can support 26,246
flow and transportation access—
fundamental to economic
VCEDA Marketing Ambassadors Charlotte Mullins
and Diane Thomas attended the SEMICON West
VIRGINIA COALFIELD ECONOMIC
2017 to improve the transportation complete the CFX will provide better Expressway completed in 2021 by cumulative jobs in its bi-state development—CFX will benefit
DEVELOPMENT AUTHORITY
into, from, within and through access to four interstates, including Chmura Economics & Analytics, the corridor from 2013 to 2038. businesses in the Corridor, reduce
conference in San Francisco, CA. The event
Southwest Virginia, to assist in I-81 in Bristol and Wytheville, VA; cumulative economic impact of the The cumulative ripple effect of costs to ports and shipping of
regional economic development, I-77 in Bluefield and Beckley, WV; Coalfields Expressway during a 50- capital investment can generate products to population centers
and to enhance highway safety in I-64 in Beckley, WV and Ashland, $1.8 billion in spending and in the eastern and midwest
focused on key challenges affecting the global
year span is estimated to be $12.8
the affected localities of Southwest KY; and I-26 in Kingsport, TN. The billion in 2021 dollars. CFX Corridor 13,859 cumulative jobs in the markets, aid business attraction
Virginia. Virginia Coalfield Economic project will have the two tallest is Wise, Dickenson and Buchanan CFX corridor, and the cumulative for expanding or relocating firms,
Development Authority (VCEDA)
provides staff support to the
bridges, the deepest fill, the deepest
cut and the longest pre-cast culvert
counties in Virginia; Wyoming,
Raleigh and McDowell counties in
direct and ripple effect of this
construction spending therefore
improve tourism and access
to education, healthcare and
microelectronics industry, including supply chain
authority board. within a 10-mile area in Virginia. West Virginia. can support a grand total of
40,105 jobs. (Chmura Economics
entertainment opportunities. The
CFX is critically important to the
www.vceda.us/cfxauthority
mail@vceda.us
disruptions, climate change and talent shortages.
& Analytics) future of the coalfields.
VCEDA published this two-page ad on the Virginia Coalfields Expressway in the
March 2023 issue of Virginia Business.
VCEDA attended the Private Label
Manufacturers Association (PLMA) trade
show in Chicago, IL in November along
with members of the Virginia Economic
Development Partnership (VEDP). VCEDA
Marketing Coordinator Susan Copeland,
center, attended along with Deirdre O’Rourke,
left, and Chris Burger, of VEDP. While there,
they met with several companies in the food
and beverage sector.
25
MARKETING SOUTHWEST VIRGINIA’S e-REGION
VCEDA Marketing Ambassadors Charlotte Mullins
and Diane Thomas represented VCEDA at the
Governor’s Summit on Rural Prosperity, hosted by the
Virginia Rural Center, October 10-11 in Blackstone,
VA. VCEDA was also a sponsor of the event and had
an exhibit at the conference. Also in photo, Secretary
of Commerce and Trade Caren Merrick and Deputy
Secretary of Commerce and Trade James Campos.
VCEDA Marketing Ambassador Diane Thomas and
Wise County IDA Executive Director Brian Falin
attended the DatacenterDynamics (DCD) Virginia
conference in Leesburg, VA in November. DCD
brings together top professionals in the data center
industry to hear from more than 100 industry experts
discussing the future of digital infrastructure, new
technologies and services which impact the data
center industry supply chain.
VCEDA was pleased to exhibit at the Mid America
Trucking Show in Louisville, KY in March. The show is
known as the largest heavy-duty trucking trade show
in the world. VCEDA Marketing Ambassadors Charlotte
Mullins and Diane Thomas, along with Buchanan
County Industrial Development Authority Executive
Director Matt Fields and Southern Gap Transportation
and Logistics Center (SGTLC) Manager Angie Farmer
had an opportunity to learn more about industry needs
and trends and to speak with fleet managers and other
attendees about training opportunities at the SGTLC.
26
VCEDA participated in the Site Selectors Guild Fall Forum, held in New Orleans in October. VCEDA is now a Guild
Partner organization and participated in a private partner networking event and a dinner event with the Virginia
Economic Development Partnership.
