Tazewell County IDA backs VCEDA seed applications, approves Ponderosa geotechnical study
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Summary
The Industrial Development Authority unanimously authorized letters of support for three VCEDA seed-capital applications and approved a geotechnical study for Project Ponderosa, with study costs to be reimbursed by grant funds if available.
The Industrial Development Authority (IDA) of Tazewell County on Oct. 8 unanimously authorized letters of support for three local businesses applying for VCEDA seed-capital grants and approved a geotechnical study for Project Ponderosa with the understanding grant funds will reimburse the cost.
Board members voted 7–0 to authorize letters supporting Stingerz Indoor Golf, Walker's Xplicit Diesel, LLC and Rhythmic Restorations in their VCEDA seed-capital applications, each for $10,000. The motions to support the seed applications were approved following the Authority’s return from executive session; motions were made and seconded by board members as recorded in the minutes, and all votes were affirmative.
The board also approved executing a geotechnical study for the site identified as Project Ponderosa. The approval was conditioned on reimbursement of the study cost by either VCEDA or a TRRC grant. Economic Development Director Tim Danielson said he would obtain two quotes before the work proceeds; an earlier remark by a board member estimated the likely study cost could range from about $5,000 to $10,000.
The actions follow a closed-session review of several prospective projects and VCEDA presentations. The Authority’s actions were recorded as unanimous; no individual votes against or abstentions were reported in the minutes.
What’s next: staff will solicit quotes for the geotechnical study and pursue the appropriate grant reimbursements. The businesses seeking seed grants will continue through the VCEDA application process.