The Industrial Revitalization Fund (IRF) leverages local and private resources to achieve market-driven redevelopment of vacant and deteriorated industrial and commercial properties.
The program is targeted toward vacant non-residential structures whose poor condition creates physical and economic blight to the surrounding area in which the structure is located. Eligible properties shall include those formerly used for manufacturing, warehousing, mining, transportation and power production, as well as large-scale white elephant structures, such as department stores, theaters, hotels and shopping centers. Structures whose original intended use was solely residential are not eligible.
Remnants of past economic vibrancy and local economies in transition, these structures are no longer suited for their former purpose, and in their current deteriorated condition, stand as a significant deterrent for future economic opportunity in the surrounding area and region. The maximum level of funding is $600,000.
Only local governments (city, county or town) or regional or local economic or industrial development authorities may apply for the funds. However, localities may designate a redevelopment authority or other similar organization as the designated agent for implementation and administration of activities. Eligible applicants may also partner with private and nonprofit entities.
Applications for the 2019 IRF funding cycle were announced July 31, 2018. You may view the press release here.
If you would like to discuss a potential project, please get in touch with, Tory McGowan at (804) 371-7066, Joy Rumley at (276) 676-5471 ext.7, or Jessica Hupp at (804) 371-7121.