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Prince Edward County faces repayment risk on $650,000 industrial access grant if private investment target not met
Summary
County staff told the Board of Supervisors that an Industrial Access grant for Enterprise Lane requires documentation of $3.25 million in private investment or repayment of up to $650,000 awarded to the county.
County staff informed the Board of Supervisors that a Virginia Industrial Access grant tied to Enterprise Lane at the Prince Edward County Business Park carries a documentation requirement the county has not yet met.
According to the briefing, the Commonwealth Transportation Board approved up to $650,000 to construct a new access road to the business park. Under program rules, recipients must document eligible capital investment in the park within five years of the award. Staff said the county must document $3,250,000 of private investment to satisfy the condition. Because the county has not yet secured that level of investment, VDOT has indicated the county must begin repayment: $130,000 per year starting in April, with subsequent payments due by Jan. 15 in 2026–2029, until the $650,000 is repaid.
Staff told supervisors they have been marketing the site with the Virginia Economic Development Authority and the county’s economic development arm and that a single large project could satisfy the requirement. The county may pull the required funds from the capital improvement budget temporarily and will continue outreach to attract investment; staff said that if the county attracts the required investment before repayments are complete, VDOT may reimburse repayments made between now and Jan. 2029.
Board members asked about progress toward the investment threshold; staff said there have been no new investment commitments to date but emphasized ongoing state and regional marketing efforts.
