RICHMOND, Va. (WAVY) — Gov. Glenn Youngkin announced four Industrial Revitalization Funds, or IRFs, for the city of Staunton and the towns of Abingdon, Bluefield and Cape Charles to help cover costs for construction projects that help local and regional economic development strategies. The total funding comes out to about $8,250,000.
The awarded funds will create over 125 jobs and help with an additional $20 million in private and public investments, according to a press release.
“These remarkable projects are breathing new life into dilapidated structures that have hindered our economic progress, transforming them into vibrant small businesses and symbols of community pride,” Youngkin said in a press release. “By harnessing the power of IRF grants, we are making strategic investments in the infrastructure, economy and vibrancy of Virginia and showcasing why Virginia is the best place to live, work and do business.”
The IRF program funded 67 projects that have revitalized vacant, blighted buildings. It targets vacant non-residential structures in poor condition that creates physical and economic problems for surrounding areas.
These projects have generated more than $208 million in other public and private investment, and resulted in the creation of more than 1,100 jobs across the Commonwealth, according to a press release.
For more information on IRF. Click here.