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EDA presents ArtSpace affordable-housing proposal, small-business equipment grants and RCIT site update
Summary
The Economic Development Authority updated council on enterprise-zone activity, proposed a $20M ArtSpace 60–80 unit affordable artist housing project in Riverdale (seeking local predevelopment funding), detailed a $400,000 two-year Business Equipment Incentives grant pool for small businesses, and reported a $7.5M state award plus $2.5M city match to advance Tract 8 at RCIT.
Braxton Napp, EDA chair, and economic development staff outlined the EDA’s role in issuing industrial revenue bonds, administering enterprise zones and managing performance agreements. They highlighted recent investments and programs, including a $225,000 EDA contribution to the City’s Affordable Housing Fund and performance agreements tied to Riverdale redevelopment.
Mark Nelson presented two items the EDA wants the council to note for the legislative agenda: (1) protection or expansion of state enterprise zone funding so the pool is not diluted if more zones are authorized, and (2) a proposed ArtSpace project in Southeast Riverdale that would convert land into 60–80 affordable units for artists with an estimated $20 million cost. ArtSpace, a national nonprofit, has 57 projects in 35 cities; EDA staff said the group submitted a letter of intent and feasibility work and that near-term predevelopment funding requests could total $450,000–$500,000 to meet low-income housing tax credit timing.
EDA staff also introduced a Business Equipment Incentives program: grants covering up to 50% of eligible equipment purchases with a maximum award of $20,000 per business and a $400,000 program pool split over two years (first-year review planned). Eligibility requires at least one year of continuous operation in an enterprise zone, at least two W-2 employees and good standing with city tax accounts.
On industrial sites, staff reviewed the Roanoke Center for Industry and Technology (RCIT) and Tract 8, an 82-acre developable site. The city secured $7.5 million in state funds and plans a $2.5 million local match for site preparation; staff said the site could support buildings in the 300,000–400,000 sq ft range and estimated 200 jobs and $100 million in private investment if developed.
Council members asked for details on developer commitments (land, bridge loans, timing) and cautioned about city budget timing; EDA staff said they would return with clearer financing commitments and timelines.
