CEDA Closes $500,000 Loan for Russell County IDA Purchase and Renovation of Acme Building
LEBANON, VA – JULY 20, 2021 — An up to $500,000 loan to be used to increase the Russell County Industrial Development Authority’s portfolio of available buildings was closed recently by the Virginia Coalfield Economic Development Authority (VCEDA).
The funds will be used to finance the purchase of the former Acme building in Russell County and for site development, building rehabilitation and improvements related to the building and site which is located at 1309 and 1315 East Main Street in Lebanon.
“Having an available inventory of buildings and sites which appeal to businesses looking to locate or expand their operations is critical,” said VCEDA Executive Director/General Counsel Jonathan Belcher. “The Acme building location has both access and infrastructure needs already met, making it a great building to show to business prospects inquiring about availability of existing buildings in VCEDA’s e-Region. As examples of this, just in the Lebanon area alone, Samuel Pressure Vessel Group, JM Conveyors, Polycap and TDEC all located in existing buildings.”
The former Acme building, which is situated on approximately 2.19 acres, is approximately 41,602 square feet and was constructed around 1980. The property has public water, sewer and natural gas is nearby and there are at least three broadband providers that can serve the building.
“The acquisition of this property is an important step in our effort to continue the economic growth of the county,” said Russell County Industrial Development Authority Chairman Ernie McFaddin. “We are committed to utilizing all of our existing structures to attract new companies to the area. The IDA is very fortunate to have a partner like VCEDA who shares our vision to continually look for ways to attract and retain jobs for Southwest Virginia. The restoration of this property will provide an economical solution for future companies and greatly improve the overall appearance of the community.”
About Virginia Coalfield Economic Development Authority and Southwest Virginia’s e-Region: The Virginia Coalfield Economic Development Authority, created by the Virginia General Assembly in 1988 to enhance and diversify the region’s economy and help create jobs, markets Southwest Virginia’s e-Region and its focus on electronic information technology, energy, education, emerging technologies, and entrepreneurship. VCEDA is a unique economic development organization that manages funds for economic development projects from a percentage of the coal and natural gas severance taxes paid by coal and natural gas companies that operate in the region. Located in southwestern Virginia, the region includes Buchanan, Dickenson, Lee, Russell, Scott, Tazewell, and Wise counties and the City of Norton. www.vceda.us or www.e-Region.org.