Annual Report 2024, Virginia Coalfield Economic Development Authority
Summary
This 2024 Annual Report of the Virginia Coalfield Economic Development Authority (VCEDA) opens with a letter from its Chairman to Governor Glenn Youngkin and the General Assembly. The letter states that twenty-one new projects and three expansions/retentions were announced in 2024, involving 407 full-time and 80 part-time jobs and planning more than $18.86 million in private investment in the region. The report also states that VCEDA approved 37 loans and grants for $13,342,233 in new funding, including 20 seed capital projects, and that VCEDA, with the region's federal legislators, raised $7 million in federal funding for work on the Coalfields Expressway.
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ANNUAL
REPORT
2024
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,
J.P. Richardson
Chairman We are pleased to submit to you and the General Assembly the 2024 Annual Report of the
Virginia Coalfield Economic Development Authority (VCEDA).
Twenty-one new projects and three expansions/retentions were announced in 2024,
involving 407 full-time and 80 part-time jobs. These projects plan more than $18.86
million in private investment in the region. New project announcements included WRAP
Technologies in Norton, VA, projecting 126 new full-time jobs and private investment of
more than $4 million. Other significant announcements included the expansion and job
retention activities of Bird Dog Distributors, LLC in Dickenson County, projecting 43 full-
time jobs; Simmons Equipment Company in Russell County, projecting 115 full-time jobs
TABLE OF CONTENTS
including the retention of 40 jobs; and VFP, Inc. in Scott County, projecting 50 full-time
2 Chairman's Letter jobs.
3 Executive Director’s Report
In 2024, VCEDA approved 37 loans and grants for $13,342,233 in new VCEDA funding,
4 2024 Projects & Expansions
including 20 seed capital projects. Funding was approved for projects in all seven counties
5-18 2024 Project Highlights in the VCEDA region. In providing administrative assistance to the Virginia Coalfields
18 Jean Jordan Retires Expressway Authority (CFX), VCEDA, in conjunction with the region’s federal legislators,
19 Seed Capital raised $7 million in federal funding for continued work on the CFX, which is deemed a
20-25 Marketing the e-Region crucial component in the economic development future of Southwest Virginia.
26 Coalfields Expressway VCEDA is committed to its mission and crucial role in helping to diversify the region’s
27 VCEDA Board economy. We look forward to working with the Governor’s Office and the General Assembly
28-29 Loan & Grant Approvals to help our region continue to diversify and grow.
30-31 Independent Auditors’ Report Sincerely,
31 VCEDA Statement of Cash Receipts
& Disbursements
J.P. Richardson
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.
2024 was another successful year for the region, with the following being some of the highlights of
the year:
» The announcement of 21 new projects in the region, projected to create 199 full-time and 80 part-
time jobs and $5,387,526 in private investment.
Jonathan Belcher » The announcement of 3 expansion projects in the region, projected to create and retain 208 full-
Executive Director/ time jobs and $13,480,000 in private investment.
General Counsel
» The approval by the VCEDA Board of 37 loans and grants for $13,342,233.29 in new VCEDA
funding for projects in all 7 counties in the VCEDA region, projected to help create 192 full-time
and 80 part-time jobs and $7,107,526 in private investment.
» The closing of 42 approved loans and grants totaling $9,111,600.27 for a projected 558 new and
retained full-time jobs, 157 part-time jobs, and $33,768,781 in private investment.
» Twenty new business start-ups in the region supported by grants from VCEDA’s Seed Capital
Matching Fund program, projecting a total of 73 full-time and 80 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 securing of federal funding needed to complete the Coalfields Expressway as a four-lane
highway from Grundy, Virginia to Buchanan County’s Southern Gap development.
Important projects announced during the year in the region include the location of WRAP
Members of the VCEDA staff Technologies to Norton, Va., projecting 126 new full-time jobs. In 2024, VCEDA closed a $3.16
are, from left, Mitzi White, office million loan to the Norton Industrial Development Authority to help construct a facility for WRAP
manager; Diane Thomas, business Technologies. Simmons Equipment Company also announced a major expansion of its operations
development specialist; Jonathan to Lebanon, Va., which was assisted by a $500,000 loan and a $187,500 grant approved by VCEDA.
Belcher, executive director/general
VFP, Inc., which VCEDA has assisted with several expansions, announced it was expanding again
counsel; and Marketta Horton;
economic development specialist. in Scott County and adding 50 new jobs. Bird Dog Distributors, recruited by VCEDA to Dickenson
Not pictured are Susan Copeland, County a decade ago, announced an expansion projecting 43 new jobs. Also this year, ribbon-
marketing coordinator; and cuttings were held on two important VCEDA-assisted projects announced last year – the new CNX
Charlotte Mullins and Cathy St. Resources Virginia headquarters at Richlands, Va. with 75 new and retained jobs and the new Tate
Clair, marketing ambassadors.
data center components manufacturing operation at St. Paul, Va.
with a projected 170 new full-time jobs. Loan and grant funds were
approved by VCEDA for a variety of projects throughout the year
including for infrastructure development, building construction,
workforce development and training, tourism development, and
entrepreneurship.
As always, the successes of 2024 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
2024 NEW PROJECTS
NEW PROJECTS LOCALITY JOBS PRIVATE INVESTMENT
Jordan’s Pumpkin Patch Dickenson 3 FT / 3 PT $55,000
Smith Property Maintenance, LLC Dickenson 3 FT $11,026
Little Notions Quilt Shop, LLC Dickenson 2 FT / 1 PT $20,300
Real Deal Curb Appeal LLC Lee 3 FT / 4 PT $20,426
Stone Mountain Yogurt, LLC Lee 2 FT / 3 PT $32,447
MT.3D Printing LLC Lee 5 FT $11,242
Outsiders Pizzeria and Bar Lee 5 FT / 8 PT $152,350
WRAP Technologies Norton 126 FT $4,080,000
Shaka Latte LLC Russell 3 FT / 6 PT $15,871
Stay Fly Drone Service, LLC Russell 1 FT $10,000
J Starnes Enterprises LLC d/b/a Blue Line Treats Scott 1 FT / 8 PT $30,917
Franco’s Gate City Bistro LLC Scott 3 FT / 10 PT $58,600
Revolutionary Market LLC Scott 8 FT / 8 PT $170,750
ELH Investments LLC d/b/a The Edison Scott 1 FT / 1 PT $111,500
The Roasted Bean of VA, LLC Tazewell 6 FT / 6 PT $71,800
Mason Dixon Brothers LLC Tazewell 5 FT / 2 PT $285,000
The Athlete’s Bakery & Blends LLC Tazewell 6 FT / 9 PT $41,000
Triple J Angus Farms, LP Tazewell 3 FT / 3 PT $22,000
Jones-Hurst Designs LLC Wise 2 FT / 2 PT $11,500
Shortt Family Farms, LLC Wise 3 FT / 6 PT $10,797
Foam Solutions LLC Wise 8 FT $165,000
TOTAL NEW PROJECTS (21) 199 FT / 80 PT $5,387,526
2024 EXPANSIONS/RETENTIONS
EXPANSIONS/RETENTIONS LOCALITY JOBS PRIVATE INVESTMENT
Bird Dog Distributors, LLC Dickenson 43 FT N/A
Simmons Equipment Company Russell 115 FT* $8,480,000
VFP, Inc. Scott 50 FT $5,000,000
TOTAL EXPANSIONS/RETENTIONS (3) 208 FT $13,480,000
TOTAL NEW PROJECTS &
407 FT / 80 PT $18,867,526
EXPANSIONS/RETENTIONS (24)
FT = full-time; PT = part-time; *Simmons includes 40 retained jobs
4
2H0I G2 3H LNI EG H
WT PS R O J E C T S
WRAP Technologies / City of Norton
Governor Youngkin announced the relocation of WRAP Technologies
(Nasdaq: WRAP) to Southwest Virginia, marking a significant expansion
of the company’s commitment to defense and public safety technology.