VCEDA Marketing Coordinator Susan Copeland represented Southwest
Virginia’s e-Region at the Site Selectors Guild’s largest ever annual
conference in San Antonio, TX March 29-31. VCEDA joined the Guild’s
Partner Program in 2023.
VCEDA was one of the economic development sponsors at the Virginia Pavilion with the
Virginia Innovation Partnership Corporation (VIPC) at the AUVSI Xponential conference
in Denver, CO. AUVSI, the Association for Uncrewed Vehicle Systems International, is
the world’s largest nonprofit organization dedicated to the advancement of uncrewed
systems and robotics and represents corporations and professionals from more than
60 countries involved in industry, government and academia.
27
MARKETING SOUTHWEST VIRGINIA’S e-REGION
VCEDA was pleased to exhibit at and help to sponsor
the 8th Annual Southwest Virginia Economic
Forum: Pursuit of Prosperity on May 25, 2023 at the
University of Virginia’s College at Wise. Representing
VCEDA were Jean Jordan, Charlotte Mullins and
Marketta Horton.
VCEDA attended and exhibited at the SelectUSA
summit in National Harbor, MD. More than 4,200
attendees from 82-plus foreign markets and more
than 53 states and territories were represented.
Pictured are Wise County Industrial Development
Authority Executive Director Brian Falin and VCEDA
Marketing Ambassadors Charlotte Mullins and Diane
Thomas.
28
S E E D C A P I TA L P R O J E C T S
The VCEDA team exhibited at Data Center World in
Austin, TX, May 8-11 and met with several companies
at the show and others located in the Austin area to
promote the advantages and amenities available to
businesses locating in Southwest Virginia’s e-Region.
The VCEDA team of economic developers included, in
photo from left, Susan Copeland, VCEDA marketing
coordinator; John Kilgore, Scott County; Natalie
Chapman, Wise County; Dana Cronkhite, Dickenson
County; and Richard Johnson, Lee County.
Southwest Virginia was well represented in
Williamsburg at the annual conference of the Southern
Economic Development Council (SEDC). VCEDA
was a sponsor of the event and exhibited. Jason El
Koubi, President and CEO of the Virginia Economic
Development Partnership (VEDP), joined the e-Region
team at the booth. Pointing out Virginia is Number
1! In photo are John Kilgore, Scott County; Fred
Ramey, Norton; Natalie Chapman, Wise County; Susan
Copeland, VCEDA; Brian Falin, Wise County; Jason
El Koubi, VEDP; Dana Cronkhite, Dickenson County;
Richard Johnson, Lee County; and Charlotte Mullins,
VCEDA.
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 11, 2023 board
meeting at Grundy, Va. Pictured, from left to right, are Keith Viers; Ed Talbott, III; James Keen; Philip Cook; J.H. Rivers, Vice-
Chairman; Scott Mullins; Peggy Kiser (designee of Josh Evans); Jay Rife, Chairman; Harry Childress; John Schoolcraft, and
Jonathan Belcher, Executive Director and Secretary/Treasurer. Not pictured are Bonnie Bates and Melanie Salyer.
Keeping the Momentum Going
2023 continued to be a productive year for the Virginia Coalfields highway from the Town of Grundy, Va. to Southern Gap, which
Expressway Authority, despite the fact that the Authority continued is Buchanan County’s primary industrial park for new economic
to remain unfunded operationally. Keeping the momentum going development.
on the Coalfields Expressway (CFX) project remains a major focus
for the Authority. VCEDA provides the staff support for the CFX November 8, 2023 may have been the most significant date in
Authority. the history of the entire CFX project. On that date, VDOT held
a ribbon cutting on 8.7 miles of Corridor Q (U.S. 460/121) in
The year started off on a high note with the news that $7 million Buchanan County, 2.57 miles of which included the first section
in congressionally directed spending requested by the Authority of the Coalfields Expressway (U.S. 121) to be completed and open
last year was included in the FY2023 federal budget. This funding for travel in Virginia. Thanks to the FY2023 federal congressionally
was requested by the CFX Authority to add additional lanes to directed spending requested by the Authority and the region’s
the U.S. 121/U.S. 460 intersection and Hawk’s Nest sections of federal legislators, this first section of CFX was able to be completed
the Coalfields Expressway in Buchanan County to make those as a four-lane, thereby complying with the intent of Virginia Code §
sections a four-lane. The funding was distributed by the federal 15.2-6015.1 which specifies that the CFX is a “proposed four-lane.”
