Lillian VestVirginia Gov. Glenn Youngkin has announced a $40 million investment to support business development and redevelopments across the state.
The funding comes from the Virginia Business Ready Sites Program, which supports industrial and business redevelopment projects, according to a release by the Youngkin administration. The program helps localities by identifying and improving how well a large site is prepared for a new business to move in or for an expansion of the current business. It also funds infrastructure such as roads, sewer and water lines on sites.
The funding will distribute $35.9 million to sites and $4.1 million for accelerated site characterization, a new program to expedite work on other sites.
Of the 13 sites selected for the latest funding, seven are in the city of Lynchburg in Amherst, Campbell, Giles, Henry, Pittsylvania and Smyth counties. Those will receive a total of $12.2 million.
Sites also receiving grants include:
- Albemarle County will receive $9.7 million.
- Augusta County will receive $500,000.
- Chesapeake will receive $500,000.
- Chesterfield County will receive $10.5 million.
- Henrico County will receive $1 million.
- Waynesboro will receive $1.5 million.
The investment follows a $126 million announcement through the same program last year.
The program is administered by the Virginia Economic Development Partnership in collaboration with the Virginia Department of Environmental Quality, railroad representatives, utility representatives, civil engineers and other representatives.
It focuses on large industrial sites with at least 50 contiguous, developable acres and for smaller localities of 35 square miles or less, sites must have at least 25 contiguous, developable acres.
Since 2022, the commonwealth has seen more than $125 billion in capital investment committed by companies expanding or moving to Virginia, according to state officials.
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