Annual Report on Virginia Business Ready Sites Program (VBRSP) Fund, 2025 Fiscal Year

Summary

The Annual Report on the Virginia Business Ready Sites Program (VBRSP) Fund for the 2025 fiscal year, prepared as required by § 2.2-2240.2:1(E) of the Code of Virginia. It states that $40,000,000 was appropriated to the Fund under Chapter 725 in addition to $20,000,000 approved for transfer, for a total balance of $275,305,945.25, and that expenditures during the fiscal year totaled $24,272,378.10. It reports that FY25 grant applications totaled $262 million for $40 million in available funding, and that $35,900,000 was awarded to develop or characterize 13 sites. The grant summaries list awards including Albemarle County - Rivanna Futures ($9,700,000) and Chesterfield County - Upper Magnolia Green ($10,500,000).

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

Fund Overview
As required by § 2.2-2240.2:1(E) of the Code of Virginia, this report provides information on the grant
awards and expenditures from the Virginia Business Ready Sites Program (VBRSP) Fund that
occurred during the 2025 fiscal year.

Per Chapter 725 of the 2025 Acts of Assembly (“the budget”), a total of $40,000,000 was appropriated
to the Fund in addition to $20,000,000 that was approved for transfer from fiscal year 2026 in
September 2024, pursuant to Section 4-1.03 c.5 of the Appropriations Act. In addition, the Fund had an
existing balance in carryover funds of $215,305,945.25 for a total balance of $275,305,945.25.
Expenditures from the Fund made during the fiscal year totaled $24,272,378.10. Additionally, a total of
$9,828,160.70 in interest income was deposited into the fund during the fiscal year. For the fiscal year
that ended June 30, 2025, the program’s cash balance was $260,861,727.85. It is important to note
that VBRSP grants are paid on a reimbursement basis, which is why a significant cash balance
remains.

The fund had outstanding commitments from awarded grants for the 2023 – 2025 fiscal years, totaling
$224,488,515.67. The balance available for future commitments is $36,373,212.18, including the
$20,000,000 appropriation transferred to the fund that will be used in the 2026 fiscal year.

Table 1
Summary of FY25 Fund Transactions

Fund Transactions Amount ($)
Carryover Balance 215,305,945.25

Previously Committed Funds (FY23-24) (184,488,515.67)

Chapter 725 FY25 Appropriation 40,000,000.00

FY26 Appropriation Transfer 20,000,000.00

Expenditures (24,272,378.10)

Interest Earned 9,828,160.70

FY25 Awards (40,000,000.00)

Total Funds Available for Future Grant Rounds 36,373,212.18

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Annual Report on Virginia Business Ready Sites Program (VBRSP) Fund
2025 Fiscal Year
Grant Award Summaries
Grant funding requests have consistently and significantly exceeded available funding, underscoring
the critical importance of site development funding to Virginia’s localities and the Commonwealth's
economic growth. FY25 grant applications totaled $262 million for $40 million in available funding,
representing a demand of 6.5 times available funding. The program also saw extraordinary demand in
FY24 when grant applications totaled $715 million against $125 million available, or a demand of over
5.7 times the available funding.

Of the $40,000,000 allocated to the fund for the 2025 fiscal year, a total of $35,900,000 was awarded to
assist localities to develop or characterize 13 sites, and $4,100,000 was set aside to support
Accelerated Site Characterization for due diligence items at sites to be determined from July 2025 to
June 2026, or until the funding is exhausted. VEDP awarded one grant for accelerated site
characterization and 12 grants for site development.

Accelerated Site Characterization
1. City of Chesapeake – Hampton Roads Executive Airport
Award – Up to $500,000
Project Description – The City of Chesapeake was awarded grant funds to complete a full due
diligence package for 100 acres adjacent to the airport planned for industrial development. The
award is contingent upon the rezoning of the property to industrial use prior to the reimbursement.

