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Portsmouth EDA briefs on joining regional finance authority and two rail transloading investments tied to port export growth
Summary
Portsmouth’s EDA discussed joining the Eastern Virginia Regional Industrial Finance Authority and detailed two rail transloading projects — a two‑phase Belt Line/Raymont Logistics plan (~$56M; $800,000 state grant) and a Long Company project (~$26M seeking $750,000) — expected to create dozens of jobs and reduce truck traffic to the port.
Portsmouth’s Economic Development Authority heard a briefing Dec. 17, 2024, on a new regional partnership and two rail transloading projects aimed at expanding export capacity through the Port of Virginia.
Staff explained the Eastern Virginia Regional Industrial Finance Authority (EVRIFA), a regional cooperation vehicle the commonwealth authorized in December 2018 that allows member localities to enter revenue‑sharing and economic‑growth partnerships for selected projects. Staff said Portsmouth’s City Council adopted an ordinance on Dec. 10 to join EVRIFA and that Portsmouth’s appointments to the authority were expected to be considered once the EVRIFA board accepts the city’s membership.
EDA staff describ…
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