State helps fund Inn, St. Paul projects
The Inn at Wise renovation/construction project and St. Paul’s Willis building renovation received big grants from a state gap financing fund this week.
Gov. Bob McDonnell announced Tuesday that the Willis building project will get $600,000 from Virginia’s Industrial Revitalization Fund.
The fund provides additional financing for construction projects that are “aligned with local and regional economic development strategies, primarily in distressed communities,” according to a press release.
“This program focuses on bringing derelict structures back to life,” McDonnell said. “By revitalizing vacant structures, we are encouraging economic growth in communities that want new investments and creating new vitality for vacant buildings.”
The Willis project, which aims to turn a vacant property into office and retail space, also this week was earmarked for a $500,000 Appalachian Regional Commission grant.
McDonnell said the Industrial Revitalization Fund also would grant $200,000 toward ongoing costs of renovating the Wise Inn and building a conference center behind it.
Other grants went to a hotel renovation in Martinsville, a property rehabilitation in Hopewell and a theater renovation and expansion in Clifton Forge.
Statewide, 17 applications totaling nearly $7.4 million in requests were received by the Department of Housing and Community Development.