The new manufacturing and distribution facility at Project Intersection in
Norton will result in 126 new jobs, contributing to the acceleration of the
region’s growing tech corridors. VCEDA assisted by approving a $3.16 million
loan to the Norton Industrial Development Authority to be used toward the
construction of the new facility at the Intersection development in Norton.
The new 20,000-square-foot facility will serve as the central hub for WRAP’s
manufacturing and distribution operations. This expansion will support the
development of next-generation tech products, including WRAP’s innovative
AI and VR training platforms, integrated body camera systems and planned
advanced drone technologies designed for safer and more efficient law
enforcement practices.
Simmons Equipment Company / Russell County
Simmons Equipment Company expanded its operations into Russell County,
VA and VCEDA was pleased to be a part of assisting the company to grow and
expand on the current project and in the past. VCEDA approved a $187,500
workforce development and training grant to the company as well as a
$500,000 loan to the Industrial Development Authority of Russell County for
facility improvements. The expansion is expected to create 75 new full-time
jobs in the next two years, help retain 40 full-time jobs and create nearly $8.5
million in private investment.
VFP, Inc. / Scott County
An expansion of VFP, Inc.’s, manufacturing operations in Scott County, VA,
was announced in September by the governor’s office. VFP, Inc. is a producer
of custom-designed enclosures used to protect critical infrastructure for
telecommunications, public safety radio, data centers and utility projects.
The expansion will help VFP better serve the growing data center market.
Virginia competed successfully with Louisiana and Missouri for the project,
which will create 50 new jobs and a $5 million private investment. VCEDA
has approved a $100,000 grant to assist VFP with workforce development
and training.
5
HIGHLIGHTS
Bird Dog Distributors, LLC / Dickenson County
Bird Dog Distributors, LLC was awarded $525,000 from the Virginia
Department of Energy’s Abandoned Mine Land Economic Revitalization
(AMLER) grant program to expand its plastics manufacturing facility in
Dickenson County, VA. VCEDA has had the pleasure of working with the
company since it first located in Dickenson County many years ago and
was approved for a loan from VCEDA at that time in partnership with the
Dickenson County Industrial Development Authority. A total of 43 new jobs
are projected.
CNX Resources Ribbon Cutting Held / Tazewell County
VCEDA was pleased to take part in the ribbon cutting with Gov. Glenn Youngkin
in September 2024 at the CNX Resources new regional headquarters office
in Richlands, VA. VCEDA worked with the company, locality and state on the
project, including a $900,000 loan approved by VCEDA to the Tazewell County
Industrial Development Authority to assist on the project. In his remarks,
the governor noted the renewed commitment by CNX to retain its regional
headquarters office in Virginia “brings to life our vision for an all-American,
all-of-the-above approach to fueling Virginia’s unprecedented economic
growth and energy needs, leveraging Southwest Virginia’s rich coal mines
to produce abundant, affordable and lower emissions natural gas.” The
expansion will house 75 employees, increases the facility’s square footage
85 percent and is expected to create eight new jobs and retain 67 jobs.
Tate Location in St. Paul Celebrated / Russell &
Wise Counties
VCEDA was in attendance at the St. Paul, VA ribbon cutting for Tate, a global
provider focused on the research, development and manufacturing of next-
generation raised access floors, airflow management and infrastructure
solutions for commercial and data center applications. The plant primarily
focuses on data center component manufacturing and containment products
to serve data center sites. Gov. Glenn Youngkin joined Delegates Terry
Kilgore and Israel O’Quinn, along with Tate officials and employees, for the
celebration in 2024. VCEDA previously provided the Russell County Industrial
Development Authority with $2.5 million in financing enabling the IDA to
acquire the building now occupied by the company. VCEDA also approved
$250,000 in workforce development and training funds for the company.
Virginia successfully competed with numerous states for the project, which
is projected to create 170 new jobs and provide $14.9 million in private
investment by the company.
6
EarthLink Grand Opening Held / City of Norton
EarthLink in Norton, VA, celebrated its grand opening and a ribbon cutting
of its new state-of-the-art call center with Virginia Gov. Glenn Youngkin
and other Southwest Virginia legislators, employees and invited guests.
EarthLink is the nation’s leading Internet service provider renowned for its
commitment to excellence and customer satisfaction. VCEDA previously
approved a $100,000 workforce development and training grant to EarthLink
for the project and also approved to allow temporary space for the company in
the former Sykes building in Wise, VA, while the permanent facility in Norton
was being constructed. In his remarks at the event, the governor noted the
opening of EarthLink in Norton was “all about teamwork, persistence and
vision,” adding it reaffirmed Virginia’s position as the top state for business.
The project is expected to bring 285 new jobs to the region.
Southern Gap Office Building /
Buchanan County / $2.214 Million Loan
An up to $2.214 million loan was approved in early 2024 for the Buchanan
County Industrial Development Authority (IDA) to be used to assist with the
construction and development of an office building for economic development
purposes at the Southern Gap development in Buchanan County, VA.
Approximately 40 construction-related jobs supported by the building’s
construction and approximately 32 permanent jobs created from the rental of
space within the building once it is constructed are projected. With available
commercial property in Buchanan County currently becoming aged or located
in a floodplain, the IDA identified building new marketable office space in
the regional office park section of its Southern Gap development as one of
its priorities.
Buchanan Medical Campus /
Buchanan County / $500,000 Grant
An up to $500,000 VCEDA grant to the Buchanan County Industrial
Development Authority was closed in the third quarter of 2024 and will
be used to finance utility installations on a 57-acre medical campus
in the Southern Gap area of Buchanan County, VA. The medical campus,
being developed by Buchanan General Hospital and the Coalfields Health
Foundation (CHF), is proposed to house a 61-bed assisted living facility --
Heart Stone Lodge -- being developed by CHF, as well as a medical clinic,
a medical retail building and hotel. Within 25 years, it is projected the site
will also house a new hospital. All of these planned facilities will need utility
infrastructure, including water, sewer and electricity which currently does
not exist to serve the property.
7
HIGHLIGHTS
Buchanan Scenic Wildlife Viewing Overlook /
Buchanan County / $100,000 Grant
A preliminary engineering study examining the potential to establish a scenic
wildlife viewing overlook on Corridor Q (US 121/460) in Buchanan County, VA,
is being conducted by the Buchanan County Industrial Development Authority
(IDA) due to $100,000 in grants approved between the IDA and VCEDA. The
grants include an up to $50,000 grant from the VCEDA Tourism Capital
Improvement Matching Fund; and an up to $50,000 grant from the VCEDA
Buchanan County Account. Jointly, they are being used to fund the study and
its subsequent report which will focus on determining the best location(s)
and estimated costs of the project, with any leftover funding to be applied
toward actual construction. The new road, which will have significantly
more traffic once fully opened in 2027, is frequented by numerous elk and
other wildlife, due to the elk restoration program operated by the Virginia
Department of Wildlife Resources (DWR).
Breaks Interstate Park /
Dickenson & Buchanan County / $100,000 Grant
An up to $100,000 grant awarded to the Breaks Interstate Park in 2024
will serve to further develop and address infrastructure needs at the park.
The grant is being used for expansion of the park gift shop, repairs and/
or replacement of the roof and gutters on the chief ranger’s residence,
improvements to the park’s amphitheater, maintenance shop repairs and
additions and miscellaneous equipment purchases. The miscellaneous
equipment purchases include a new trailer for hauling equipment and a
radio/repeater system to be used by park staff to coordinate park functions
between headquarters and field staff.
