VCEDA Approves $1 Million for Wise County’s Elam Farm Site Development
Wise County, VA – The Virginia Coalfield Economic Development Authority (VCEDA) has endorsed loan and grant funding of $1 million to the Wise County Industrial Development Authority (IDA), for the purpose of further developing the Wise County IDA’s Elam Farm property.
The funding encompasses a $300,000 loan and a $700,000 grant to be put towards Phase One and Two of the property’s development plans. The property, known as Elam Farm, is a spacious 203-acre plot adjacent to the Lonesome Pine Regional Business and Technology Park in Wise County.
Transforming Economy with Industrial Site Development
VCEDA Executive Director and General Counsel, Jonathan Belcher, is optimistic about the project. He anticipates that the completion of the development work will give Wise County a 65-acre industrial site ready for construction. The site will provide the county and the Southwest Virginia region with a highly marketable location suited to a range of projects, from advanced manufacturing to data center establishment.
The IDA launched the process of developing the Elam Farm property after buying the property using a $834,250 loan given by VCEDA in 2013. This purchase was designated for economic development and expansion of the tech park. As of 2019, the Lonesome Pine Regional Business and Technology Park was designated as a Tier 2 site following a site characterization process by the Virginia Economic Development Partnership (VEDP).
Paving Way for High-Stake Projects
In April 2022, the IDA updated its Master Plan to incorporate the Elam Farm site. They completed the necessary planning and due diligence to upgrade the site in the VEDP Business Ready Sites program. The IDA has been progressively raising funds for the development of the Elam Farm site.
Aside from the current funding, the IDA also earned a $1.85 million award from the Virginia Department of Energy AMLER program. This amount, pooled with local funds, is earmarked for access road enhancements and utility infrastructure extensions, regarded as part of Phase One of the project.
Phase Two Development Commences
The IDA scored a further win for Phase Two of Elam Farm site development, securing a $1 million federal HUD Community Development Grant and a $750,000 grant from the VEDP Business Ready Sites Program.
The IDA plans to use these funds for site clearing and earthworks to develop a shovel-ready 65-acre industrial site. The site fulfills the criteria for being a Tier 4 Certified Site in the state’s program. Phase One of the development is in progress, with Phase Two’s design now started and projected to be completed within six months. Construction for Phase Two will commence shortly after.
Shaping Wise County’s Economic Future
Wise County IDA Executive Director, Brian Falin, asserted that the Elam Farm project represents a critical aspect of future growth and investment in Wise County. He anticipates that the completed site will add a highly appealing and marketable 65-acre site to the Lonesome Pine Regional Business and Technology Park, enhancing Wise County’s competitiveness for various projects.
This project will shorten the time required to start a business from years to months, which is a critical competitive advantage,” Falin added, expressing his gratitude to VCEDA for its support in both the original site acquisition in 2013 and the current site development funds.
