Portsmouth joins Eastern Virginia Regional Industrial Finance Authority to boost economic development

The Portsmouth Economic Development Authority (EDA) meeting on December 17, 2024, focused on significant updates regarding economic development initiatives in the city. Key discussions included Portsmouth's recent decision to join the Eastern Virginia Regional Industrial Finance Authority (EVRIFA) and the introduction of two new rail transloading facilities.

The EVRIFA, established in December 2018, allows localities in the region to collaborate on development projects and share revenue generated from these initiatives. Portsmouth City Council voted to adopt an ordinance to join the authority on December 10, 2024. This membership will enable Portsmouth to participate in regional economic development projects, which is crucial given the city's limited land availability for large-scale projects. The authority currently has only one active project, the Kings Creek Commerce Center in York County.

In addition to the EVRIFA update, the meeting highlighted the upcoming development of two rail transloading facilities in Portsmouth. The first facility, located on a 20-acre site owned by the Norfolk Portsmouth Belt Line Railroad, will convert a dormant rail yard into a transloading facility for exporting commodities through the Port of Virginia. This project represents a $56 million investment and is expected to create 30 to 40 jobs. The second facility, developed by the Long Company of Wisconsin, will focus on agricultural commodities and is projected to cost $26 million, creating up to 14 full-time positions.

Both projects aim to enhance the efficiency of transporting goods to the port, reducing truck traffic and improving local transportation logistics. The EDA plans to work with local workforce development programs to prepare residents for job opportunities arising from these developments.

The meeting concluded with discussions on potential funding opportunities for workforce housing initiatives, which are expected to support job creation and promote mixed-income communities in Portsmouth. The EDA is committed to keeping the community informed as these projects progress and exploring further economic development opportunities.