Site Development Grants
1. Albemarle County – Rivanna Futures
Award – $9,700,000
Project Description – Albemarle County was awarded grant fund to complete a 4,000 linear foot
sanitary sewer main extension and the mass grading of three parcels, totaling approximately 55
acres of pad-ready sites. This work is underway.
2. Amherst County – Dillard Tract
Award – $850,000
Project Description – The Economic Development Authority of Amherst County was awarded
funding to purchase the Dillard Tract. Public ownership would allow for complete control over the
site's direction and future and prevent incongruent speculative development. Previous site
developments would bring the site to tier 4. This work is nearly complete.
3. Augusta County – Mill Place Commerce Park
Award – $500,000
Project Description – Augusta County was awarded funding to study and upgrade water capacity
to the commerce park. This work is underway
4. Campbell County – Seneca Commerce Park
Award – $300,000
Project Description – Campbell County was awarded funding for due diligence work to be on the
newly rezoned 136-acre plot at the back of the industrial park. This work is under review to find a
qualified contractor.
Annual Report on Virginia Business Ready Sites Program (VBRSP) Fund 2
2025 Fiscal Year
5. Chesterfield County – Upper Magnolia Green
Award – $10,500,000
Project Description – The Economic Development Authority of Chesterfield County was awarded
funding to initiate bridge construction and complete strategic clearing to improve site marketability.
This work is ongoing.
6. Giles County – Wheatland EcoPark
Award – $3,300,000
Project Description – The Giles County Industrial Development Authority was awarded grant
funding to develop a 21-acre pad ready site. Site development activities include construction of a
21-acre Tier 5 pad site on Lot A, an access road, and utility (e.g., water, sewer, telecommunication,
and electric) upgrades. This work is underway.
7. Henrico County – RIC Beulah Road
Award – $1,000,000
Project Description – The Henrico County Economic Development Authority was awarded funding
to help progress the entire 222-acre site from Tier 2 to Tier 3 status. Funds will be used to complete
a Geotechnical Survey and Report, 1’ Topographic Survey, Cultural Resource Summary,
Threatened & Endangered Species Summary, Wetland Delineation and COE Wetland
Confirmation, Traffic Impact Analysis (TIA), Floodplain Study, Preliminary Engineering Report
quantifying costs & timeline to provide required water and sewer infrastructure upgrades to the site,
Project Management & Recertification per VBRSP Tier Standards. Once the due diligence is
complete, the remaining funds will be used to clean up and clear the site. This work is ongoing.
8. Henry County – Commonwealth Crossing Business Centre
Award – $750,000.
Project Description – The Martinsville-Henry County Economic Development Corporation was
awarded funding to prepare construction plans and specifications for Tract 3 at the Commonwealth
Crossing Business Centre, located in southern Henry County. The work for this project will include
all site design to create a buildable pad site, road improvement plans to gain access to Tract 3, and
water and sewer improvements to serve the site. This work is ongoing.
9. City of Lynchburg – Ivy Creek Innovation Park
Award – $4,000,000
Project Description – The Economic Development Authority of the city of Lynchburg was awarded
grant funds to clear and grade the road and pads for Sites A and B. This work is underway.
10. Pittsylvania County – Southern Virginia Megasite at Berry Hill
Award – $1,500,000
Project Description – The Danville-Pittsylvania Regional Industrial Facility Authority was awarded
funding to prepare a joint permit application for maximum impacts within the Southern Virginia
Megasite (approximately up to 1,700 acres of grading). This work is underway.
11. Smyth County – Former Brick Plant
Award – $1,500,000
Project Description – The Smyth County Economic Development Authority was awarded grant
funds to conduct due diligence, master planning, and infrastructure assessments to bring property
from a Tier 2 to a Tier 4 level. The project scope of services includes a topographic survey, ALTA
survey, wetland delineation, Cultural resource review, T&E species review, current Phase 1 ESA

Annual Report on Virginia Business Ready Sites Program (VBRSP) Fund 3
2025 Fiscal Year
review, TIA, Geotechnical survey, and a Site Master Plan creation and PER, and this is for the
demolition of the buildings to improve site marketability. This work is underway.
12. City of Waynesboro – Nature’s Crossing Technology Center
Award – $1,500,000
Project Description – The Economic Development Authority of Waynesboro was awarded grant
funds to design water and wastewater systems to the site, which will enable the site to be
considered for tier 4 status. This work is underway.

Annual Report on Virginia Business Ready Sites Program (VBRSP) Fund 4
2025 Fiscal Year

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