Haysi’s Russell Fork Trail Center /
Dickenson County / $200,000 Grant
An up to $200,000 grant to the Dickenson County Industrial Development
Authority (IDA) is being used to develop Haysi’s Russell Fork Trail Center.
Building construction, renovation and rehabilitation; the purchase of
furniture, fixtures and equipment; and other improvements related to the
development of the trail center are planned. The Town of Haysi began to
develop plans for the trail center in 2016 and received an initial VCEDA grant
of $150,000. The funding approved in 2024 will help to take care of a deficit
in funding for the project which exists as project costs have climbed in the
interim period. The center will serve as the town’s tourism marketing hub and
has several additional uses projected as well. Three part-time employees, one
of which is new and two of whom are retained, are projected.
8
Jettie Baker Center / Dickenson County /
$50,000 Grant
An up to $50,000 grant from the VCEDA Tourism Capital Improvement
Matching Fund to be used to finance the replacement of the marquee sign
at the Jettie Baker Center in the Town of Clintwood, VA, was closed between
VCEDA and the town in late 2024. The Town of Clintwood owns and operates
the Jettie Baker Center -- a high-tech, multi-functional performance and
events theater venue located at 348 Main Street in downtown Clintwood.
As part of its agreement with VCEDA, the town indicated it will match
the funding from VCEDA with at least $50,000 from the town. The theater
was originally built in the 1940s as the Mullins Theater and was donated
to the town years ago. The theater underwent extensive renovations and
improvements to transform it into what is now described as one of the finest
events venues in the VCEDA region.
Bluestone Regional Business and Technology Park
Natural Gas Expansion / Tazewell County /
$120,000 Grant
A study to determine how best to expand natural gas service to the Bluestone
Regional Business and Technology Park in Tazewell County, VA, is underway
due to a VCEDA grant of up to $120,000 to the Industrial Development
Authority of Tazewell County. The funds are being used to finance engineering,
geotechnical and construction plans and a right of way analysis. The
Bluestone Regional Business and Technology Park is Tazewell County’s
primary available property for economic development. Located adjacent to
US 460 between Tazewell and Bluefield, the park is a developed property with
several available building pads and also a 40,000 square foot technology
shell building. The funds obtained by the IDA will serve as matching funds
for a $368,200 grant from the Virginia Business Ready Sites Program.
Mountain Empire Community College Foundation
Regional / $186,091 Grant
A new fiber optic installation program and a new heavy equipment operator
II program to be offered at Mountain Empire Community College will benefit
from an up to $186,091.29 VCEDA Coalfield Workforce Development and
Training Fund grant. The funds are being used for workforce development
and training costs and expenses of equipment, supplies and tuition for the
two programs. The programs will also further support the training needs of
multiple employers already operating in the region. Students completing the
Fiber Optic Installation program will earn a Certified Network Cable Installer
nationally recognized credential or a similar certification. Graduates of the
heavy equipment operator II program will earn credentials including: NCCER
Core, NCCER Equipment Operator Level I and HEO Level II and VDOT Work
Zone Flagger certification. MECC estimates in the next two years, 40 students
may be trained through the fiber optic installation program and 48 students
through the heavy equipment operator II program.
9
HIGHLIGHTS
Napoleon Hill Foundation / Regional / $50,000 Grant
Continued workforce development and training for high school students in
the region is the focus of an up to $50,000 grant from the VCEDA Coalfield
Workforce Development and Training Fund approved for the Napoleon
Hill Foundation in Wise, VA. The funds are being used to assist with the
continued development and implementation of a free online interactive
course in entrepreneurial skills. VCEDA has provided two previous grants
to the Napoleon Hill Foundation for this initiative, which included a $50,000
grant approved in November 2021 and an additional $50,000 grant approved
in February 2023. Both of those grants were also from the VCEDA Coalfield
Workforce Development and Training Fund. Approximately 200 students
have registered for the online course since 2022, surpassing the original
foundation goal of providing training for 100 students.
Southwest Virginia Community College Educational
Foundation / Regional / $307,142 Grants
Workforce development grants totaling $307,142 to the Southwest Virginia
Community College Educational Foundation are being used to expand
emerging workforce training programs at the college. The grants included
one for up to $102,000 to expand the college’s CDL automotive technology
program; one for up to $100,000 for workforce development and training
scholarships and for National Career Readiness Certificate testing; and a
third for up to $105,142 for workforce development and training in electric
vehicle (EV) and hybrid vehicle technology for residents and/or workers in the
VCEDA region.
Project Maggie / Lee County / $500,000 Loan
An up to $500,000.00 loan to the Lee County Economic Development Authority
to assist with the expansion of a project in Lee County, VA, was approved in
September 2024. The funds, which include up to $150,000 from the VCEDA
Lee County Account and up to $350,000 from the VCEDA Coalfield Revolving
Loan Fund, will be used to finance the purchase of equipment to assist with
the project expansion, which has not yet been announced. Within two to four
years, the project is expected to create more than a dozen new jobs.
10
Project Find / Tazewell County / $3 Million Loan
An up to $3 million loan to the Tazewell County Industrial Development
Authority to assist with the location of Project Find, which has not yet been
announced, was approved in November 2024. Up to $2 million of the loan
will come from the VCEDA Coalfield Revolving Loan Fund and will be used for
building construction and upfits, and up to $1 million of the loan will come
from the VCEDA Tazewell County Account to be used to finance workforce
development and training and the purchase of equipment, machinery and
tools. The project is expected to create several dozen new full-time jobs
within five years.
Project Laser / Tazewell County /
$1.315 Million Loan
An up to $1,315,000 loan was approved for the expansion of an as yet
unannounced project in Tazewell County. Up to $1 million of the loan will come
from the VCEDA Tazewell County Account and up to $315,000 will come from
the VCEDA Coalfield Revolving Loan Fund. The funds will be used to finance
the purchase of equipment, machinery and tools. The project is expected to
create several dozen new full-time jobs within five years.
11
S E E D C A P I TA L H I G H L I G H T S
Smith Property Maintenance, LLC /
Dickenson County / $10,000 Grant
As Jonathan Smith opened Smith Property Maintenance, LLC, residential
customers in search of someone to do small to medium remodeling and
maintenance projects in Dickenson County, VA, found a place to turn to for
those services. The business projects three full-time employees within five
years.
Little Notions Quilt Shop, LLC / Dickenson County /
$10,000 Grant
When Stephanie and Blake Little decided to open Little Notions Quilt Shop
in Clintwood, VA, they did so with an eye toward offering more variety and
options to quilters in the area and for Stephanie to be able to share her love
of quilting with others close to home. The business projects two full-time and
one part-time employee within five years.
Real Deal Curb Appeal LLC / Lee County /
$10,000 Grant
When Nick Lundy opened Real Deal Curb Appeal LLC in Ewing, VA, he found
out quickly that services like those his new business offered were in demand
and he knew by the response, he had made the right decision to utilize his
nearly 20 years of experience to open his own business. The business projects
three full-time and four part-time employees within five years.
12
Stone Mountain Yogurt, LLC / Lee County /
$10,000 Grant
After purchasing land in Lee County in 2023 and making the decision to
move from Greenville, SC, to Virginia, Jeff and Tonya Taylor became immersed
in the community and began looking for ways to invest in their new small
town way of life and to give it a boost and set an example. They found that
way to invest and give back when they opened Stone Mountain Yogurt, LLC
on 124 N. Main Street in Pennington Gap, VA. The business projects two full-
time and three part-time employees within five years.
MT.3D Printing LLC / Lee County / $10,000 Grant
When Kevin Frantz thinks about 3D printing, he sees it as an emerging field.
