VCEDA Board Approves Project Funding
Two Tazewell County projects were among the items dealt with at the March 19 meeting of the Virginia Coalfield Economic Development Authority.
The board agreed to extend loan closing deadlines for the Tazewell County IDA on the up to $800,000 loan approved to the IDA on Dec. 14, 2023, for a meat processing facility project to a new loan closing deadline of June 11, 2027; and for the Tazewell County IDA on the up to $500,000 loan and up to $500,000 grant approved for the IDA on Sept. 25, 2025, for a natural gas utility infrastructure and improvements project in the Richlands area, to a new loan and grant closing deadline of March 24, 2027.
Project funding for workforce development in Wise County; a mine-pool geothermal feasibility study in Buchanan County; and HVAC improvements at the Jettie Baker Center in Dickenson County were among other items approved.
The board met in Lebanon and heard an overview of activities thus far in 2026 from VCEDA Executive Director/General Counsel Jonathan Belcher, who noted inquiries and visits have started out well in 2026, with manufacturing, distribution and logistics, information technology and seed capital all being active sectors.
Belcher said work is underway to update marketing collateral including VCEDA’s regional image booklet, sites and buildings brochures, postcards and other materials. He added work is also underway with the Timmons Group on the study commissioned by VCEDA to identify new industrial sites in the region.
Belcher also informed the board of a new initiative to generate leads for new businesses for the Intersection Business Park in Norton. The initiative will be conducted in close coordination with the business park’s owner, the Lonesome Pine Regional Industrial Facilities Authority, Belcher said.
“Activity since the last board meeting has focused on lead generation efforts, prospect visits, outreach marketing events, the annual report and assistance to the Virginia Coalfields Expressway Authority,” Belcher said.
Three grants were approved at the meeting including one for up to $230,016 for the University of Virginia’s College at Wise from the VCEDA Coalfield Workforce Development and Training Fund to be used for workforce development and training, specifically, for the costs and expenses of a Hospitality and Tourism Management Trainee and Culinary, Restaurant, and Event Management Trainee Pilot Program at the University of Virginia’s College at Wise.
Also approved was an up to $50,000 grant to the Buchanan County Industrial Development Authority (IDA) from the VCEDA Buchanan County Account to be used to help finance a mine-pool geothermal feasibility study for the Southern Gap area in Buchanan County.
The third grant request approved was for up to $50,000 from the VCEDA Tourism Capital Improvement Matching Fund (from up to $50,000 transferred into the VCEDA Tourism Capital Improvement Matching Fund from the VCEDA Dickenson County Account) to be used to finance the replacement of the HVAC system at the Jettie Baker Center in the Town of Clintwood.
In other business, the board agreed to:
- approve a request from the Buchanan County IDA to add first responders and emergency services agencies serving Buchanan County to the eligible recipients of the broadband services and equipment described in a September 25, 2025 grant agreement for up to $125,000 by and between VCEDA and the IDA concerning telehealth and telemedicine needs;
- approve a request from Apex Leasing Corporation to consent to its conversion to a Virginia limited liability company to be known as Apex Leasing LLC, related to an up to $4 million loan approved by VCEDA to Apex Leasing Corporation for a project at Southern Gap; and to
- approve a request from the Russell County Industrial Development to forgive and convert into a grant the outstanding balance of $474,800 on the $500,000 loan approved by VCEDA to the IDA on November 14, 2005 for the build-out of space at the Russell County Governmental Center which was used as temporary space by CGI while CGI’s permanent facility was being constructed 20 years ago.
A loan disbursement deadline extension was approved by the board for the Scott County Economic Development Authority concerning the Riverside development, to a new loan disbursement deadline of March 26, 2027.
The board also agreed to extend grant disbursement deadlines for two Mountain Empire Community College Foundation projects -- an up to $117,150 grant for the Southwest Virginia Solar Workforce Accelerator, to a new grant disbursement deadline of April 27, 2028; and the other for an up to $186,091.29 grant for Fiber Optic Installation and Heavy Equipment Operator training, to a new grant disbursement deadline of March 21, 2028.
In other action, the board approved a request from the Town of St. Paul Industrial Development Authority (IDA) to continue to forbear the monthly payments on the up to $1 million loan approved to the IDA for the Western Front Hotel through June 2026 and to waive any accrued interest during the forbearance time period (September 14, 2024 to June 14, 2026), as the St. Paul IDA evaluates its options for the hotel.
