RD106 - Virginia Coalfield Economic Development Authority 2012 Annual Report

Executive Summary:
2012 was another active year for the Virginia Coalfield Economic Development Authority (VCEDA). We saw a good number of business prospects and inquiries, and there were several announcements in the region during the year, including expansion announcements by two manufacturing companies, the announcement of a new planned dental school, a groundbreaking on a new hotel, and a ribbon-cutting on the new Virginia City Hybrid Energy Center.

VCEDA focused on a number of business development events and activities throughout the year, in order to promote the region as a great location for business. These activities included attending the National Farm Machinery Show, the Mid-America Trucking Show, the East Coast Sawmill and Logging Equipment Exposition, the Governor’s Conference on Energy, and other events. VCEDA featured the Virginia’s e-Region exhibit booth at several events and was joined by local economic development and county officials from the region in helping to promote the area and discuss the advantages of doing business here.

A new aquatics facility opened at the Breaks Interstate Park, for which VCEDA approved up to $1 million in grant funds in 2011. In August, VCEDA approved converting into a grant a $300,000 loan approved to the Russell County IDA in 2009 concerning an expansion project by CGI. In October, VCEDA approved an additional up to $1 million to assist with the Inn at Wise project. Also in October, VCEDA approved up to a $581,000 loan to assist with a pending manufacturing expansion project. VCEDA also approved up to $54,299 in additional grant funds in December for projects at the Breaks Interstate Park. There were a number of other requests related to existing loans and grants approved by the VCEDA board during the year.

Finally, VCEDA welcomed several new board members in 2012. As the organization approaches its 25th anniversary in 2013, the Virginia Coalfield Economic Development Authority remains committed to the economic development and diversification of the region.

Jonathan Belcher
Executive Director/General Counsel