He first entered the world of 3D printing as a hobbyist, but soon found out
there were applications for its use in many arenas -- including toy making
-- which led to his decision to start MT.3D Printing as a new business in
Pennington Gap, VA. The business projects five full-time employees within
five years.
Outsiders Pizzeria and Bar / Lee County /
$10,000 Grant
Wood-fired pizza, sandwiches and a pub will be the specialties found
at Outsiders, a new restaurant opening at 41169 West Morgan Avenue,
Pennington Gap, VA, which provides a place for locals and tourists alike to
get a bite to eat, catch a game, listen to local music, or find a place to
relax before and after local events. Owner Jonathan Lynch projects the new
business will employ five full-time and eight part-time employees within five
years.
13
S E E D C A P I TA L H I G H L I G H T S
Shaka Latte LLC / Russell County / $10,000 Grant
When Ellie McGlothlin opened her new small business -- Shaka Latte LLC, a
mobile coffee business based in Lebanon, VA -- she had one simple goal in
mind: to create a shop with “world class coffee to go.” The mobile shop is
now set up weekly at the Lebanon Farmer’s Market and posts its schedule of
other locations on its Facebook page. The business projects three full-time
and six part-time employees within five years.
Stay Fly Drone Service, LLC / Russell County /
$10,000 Grant
From search and rescue, to photography, videography and more, Joshua
and Kelli Stevens offer a variety of services utilizing drone technology and
have plans to expand their drone fleet as their new business, Stay Fly Drone
Service, LLC, grows. The business projects one full-time employee.
J Starnes Enterprises LLC d/b/a Blue Line Treats /
Scott County / $10,000 Grant
Twelve flavors of premium hand-dipped ice cream, shaved ice and fresh-
squeezed lemonade are among the offerings found at the Blue Line Treats
mobile food truck, operated by J Starnes Enterprises LLC. With plans to add
in coffees, espressos and lattes at the Duffield, VA-based business, owners
Freda Starnes, J.C. Starnes and Tyler Starnes project one full-time and eight
part-time employees within five years.
14
Franco’s Gate City Bistro LLC / Scott County /
$10,000 Grant
Authentic Italian food and international dish specialties to appeal to locals
and tourists alike are what patrons of Franco’s Gate City Bistro LLC will find
when they visit the new restaurant and bar on 114 Jackson Street in Gate
City, VA, according to Franco’s owner, Frank Wynne. The business projects
three full-time and 10 part-time employees within five years.
Revolutionary Market LLC / Scott County /
$10,000 Grant
For Jeff and Rebecca Arrington, of Hiltons, VA, doing what they can to help
grow and revitalize their community while at the same time preserving its
heritage and culture is important and as such, the Arringtons have worked
to establish Revolutionary Market and Community Center -- a country store,
restaurant and community center all in one location. The business projects
eight full-time and eight part-time employees within five years.
ELH Investments LLC d/b/a The Edison /
Scott County / $10,000 Grant
When Leslie and Geoffrey Crawford first got the idea to renovate a 111-year-
old building in downtown Gate City, VA to create a curated venue to host
events, corporate meetings and more, they did so with one thought in mind
– they wanted to create a space where history meets community and in so
doing, The Edison was born. The business projects one full-time and one
part-time employee within five years.
15
S E E D C A P I TA L H I G H L I G H T S
The Roasted Bean of VA, LLC / Tazewell County /
$10,000 Grant
For the owners of The Roasted Bean of VA, LLC, the coffee shop business
Larry and Donna Kinzer opened in downtown Bluefield, VA, is about more than
just providing a welcoming environment and cultivating coffee enthusiasts
of all ages. Every sip, they said, tells a unique story and the high-quality
products and caring customer service they provide are hallmarks of the new
business as they seek to draw people to downtown Bluefield to share in a
deep feeling of community. The business projects six full-time and six part-
time employees within five years.
Mason Dixon Brothers LLC / Tazewell County /
$10,000 Grant
Creating a luxury primitive resort on their picturesque 87-acre rolling farm in
North Tazewell, VA, was the goal Mike and Mary Blevins had as they returned
to their roots, moving back to the region they grew up in from Raleigh, NC,
to open the Ruakh Resort, part of their new business, Mason Dixon Brothers
LLC. The business projects five full-time and two part-time employees within
five years.
The Athlete’s Bakery & Blends LLC /
Tazewell County / $10,000 Grant
Providing healthy food options to benefit athletes, spectators and the general
public is the goal of The Athlete’s Bakery & Blends LLC, as Colton Mullins
outfits a second food truck to be stationed at a variety of athletic events in
the region. Based in Tazewell County, VA, the business, which offers nutrient-
packed superfoods which are refined sugar-free and non-GMO, projects six
full-time and nine part-time employees within five years.
16
Triple J Angus Farms, LP / Tazewell County /
$10,000 Grant
Providing excellent quality, affordable beef to its customers is the primary
goal of Triple J Angus Farms, LP in Tazewell County, VA, according to Grace
Fuller, who operates the new business along with her husband, John; and
mother-in-law, Judy. Plans in the future include to add baked goods, home
remedy salves, sugar and salt scrubs and later handmade wooden cutting
boards. The new business projects three full-time and three part-time
employees within five years.
Jones-Hurst Designs LLC / Wise County /
$10,000 Grant
For Adam Patterson, fashion design has been a way of life and a way to make
a living, but now, translating those designs into custom clothing using his
own patterns and manufacturing it here in Southwest Virginia is his goal
through Jones-Hurst Designs, LLC in Big Stone Gap, VA. Patterson’s vision
is “to redefine the way Southwest Virginia experiences fashion by offering
accessible, customizable designs that celebrate individual expressions and
creativity.” The business projects two full-time and two part-time employees
within five years.
Shortt Family Farms, LLC / Wise County /
$10,000 Grant
Freeze-dried fruits, vegetables, candies and herbal teas are the focus of
Shortt Family Farms, LLC’s new business in Pound, VA, according to owner,
Jennifer Shortt, who noted since the business – Delights by the Pound -- first
opened in June, the biggest product demand has been in the herbal tea line,
especially for custom make-your-own blends. The business projects three
full-time and six part-time employees within five years.
17
S E E D C A P I TA L H I G H L I G H T S
Foam Solutions LLC / Wise County / $10,000 Grant
Improving Energy efficiency is one of the goals of Foam Solutions LLC, a
spray foam insulation and coatings company which offers not only spray
foam insulation, but also concrete leveling and more. Owned by Class A
contractor Amy Hubbard, the new Big Stone Gap, VA business projects eight
full-time employees within five years.
Jordan’s Pumpkin Patch / Dickenson County /
$10,000 Grant
Finding a way to share the family farm which has been a part of the Rose
family since 1890, while at the same time creating a business focused on
agritourism, was one of the things that led David, Kelly and Jordan Rose to
start up Jordan’s Pumpkin Patch on 7498 DC Caney Ridge Road, in Coeburn,
VA. In addition to pumpkins, the new business also has plans to be known for
its strawberries and Sugar Baby watermelons. The business projects three
full-time and three part-time employees within five years.
Long-Time VCEDA Funds Administrator Jean Jordan Retires
The year 2024 marked some big changes for VCEDA as long-time VCEDA
Funds Administrator Jean Jordan retired after 33 years of service.
A resolution honoring Jordan and recognizing her with gratitude for her
tireless service to VCEDA was approved and presented to Jordan, who was
the longest serving member of the VCEDA staff.
Her retirement became effective June 30.
The resolution noted Jordan had served VCEDA in various capacities since
1991, the majority of which was as VCEDA’s funds administrator. Prior to
serving in her capacity with VCEDA, Jordan was an employee in the coal
From left, Jean Jordan and VCEDA board members Tim Stuller
industry with Pittston Coal Company. and Roger Rife.