government to the Virginia Department of Transportation
(VDOT) for this purpose. The assistance of the region’s federal At the CFX Authority board’s December 11, 2023 meeting, VDOT
legislators in obtaining this funding was crucial. made a presentation to the board on the results of the Grundy to
West Virginia state line pre-engineering study which was funded
In March, the CFX Authority, with the assistance of VCEDA, had a with FY2022 congressionally directed spending requested by the
two-page ad in Virginia Business magazine to promote awareness Authority and distributed by the federal government to VDOT.
of the Coalfields Expressway and its importance to the economic The alignment options presented in this study will help provide a
development of the coalfield region. Also in March, the Authority, basis for future work by the Authority and VDOT regarding those
working in coordination with the region’s federal legislators, sections of the road. Identifying and obtaining further funding for
requested an additional $7 million in congressionally directed the Coalfields Expressway remains the most pressing issue going
spending to add additional lanes to the Poplar Creek Phase A into 2024.
& Phase B sections of the CFX, which will provide a four-lane
30
VCEDA BOARD
In photo, from left, front, are Jonathan Belcher, Executive Director/General Counsel; Larry Mosley, Chairman; J.P Richardson, Vice Chairman; and Andy Hrovatic, Secretary.
Back row, Carroll Branham; Barbara Altizer; Becky Coleman; Troy Nichols; Kathy Still; Maggie Asbury; Brian Hess; Scotty Wampler and Sonny Ciampanella. Not pictured are
board members Esther Bolling, Treasurer; Rhonda Sluss; Duane Miller and Tim Stuller.
Virginia Coalfield Economic Development Authority Board
OFFICERS COAL PRODUCERS PLANNING DISTRICT COMMISSIONS
Larry Mosley | Chairman Troy Nichols Scotty Wampler
J.P. Richardson | Vice Chairman Paramont Contura, LLC Cumberland Plateau PDC
Andy Hrovatic | 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 Sonny Ciampanella 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 3 V C E D A L O A N A P P R O VA L S
LOANS PROJECT NAME APPROVED AMOUNT
Buchanan County Buchanan County IDA/Shell Building #2 6/15/23 $1,530,000.00
City of Norton Norton IDA/Project Lasso 10/19/23 $3,160,000.00
Russell County Russell County IDA/Acme Building Improvements 2/16/23 $250,000.00
Tazewell County Tazewell County IDA/CNX Resources 2/16/23 $900,000.00
Tazewell County Tazewell County IDA/Meat Processing Facility 12/14/23 $800,000.00
Wise County Wise County IDA/Elam Phase 2 Development 8/17/23 $300,000.00
TOTAL LOANS (6) $6,940,000.00
2 0 2 3 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 Sunset Holler, Inc. 4/27/23 $50,000.00
Buchanan County Theatre Guild of Buchanan County 4/27/23 $50,000.00
Buchanan County Air Repair, Inc. 6/15/23 $10,000.00
Buchanan County Buchanan County IDA/Southern Gap Site 20 Development 10/19/23 $2,500,000.00
Buchanan/Dickenson County Breaks Interstate Park/Spring 2023 Improvements 2/16/23 $88,809.00
Buchanan/Dickenson County Breaks Interstate Park/Summer 2023 Improvements 4/27/23 $168,155.12
Buchanan/Dickenson County Breaks Interstate Park/Pool & Bridge Construction 10/19/23 $694,645.65
Buchanan/Dickenson County Breaks Interstate Park/Water Tank & Chafin Lodge 12/14/23 $79,971.33
Dickenson County Dickenson County IDA/Green Lot Development 4/27/23 $30,000.00
Dickenson County Dickenson County IDA/Space-Based Broadband 4/27/23 $169,152.00
Dickenson County Bona-Fide Barbeque, LLC 12/14/23 $10,000.00
Dickenson County The Well on Main LLC 12/14/23 $10,000.00
Dickenson County Dickenson County IDA/Chip Mill Site Redevelopment 4/27/23 $217,000.00
32
