Governor McAuliffe announced today $150,000 in Virginia Main Street funding for 10 projects in Virginia. The grants, administered by the Virginia Department of Housing and Community Development (DHCD), include Downtown Investment Grants (DIG) and Financial Feasibility Grants targeting areas of specific need in historic downtown neighborhoods located in designated Virginia Main Street communities. Through the communities it serves, the Virginia Main Street Program has generated more than $716 million dollars in private investments and also created 15,621 jobs.
Speaking at today’s announcement at an event in Richmond, Governor McAuliffe said, “These grants will create jobs and provide a needed boost to communities that are working hard to revitalize historic downtown neighborhoods. Virginia is home to so many cities and towns that are ready to thrive as centers of tourism and commerce. I am proud to partner with them and help make every Virginia Main Street a better place to live, work and start a business.”
Through the Downtown Investment Grants, $112,500 will be awarded to Main Street organizations in the designated communities of the towns of Bedford, Bristol, Culpeper, Luray, Marion and Staunton. These grants are available to designated Main Street organizations to accelerate the economic revitalization of their downtown districts by helping implement innovative strategies, plans and programs that create an environment for increased, accelerated private investment.
A total of $37,500 in Financial Feasibility Grants will be awarded to the Main Street organizations in the towns of Altavista, Blackstone, Hopewell and St. Paul. These grants are intended to assist owners of “white elephant” buildings identify their highest and best use and fund development of preliminary engineering reports, preliminary architecture reports, market demand studies and gap-financing research. These grants often lead to more prompt redevelopment and leverage private investment.
“In the last five years, designated Main Street communities have sparked more than $148 million in private investment in their districts,” said Secretary of Commerce and Trade Maurice Jones. “By providing funding for downtown improvement projects, we will continue to bring new life to these historic downtown communities and encourage economic growth and continued private and public investment.”
In 1985, DHCD adopted the Main Street program for Virginia to help prevent downtown districts across the Commonwealth from economic decline and possible demolition. This unique program works to re-energize economic development of downtown communities while utilizing their cultural assets and character. This is further accomplished by pooling the resources of their local civic and business leaders who are determined to bring their Main Street communities back to life. The innovative Four-Point Approach © program uses design, promotion, economic restructuring and organization to reach their goal to help localities build better communities. Virginia Main Street works with 25 designated communities throughout Virginia.
2016 Virginia Main Street Downtown Investment Grants:
|Bedford Main Street||Building Improvement Revolving Loan Program||$ 20,000|
|Believe in Bristol||Downtown Bristol Wayfinding System||$ 20,000|
|Culpeper Renaissance, Inc.||Urban Plaza Transformation||$ 12,500|
|Luray Downtown Initiative||Brown Building/Bridge Theater Project||$ 15,000|
|Marion Downtown Revitalization Association||Building Improvement Revolving Loan Program||$ 20,000|
|Staunton Downtown Development Association||Shop. Staunton. First.||$ 25,000|
2016 Virginia Main Street Financial Feasibility Grants:
|Altavista On Track||616 Broad Project||$ 10,000|
|Downtown Blackstone, Inc.||Harris Memorial Armory||$ 10,000|
|Hopewell Downtown Partnership||Community Kitchen||$ 15,000|
|St. Paul Tomorrow||Bryan Property||$ 2,500|