“During her long and illustrious career at VCEDA, Ms. Jordan has contributed greatly to the economic development of the region and
assisted in the creation of thousands of jobs for the region’s citizens,” the resolution noted. “As VCEDA’s Funds Administrator, Ms. Jordan
very capably managed the authority’s loan and grant funds for many years including more than 600 projects approved by VCEDA which
she helped to manage.”
18
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 204
VCEDA region for-profit businesses in qualifying business
sectors one year and under with less than 10 full-time employees
1,508 (827 FULL-TIME;
are eligible to apply for dollar-for-dollar matching grants up to PROJECTED JOBS
$10,000 from the VCEDA Seed Capital Matching Fund. Applicants
681 PART-TIME)
work with the Small Business Development Centers at Mountain
Empire and Southwest Virginia community colleges to prepare PROJECTED INVESTMENT $11,970,520
their applications to VCEDA that include detailed business and
financial plans. Businesses must be located in, or plan to operate
in, the VCEDA region. In 2024, VCEDA approved grants from the Seed Capital Matching
A February 2021 study of the Seed Capital Matching Fund Fund to assist 20 new small business start-ups throughout the
completed by Virginia Tech’s Center for Economic & Community region. A total of 73 full-time and 80 part-time jobs are projected
Engagement found the VCEDA seed capital program had a very by those businesses in a five-year period. Since the seed capital
high return on VCEDA’s investment at a ratio of approximately program was created in 2017, a total of 204 businesses have
34:1. The study also found VCEDA has played a critical role been approved, creating 717 full and part-time jobs to date.
in the development of small businesses and in support of Jobs projected to be created within five years total 1,508. Total
entrepreneurship. investment by these businesses in a five-year period is projected
to be $11.97 million.
Little Notions Quilt Shop, LLC
Stay Fly Drone Service, LLC
19
2024 VCEDA MARKETING EVENTS
EVENT DATE LOCATION
VEDA Legislative Reception & VEDA Day 1/16/24 Richmond, VA
VA Chamber Day & Old Dominion Assembly Reception 1/17/24 Richmond, VA
Center for Rural Virginia Breakfast 1/17/24 Richmond, VA
PowerGen 1/23-25/24 New Orleans, LA
Southwest Virginia Legislative Reception 1/31/24 Richmond, VA
MCPA Legislative Breakfast 2/1/24 Richmond, VA
SVAM Women in Manufacturing Symposium 3/8/24 Abingdon, VA
International Battery Seminar & Exhibit 3/12-15/24 Orlando, FL
Business Facilities LiveXchange Reception/Dinner 3/16/24 Richmond, VA
Site Selectors Guild Annual Conference 4/3-5/24 Nashville, TN
Data Center World 4/15-18/24 Washington, DC
VEDP International Trade Event on Exporting 4/17/24 Abingdon, VA
AUVSI Xponential 4/22-25/24 San Diego, CA
MCPA Annual Conference & Expo 5/18-21/24 Roanoke, WV
2024 Small Business Symposium 5/21/24 Abingdon, VA
Southwest Virginia Economic Forum 5/23/24 Wise, VA
VEDA Summer Membership Meeting 6/3-4/24 Danville, VA
2024 Spring Consultants Forum 6/10-12/24 Virginia Beach, VA
SelectUSA Investment Summit 6/23-26/24 National Harbor, MD
SEDC Annual Conference 7/28-30/24 Savannah, GA
Southwest Virginia Manufacturers Expo 8/29/24 Abingdon, VA
International Manufacturing Technology Show 9/9-14/24 Chicago, IL
CreatorCon 9/18-19/24 Wise, VA
Site Selectors Guild Fall Forum 9/23-25/24 Detroit, MI
VEDA Fall Conference 9/25-27/24 Roanoke, VA
Appalachian Council for Innovation Annual Gala 9/26/24 Abingdon, VA
Startup Mountain Summit 9/30-10/1/24 Johnson City, TN
VEDP Advanced Materials Pittsburgh Call Trip 9/23-10/15/24 Virtual
SVAM Manufacturing Awards Banquet 10/3/24 Abingdon, VA
EO Rural Summit & Reception 10/23-24/24 Abingdon, VA
Governor’s Summit on Rural Prosperity 10/28-30/24 Wytheville, VA
VEDA Winter Membership Meeting 12/5/24 Richmond, VA
VA Economic Summit & Forum on International Trade 12/6/24 Richmond, VA
TOTAL MARKETING EVENTS (33)
20
MARKETING SOUTHWEST VIRGINIA’S e-REGION
VCEDA continued to promote Southwest Virginia’s e-Region all of which were held in Richmond, VA; SVAM Women in
through marketing and business development in 2024 and Manufacturing Symposium in Abingdon, VA; International
participated in 33 outreach events throughout the year. In 2024 Battery Seminar & Exhibit in Orlando, FL; Business Facilities
VCEDA had 36 prospect visits and handled 190 inquiries about LiveXchange Reception/Dinner in Richmond, VA; Site Selectors
Southwest Virginia’s e-Region. Guild Annual Conference in Nashville, TN; Data Center World in
Washington, DC; VEDP International Trade Event on Exporting
A variety of trade shows and events in nine states and in
in Abingdon, VA; MCPA Annual Conference & Expo in Roanoke,
Washington, D.C. were on tap for VCEDA staff in 2024. From the
WV; the 2024 Small Business Symposium in Abingdon, VA; and
International Manufacturing Technology show in Chicago, IL,
the Southwest Virginia Economic Forum in Wise, VA.
to Power Gen in New Orleans, LA, to the AUVSI Exponential in
San Diego, CA and Select USA in National Harbor, MD, VCEDA VCEDA staff also attended the 2024 Spring Consultants Forum in
representatives were there to market the region and what it has to Virginia Beach, VA; the SEDC Annual Conference in Savannah,
offer to new and expanding businesses. VCEDA also continued GA; Southwest Virginia Manufacturers Expo in Abingdon, VA;
its membership in the Site Selector’s Guild Partner Program in CreatorCon in Wise, VA; Site Selectors Guild Fall Forum in
2024. The program is a first-of-its-kind networking partnership Detroit, MI; VEDA Fall Conference in Roanoke, VA; Appalachian
aiming to build strong, working relationships between economic Council for Innovation Annual Gala in Abingdon, VA; Startup
development professionals and the industry’s top site selection Mountain Summit in Johnson City, TN; VEDP Advanced
consultants. It offers economic development organizations Materials virtual call trip with Pittsburgh, PA companies; SVAM
enhanced access to site selection consultants through partner- Manufacturing Awards Banquet in Abingdon, VA; EO Rural
only networking events with Guild members. Summit & Reception in Abingdon, VA; Governor’s Summit on
Rural Prosperity in Wytheville, VA; VEDA Winter Membership
In 2024, VCEDA also continued its Foreign Direct Investment
Meeting in Richmond, VA; and the Virginia Economic Summit &
initiative. The program reaches out to companies in several
Forum on International Trade in Richmond, VA.
foreign countries through a digital media marketing campaign
to promote Southwest Virginia’s e-Region internationally and Marketing of Southwest Virginia’s e-Region also continues
through specific one-on-one meetings with companies identified throughout the year on VCEDA social media channels which
through the course of the program. continued to gain followers and attention for VCEDA and the
region. VCEDA also placed several ads in Virginia Business
Additional marketing events in which VCEDA participated during
magazine during the year, including one highlighting its
2024 as either a sponsor, exhibitor or participant -- or all three
successful seed capital program; a two-page spread for the Virginia
-- were as follows: VEDA Legislative Reception & VEDA Day;
Coalfields Expressway Authority, for which VCEDA provides
Virginia Chamber Day & Old Dominion Legislative Assembly
administrative support; and two which gave an overview of the
Reception; the Virginia Rural Center Legislative Breakfast; the
region and highlighted the fact that its economic diversity index
Southwest Virginia Legislative Reception; and the Metallurgical
has improved by 250 percent.