2 0 2 3 V C E D A G R A N T A P P R O VA L S
Dickenson County Dickenson County IDA/Telehealth Broadband 10/19/23 $150,000.00
Dickenson County Dickenson County IDA/Mobile Telehealth Unit Broadband 10/19/23 $21,000.00
Lee County Good ol Boys Processing, LLC 12/14/23 $10,000.00
Russell County Town of Honaker/Amphitheater & e-Bike Charging 4/27/23 $50,000.00
Russell County Russell County IDA/Laurel Bed Lake Road Study 6/15/23 $25,000.00
Russell County Breath of Dawn, LLC 12/14/23 $10,000.00
Russell/Wise County Tate Access Floors, Inc. 10/19/23 $250,000.00
Russell/Tazewell County Simmons Equipment Company 12/14/23 $187,500.00
Scott County Carl Scott Leather Company, LLC 12/14/23 $10,000.00
Tazewell County Stoney Ridge Farm and Retreat, LLC 6/15/23 $10,000.00
Tazewell County Appa Bagworks LLC 12/14/23 $10,000.00
Wise County Wise County IDA/Appalachia Visitor Center 2/16/23 $30,000.00
Wise County Just Adventure Productions LLC 6/15/23 $10,000.00
Wise County Vonda’s Hometown Restaurant, LLC 6/15/23 $10,000.00
Wise County Wise County IDA/Telehealth Broadband 10/19/23 $150,000.00
Wise County Wise County IDA/Mobile Telehealth Unit Broadband 10/19/23 $21,000.00
Wise County Wise County IDA/Seniors Telehealth Broadband 10/19/23 $161,250.00
Wise County Wise County IDA/Elam Phase 1 Development 12/14/23 $700,000.00
Regional Napoleon Hill Foundation/Entrepreneurship Training 2/16/23 $50,000.00
Mountain Empire Community College Foundation/Solar Workforce
Regional 4/27/23 $117,150.00
Accelerator
Regional Heart of Appalachia Tourism Authority 4/27/23 $50,000.00
Mountain Empire Community College Foundation/Workforce
Regional 10/19/23 $200,000.00
Development and Training
TOTAL GRANTS (35) $6,310,633.10
TOTAL LOANS & GRANTS (41) $13,250,633.10
33
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, 2023
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, 2023, 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 27, 2024, 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 27, 2024
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, 2023
CASH RECEIPTS CASH DISBURSEMENTS
Administrative Uncommitted
& Business Dev. Project Balance Available
Coal & Gas Funds Balance 1/1/23 Receipts Interest Earned Loans Collections Expenses Loans & Grants 12/31/23 Balance
Buchanan County $7,339,169 $2,965,027 $354,552 $324,174 $286,680 $439,369 $10,256,873 $4,997,372
Dickenson County 13,380,239 1,736,706 476,210 65,562 185,366 4,214,526 11,258,825 9,045,247
Lee County 168,250 4,400 6,767 - 489 11,700 167,228 158,928
City of Norton 472 - 459 28,445 - - 29,376 29,376
Russell County 1,119,027 97,723 48,111 714,716 14,426 630,708 1,334,443 1,165,166
Scott County 29,504 1,419 1,230 - 316 - 31,837 31,837
Tazewell County 2,546,271 490,882 86,465 816,366 59,590 1,442,728 2,437,666 1,337,666
Wise County 3,617,956 201,936 165,464 787,652 21,979 8,676 4,742,353 3,742,353
Regional 4,874,164 675,948 193,623 228,165 490,857 682,450 4,798,593 3,856,625
Total Coal & Gas Funds $33,075,052 $6,174,041 $1,332,881 $2,965,080 $1,059,703 $7,430,157 $35,057,194 $24,364,570
Other Funds:
Tax Credit Funds
Revolving Loan $13,217,273 $556,068 $487,512 $106,675 - $26,225 $14,341,303 $10,681,303
Workforce 16,534,284 - 590,916 - 90 372,121 16,752,989 4,885,199
Total Tax Credit Funds $29,751,557 $556,068 $1,078,428 $106,675 $90 $398,346 $31,094,292 $15,566,502
Civil Penalties Funds $946,742 $136,873 $45,311 - - $237,857 $891,069 $38,223
CFO Funds $69,018 - $27,507 $1,776,115 $10 - $1,872,630 $1,872,630
Education & Telehealth $125,915 $500,000 $9,655 - - $466,800 $168,770 $7,520
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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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