Tazewell IDA approves resolution supporting Richlands natural gas generation project
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Summary
The Industrial Development Authority voted 5–0 to draft and execute a resolution supporting the Richlands Natural Gas Generation Project to satisfy Virginia Coalfields Economic Development Authority funding requirements; the loan structure was described as between VCEDA and the IDA with conditions tied to Town of Richlands’ compliance.
The Industrial Development Authority of Tazewell County voted Aug. 13 to draft and execute a resolution formally supporting the Richlands Natural Gas Generation Project to meet financing requirements from the Virginia Coalfields Economic Development Authority.
Tim Danielson, the county’s economic development director, said the IDA had received an application and that VCEDA confirmed funds would be drawn from its regional account. “I sent out a copy of the application for the Richlands Gas Project,” Danielson said during the meeting.
County Administrator Eric Young explained the loan structure and possible default condition. “The loan would be between VCEDA and the IDA on the condition that the loan from VCEDA specifies that if there is any breach of agreement with the County or any other political subdivision, the Town of Richlands would be in default of the agreement,” Young said.
The board approved the motion to draft and execute a resolution of support by a 5–0 vote. The resolution was described as a necessary step to satisfy VCEDA loan application requirements; the minutes do not record the resolution text, the loan amount, or an execution timeline.
Next steps: staff will prepare the formal resolution for adoption and submit required documentation to VCEDA. The minutes do not specify whether the IDA will take on further financial obligations beyond executing the resolution.