Coal Producers Association (MCPA) Legislative Breakfast,
Best practices for economic development were explored in June during
the Area Development Spring Consultants Forum held in Virginia Beach,
VA. VCEDA Marketing Coordinator Susan Copeland, right; and VCEDA
Business Development Specialist Diane Thomas, left, represented VCEDA
at the event. The program gave attendees the opportunity to hear from and
network with leading site consultants and corporate real estate advisors.
Trends influencing corporate location decisions and economic development
strategies were additional topics discussed.
21
MARKETING SOUTHWEST VIRGINIA’S e-REGION
VCEDA was a sponsor and exhibitor at the Governor’s Summit on Rural
Prosperity in Wytheville, VA in late October. The summit focused on
rural development in the Commonwealth and included discussions
VCEDA and a team of local economic developers represented the VCEDA on broadband development, Accelerate Southwest Virginia initiatives,
region at the Data Center World conference in mid-April in Washington, attracting the next generation workforce, innovations in rural healthcare
DC, hosting an exhibit booth and meeting in pre-set appointments with and rural energy collaboration. Gov. Glenn Youngkin, Lt. Gov. Winsome
companies who were interested in learning about the region’s offerings Earle-Sears, Virginia Secretary of Commerce and Trade Caren Merrick,
for data center location. The exhibitors at the largest data center VEDP CEO Jason El Koubi and Virginia Speaker of the House Don Scott
conference ranged the full spectrum of solution providers driving the were among the featured speakers. An update on Hurricane Helene
data center and digital infrastructure industry forward. Representing the recovery efforts was provided and a panel comprised of Del. Israel
region, were, from left, John Kilgore, Scott County; Natalie Chapman, Wise O’Quinn, Del. Jed Arnold, Sen. Travis Hackworth and Del. Terry Kilgore
County; and Susan Copeland, VCEDA marketing coordinator. addressed SWVA issues. VCEDA Marketing Coordinator Susan Copeland
and VCEDA Marketing Ambassador Cathy St. Clair represented VCEDA at
the event.
VCEDA was pleased to be in attendance for the LEAD SWVA launch Southwest Virginia’s e-Region was represented at PowerGen
in December at the Southwest Virginia Higher Education Center in International in New Orleans, LA, in late January by the team of Susan
Abingdon, VA. The new program being offered through UVA-Wise will Copeland, VCEDA marketing coordinator; Charlotte Mullins, VCEDA
feature leadership skill building workshops, travel within the region to marketing ambassador; and Brian Falin, executive director of the
visit economic development sites and attractions and a community- Wise County IDA. The exhibit hall opened with a traditional Mardi
facing capstone project. On hand for the launch of the new program Gras band and the team visited exhibitors and attended conference
were, from left, Shannon Blevins, UVA-Wise; Diane Thomas, VCEDA sessions on topics such as building an innovative workforce for a
business development specialist; Chancellor Donna Henry, UVA-Wise; decarbonized future, the decarbonization challenge using hydrogen and
Charlotte Mullins, VCEDA marketing ambassador; and Richard Johnson other solutions, addressing economic challenges from a construction
and Randy Rose, UVA-Wise. and operations perspective and microgrids and onsite power for data
centers.
22
VCEDA was pleased to attend and to exhibit at the International
Manufacturing Technology Show (IMTS) in Chicago, IL, in September.
VCEDA Business Development Specialist Diane Thomas and VCEDA
Marketing Ambassador Charlotte Mullins were at the trade show along
with Tazewell County Economic Development Director Tim Danielson and
Tazewell County Economic Development Manager Ashley Harris. IMTS is
the largest trade show in the Western Hemisphere, drawing innovators,
sellers and drivers of manufacturing technology together to connect, be
inspired and find new solutions. While there, the VCEDA and Tazewell
County team also met with companies in pre-set appointments to discuss
the advantages of location in Southwest Virginia’s e-Region.
T MILES
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VCEDA was represented in the Virginia Pavilion at KEE P THE MOMEN
Xponential 2024, the Technology Event for Autonomy
show, held in the San Diego Convention Center, San
Diego, CA, in late April. The Virginia Unmanned elds Expressway
(CFX) – known as
the Virginia Coalfi of roadway is the
first
Systems Center of the Virginia Innovation Partnership
first 2.57 miles of y. This 2.57 miles
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authority
www.vceda.us/cfx
mail@vceda.us
VCEDA and talked with visitors about the region’s
Kitty Hawk moment in 2015 as the site of the first
FAA-approved drone delivery in the U.S., as well as the
VCEDA published an ad on the Virginia
opportunities in Southwest Virginia’s e-Region and
Coalfields Expressway in the January
applications for unmanned technology in mining, oil
2024 issue of Virginia Business.
and gas, precision agriculture, mapping and mine reclamation. The XPO Hall featured innovators
from every link in the autonomy supply chain.
VCEDA was pleased to be a sponsor of the Virginia Economic Developers
Association (VEDA) summer meeting in June in Danville, VA. VCEDA
representatives Diane Thomas and Charlotte Mullins were in attendance
at the event which focused on the intersection between community and
economic development and the future of economic development. VEDA
Mainstreet Awards were presented and saw Kathy Stewart, of St. Paul
Mainstreet, recognized as a winner of the VEDA Community Economic
Development Award. Pictured, from left, are Mullins; Kathy Stewart; Tim
Stuller, Virginia Economic Development Partnership and member of the
VCEDA board; and Thomas.
23
MARKETING SOUTHWEST VIRGINIA’S e-REGION
VCEDA was a sponsor and exhibitor at the 9th annual Southwest Virginia Economic
Forum in Wise, in May. The state of the region from an economic development
perspective was one of the topics of discussion as Chris Chmura, founder and chief
executive officer of Chmura Economics & Analytics, provided statistics illustrating
both the strengths and challenges of the region. Donna P. Henry, chancellor of the
University of Virginia’s College at Wise welcomed attendees to the event. Dickenson
County Economic Development Director Dana Cronkhite and John Wilson talked about
the Wildwood Recovery Center under construction. Cronkhite recognized VCEDA’s role
in helping to fund some $4 million of the $7.8 million project. A Southwest Virginia
legislative panel comprised of Sen. Travis Hackworth and Dels. Terry Kilgore and
Israel O’Quinn discussed housing needs, childcare and early education needs. The
keynote address was delivered by Virginia Gov. Glenn Youngkin, who announced the
launch of his Accelerate Southwest Virginia initiative and its aim to unlock what he
called “unbridled opportunity” in the region.
Charlotte Mullins and Diane Thomas
represented VCEDA in March at the
2024 International Battery Seminar &
Exhibit in Orlando, FL. Founded in 1983,
the International Battery Seminar &
AMS
Exhibit has established itself as the
premier event showcasing the state
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within Southwes regio n. Through 2023
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or expanding in the region.
VCEDA published an ad on the Seed Capital
Matching Grant Program in the June 2024 Start
Virginia issue of Virginia Business.
VCEDA joined others from the region and Virginia in July at the annual
conference of the 17-state Southern Economic Development Council
held in Savannah, GA. Participants heard from economic development
leaders from throughout the member states on foreign direct investment,
the U.S. Economic Development Administration, pro-growth state policy
examples, navigating the American South energy landscape, rural economic
development and space-based economic development. VCEDA Marketing
Coordinator Susan Copeland, right, and Marketing Ambassador Charlotte
Mullins represented VCEDA. Others from the region attending included
Natalie Chapman and Brian Falin from Wise County; and John Kilgore from
Scott County.
24
VCEDA was a sponsor of and exhibitor at the Virginia Economic
Developers Association (VEDA) fall conference held in Roanoke, VA in
Diane Thomas and Charlotte Mullins were at the SelectUSA Investment
late September. The conference explored the intersection of community
Summit in National Harbor, MD, in June. The summit had more than
and economic development through a variety of speakers. Among the
5,000 attendees from 87 international markets and 56 states and
topics discussed were “Mastering the Mega Trends Shaping the Next
territories, all gathering to take advantage of in-person networking and
Generation of Talent;” and “Revolutionizing the Economic Fabric of
informative programming on key industry topics affecting the Foreign
Southwest Virginia with Private, Public and Philanthropic Funding.”
Direct Investment community. Joining them at the summit was Scott
Pictured is VCEDA Marketing Ambassador Charlotte Mullins at the
County Economic Development Authority Director John Kilgore. While
VCEDA booth.
at the summit, the team met with companies identified in pre-set
appointments to discuss the advantages of doing business in the U.S. Developme
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$14.9 mill Since the creation of the Virginia Coalfield Economic
170 jobs. Development Authority by the General Assembly in
1988, the economic diversity index of the coalfield
region has improved by 250 percent. MORE INFORMATION ON VCEDA.
USE THE QR CODE.
VCEDA was a sponsor of the early December Virginia Economic Summit SCENIC SOUTHWEST VIRGINIA’S e-REGION FIRST MILES OF VIRGINIA COALFIELDS EXPRESSWAY LONESOME PINE REGIONAL BUSINESS & TECHNOLOGY PARK (Wise, Virginia)
UNIQUE INCENTIVES FIRST MILES SEED CAPITAL ENHANCE AND
& Forum on International Trade held in Richmond, VA. The 2024
SOUTHWEST
VIRGINIA’S e-REGION VCEDA is unique to other economic A significant event in 2023 was Ten new business start-ups in the DIVERSIFY VIRGINIA COALFIELD ECONOMIC
VCEDA markets the scenic development organizations in the ribbon-cutting for the first 2.57 region were supported in 2023
VCEDA approved loan and grant DEVELOPMENT AUTHORITY
forum convened business leaders and industry experts to discuss the seven-county, one-city region as the United States. In addition to miles of the Virginia Coalfields by grants from VCEDA’s Seed
funds for a variety of projects
Southwest Virginia’s e-Region with marketing the region for business Expressway (CFX-U.S. Rt. 121), Capital Matching Fund program,
in 2023 including industrial
a focus on electronic IT, energy, location, VCEDA operates financing estimated to have a cumulative projecting nearly 60 full and
site development, building
programs funded by the coal and economic impact during a 50- part-time jobs. Since creating
connection between energy and economic development, as well as
education, emerging technologies construction, broadband,
and entrepreneurs. Representing natural gas industry in the region year span of $12.8 billion in 2021 the seed capital grant program in
workforce development and
Buchanan, Dickenson, Lee, Russell, that are designed to enhance and dollars. CFX Corridor is Wise, 2017, 193 new small businesses
training, and tourism. VCEDA and
Scott, Tazewell and Wise Counties diversify the economy of Southwest Dickenson and Buchanan Counties in all seven counties and the City
its team of economic development
the infrastructure challenges and opportunities in making economic and the City of Norton. Recent Virginia’s e-Region and create jobs. in Virginia; McDowell, Wyoming and of Norton have been approved for
allies work toward a common
success is the announcement Raleigh Counties in West Virginia. funding through the seed capital
goal to enhance and diversify the
that Tate, maker of data center The CFX is critically important to program, creating 662 full and
economy of the coalfields.
the future of the coalfields. VCEDA part-time jobs to date. Combined,
development planning decisions. The event was hosted by the Virginia
components, located in the region,
investing $14.9 million and creating provides staff support to the those businesses projected $11.2
170 jobs. Coalfields Expressway Authority. million in private investment.
www.vceda.us | mail@vceda.us
Chamber of Commerce. VCEDA attendees at the event were Diane
Thomas, business development specialist, left; and Charlotte Mullins,
marketing ambassador, right. VCEDA published ads in the August and September
2024 issues of Virginia Business.
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C O A L F I E L D S E X P R E S S WAY ( C F X )
Members of the Virginia Coalfields Expressway Authority are, from left, (front) Shelbie Willis, Melanie Salyer and Jay Rife;
and (back) Philip Cook, Scott Mullins, John Schoolcraft, Ronnie Shortt, James Keen; and Virginia CFX Authority Executive
Director Jonathan Belcher. Not pictured are J.H. Rivers, Harry Childress, Ed Talbott and Keith Viers.
Keeping the Momentum Going
2024 saw a number of projects which the Virginia Coalfields Another important initiative for the authority since its inception
Expressway Authority has been working on for the past several has been raising funds with which to operate. Since being formed
years gain significant traction, with plans being developed for by the General Assembly in 2017, the authority has been unfunded.
future projects. Virginia Governor Glenn Youngkin and the General Assembly
included funds in the FY25/FY26 state budget earmarked for
Keeping the momentum going on the Coalfields Expressway operations of the CFX Authority and to be managed by VCEDA.
(CFX) project continues to be a major focus for the authority. This
was highlighted in a January ad in Virginia Business magazine Other successes of 2024 included working with VDOT to get
touting the opening of the first miles of the CFX in Virginia after the first Coalfields Expressway signage in Virginia installed and
more than 30 years since the CFX was first proposed. working with Buchanan County and VCEDA to raise $100,000
toward a scenic wildlife viewing pullover project along the US
In early 2024, the authority secured an additional $8.75 million 121/460 corridor. Action has also been taken to request that
in federal and local funds for the CFX (US 121), thanks to U.S. future sections of the CFX be added to the Appalachian Regional
Congressman Morgan Griffith and U.S. Senators Tim Kaine Commission’s (ARC) Appalachian Development Highway System
and Mark Warner, along with the Buchanan County Board of (ADHS) which would then allow those sections of the CFX to be
Supervisors which approved the local match needed. This $8.75 eligible for ARC funding.
million will allow VDOT to complete nearly five more miles of
Corridor Q (US 121/460) as a four-lane and -- more importantly The completion of the Coalfields Expressway will open up the area
-- will provide a four-lane limited access highway all the way from for economic development and tourism, including new business
the Town of Grundy to Buchanan County’s Southern Gap mixed- and industrial sites and improved access to business and industrial
use development. parks and tourism assets, thereby making the region much more
competitive for economic development projects and tourism
For the four-laning of the remaining few miles of Corridor Q near opportunities.
the Breaks Interstate Park, the authority applied for additional
federal funds in 2024, with the Buchanan County Board of Identifying and obtaining further funding for the Coalfields
Supervisors again agreeing to provide the local match. Expressway remains the most pressing issue going into 2025.
26
VCEDA BOARD
Members of the VCEDA board, from left (front), with VCEDA Executive Director/General Counsel Jonathan Belcher, are Sonny Ciampanella; Brian Hess, treasurer; Barbara
Altizer; J.P. Richardson, chairman; Roger Rife; Chris Hall; and (back) Troy Nichols, secretary; Tim Stuller; Andy Hrovatic; Scotty Wampler; Gerald Lawson; Sim Ewing; and
Greg Edwards, vice chairman. Not pictured are board members Matthew Hill, Duane Miller and Shanna Plaster.
Virginia Coalfield Economic Development Authority Board
OFFICERS COAL PRODUCERS PLANNING DISTRICT COMMISSIONS
J.P. Richardson | Chairman Troy Nichols Scotty Wampler
Greg Edwards | Vice Chairman Paramont Contura, LLC Cumberland Plateau PDC
Troy Nichols | Secretary J.P. Richardson Duane A. Miller
Brian Hess | Treasurer Wellmore Energy LENOWISCO PDC
Brian Hess
GOVERNOR’S APPOINTEES Coronado IV LLC COUNTY BOARD OF SUPERVISORS
Gregory Edwards Roger Rife | Buchanan County
Simeon Ewing GAS PRODUCER Chris Hall | Dickenson County
Matthew Hill Sonny Ciampanella Shanna Plaster | Tazewell County
Andy Hrovatic Pocahontas Gas
Gerald Lawson VIRGINIA ECONOMIC
VIRGINIA COAL & ENERGY ALLIANCE DEVELOPMENT PARTNERSHIP
Barbara Altizer Tim Stuller
Metallurgical Coal Producers
Association
VIRGINIA COALFIELD ECONOMIC DEVELOPMENT AUTHORITY
27
2 0 2 4 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/Southern Gap Office Building 3/21/24 $2,214,000.00
Lee County Lee County IDA/Project Maggie 9/19/24 $500,000.00
Russell County Russell County IDA/Simmons Equipment Building Upfits 3/21/24 $500,000.00
Russell County Tazewell County IDA/Alcoa Building 9/19/24 $4,000,000.00
Tazewell County Lawrence Brothers, Inc. 11/21/24 $1,315,000.00
Tazewell County Tazewell County IDA/Project Find 11/21/24 $3,000,000.00
TOTAL LOANS (6) $11,529,000.00
2 0 2 4 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 Buchanan County IDA/Medical Campus Infrastructure 6/20/24 $500,000.00
Buchanan County Buchanan County IDA/Scenic Wildlife Pullover 11/21/24 $100,000.00
Buchanan/Dickenson County Breaks Interstate Park/Winter-Spring Projects 9/19/24 $100,000.00
Dickenson County Dickenson County IDA/Haysi Trails Center 6/20/24 $200,000.00
Dickenson County Jordan’s Pumpkin Patch 6/20/24 $10,000.00
Dickenson County Smith Property Maintenance, LLC 6/20/24 $10,000.00
Dickenson County Town of Clintwood/Jettie Baker Center 11/21/24 $50,000.00
Dickenson County Little Notions Quilt Shop, LLC 11/21/24 $10,000.00
Lee County Real Deal Curb Appeal LLC 6/20/24 $10,000.00
Lee County Stone Mountain Yogurt, LLC 6/20/24 $10,000.00
Lee County MT.3D Printing LLC 11/21/24 $10,000.00
Lee County Outsiders Pizzeria and Bar 11/21/24 $10,000.00
Russell County Shaka Latte LLC 6/20/24 $10,000.00
28
2 0 2 4 V C E D A G R A N T A P P R O VA L S
Russell County Stay Fly Drone Service, LLC 11/21/24 $10,000.00
Scott County J Starnes Enterprises LLC d/b/a Blue Line Treats 11/21/24 $10,000.00
Scott County Franco’s Gate City Bistro LLC 11/21/24 $10,000.00
Scott County Revolutionary Market LLC 11/21/24 $10,000.00
Scott County ELH Investments LLC d/b/a The Edison 11/21/24 $10,000.00
Tazewell County The Roasted Bean of VA, LLC 6/20/24 $10,000.00
Tazewell County Mason Dixon Brothers LLC 6/20/24 $10,000.00
Tazewell County Tazewell County IDA/Bluestone Natural Gas Planning 9/19/24 $120,000.00
Tazewell County The Athlete’s Bakery & Blends LLC 11/21/24 $10,000.00
Tazewell County Triple J Angus Farms, LP 11/21/24 $10,000.00
Wise County Jones-Hurst Designs LLC 6/20/24 $10,000.00
Wise County Shortt Family Farms, LLC 6/20/24 $10,000.00
Wise County Foam Solutions LLC 11/21/24 $10,000.00
Regional MECC Foundation/Fiber Optic & HEO II Training 3/21/24 $186,091.29
Regional Napoleon Hill Foundation/Entrepreneurial Skills Training 6/20/24 $50,000.00
Regional SWCC Educational Foundation/Emerging Workforce Training 9/19/24 $100,000.00
Regional SWCC Educational Foundation/EV & Hybrid Vehicle Training 9/19/24 $105,142.00
Regional SWCC Educational Foundation/CDL Training 9/19/24 $102,000.00
TOTAL GRANTS (31) $1,813,233.29
TOTAL LOANS & GRANTS (37) $13,342,233.29
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INDEPENDENT AUDITORS’ REPORT
The Board of Directors
Virginia Coalfield Economic
Development Authority
Lebanon, Virginia 24266
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENT
Opinion
We have audited the accompanying statement of cash receipts and disbursements of Virginia Coalfield Economic Development Authority (the “Authority”) for the year ended December 31, 2024
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, 2024, 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, 2025, 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, 2025
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
30
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.
CFX Funds - The Virginia State Budget, Chapter 2, 2024 Acts of Assembly, Special Session I, has allocated $250,000 the first year and $250,000 the second year from the general fund 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 operations of the Coalfields Expressway Authority.
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, 2024
CASH RECEIPTS CASH DISBURSEMENTS
Administrative Uncommitted
& Business Dev. Project Balance Available
Coal & Gas Funds Balance 1/1/24 Receipts Interest Earned Loans Collections Expenses Loans & Grants 12/31/24 Balance
Buchanan County $ 10,256,873 $ 1,962,520 $ 573,076 $ 247,360 $ 277,276 $ 299,047 $ 12,463,506 $ 4,843,018
Dickenson County 11,258,825 1,446,763 608,297 3,750 216,687 413,171 12,687,777 10,687,732
Lee County 167,228 682 7,939 17,000 (128) 150,000 42,977 34,677
City of Norton 29,376 - 1,522 - - - 30,898 30,898
Russell County 1,334,443 57,593 59,102 231,667 5,906 643,447 1,033,452 257,622
Scott County 31,837 394 1,660 - (81) - 33,972 33,972
Tazewell County 2,437,666 523,492 152,264 650,171 69,894 1,315,000 2,378,699 158,699
Wise County 4,742,353 102,029 260,828 860,320 7,935 470,025 5,487,570 4,957,595
Regional 4,798,593 335,751 240,518 67,655 534,985 296,213 4,611,319 3,416,444
Total Coal & Gas Funds $ 35,057,194 $ 4,429,224 $ 1,905,206 $ 2,077,923 $ 1,112,474 $ 3,586,903 $ 38,770,170 $ 24,420,657
Other Funds:
Tax Credit Funds
Revolving Loan $ 14,341,303 $ 51,690 $ 825,049 $ 2,548,294 - $ 6,054 $ 17,760,282 $ 8,506,337
Workforce 16,752,987 - 865,116 - - 449,116 17,168,987 5,062,221
Total Tax Credit Funds $31,094,290 $ 51,690 $ 1,690,165 $2,548,294 - $ 455,170 $ 34,929,269 $13,568,558
Civil Penalties Funds $ 891,069 $ 66,359 $ 24,655 - - $ 720,939 $ 261,144 $ 29,237
CFO Funds $ 1,872,630 - $ 95,807 $ 26,250 - - $ 1,994,687 $ 1,994,687
Education & Telehealth $ 168,770 - $ 1,926 - $ 202 $ 161,250 $ 9,244 $ 9,244
CFX Funds - $ 250,000 $ 59 - - - $ 250,059 $ 250,059
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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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