Tazewell County IDA authorized to apply for $3 million state grant to build flood-damaged housing in Richlands

The Industrial Development Authority of Tazewell County voted Dec. 18 to seek a $3,000,000 Resilient Virginia Revolving Fund (Category 1B) grant to create a revolving fund that would purchase prefabricated homes for residents of Richlands whose homes were destroyed or severely damaged by flooding.

County Administrator Eric Young told the Authority that Senator Hackworth and Town of Richlands officials had asked the IDA to file the application and that the Board of Supervisors designated the IDA as the Housing Authority to enable submission. Young said the proposal would buy nine 40-by-20 prefabricated homes; flood-affected residents would receive a $50,000 credit if they convey their flood-damaged property to the county. Proceeds from sales would be recycled into purchasing future units to expand the program.

Mr. Darrell Addison, participating by phone, identified an approximately 1.218-acre parcel at 509 Roanoke Street (parcel #105A511170019-0036) owned by Grundy National Bank as a potential site and said the bank was willing to sell the property for $200,000 and to give the IDA a short option to purchase. By motion of Mr. Curtis Breeding, seconded by Mr. Darell Cantrell, the Authority authorized the application to the Commonwealth of Virginia Department of Conservation and Recreation and, in a separate motion (mover: Breeding; second: Mack Payne), authorized purchase of an option on the Roanoke Street parcel. The motion as recorded sets the option expiration at June 26, 2026 and the option price to the IDA at $10.00; the Authority authorized the Chairman to execute the option agreement.

The Authority approved both motions by unanimous 6-0 votes. The meeting minutes record an earlier, informal comment that the bank had offered a six-month option for $1.00; the formal motion recorded on the minutes sets the option price at $10.00 and an expiration date. The Board did not adopt a final sales process or timetable in the meeting; the grant application and the option agreement are the immediate steps approved.

The motion to pursue the grant does not itself obligate the county to an acquisition or construction schedule; it authorizes the IDA to submit the grant application and to secure an option on the identified parcel. Next procedural steps identified in the minutes are completion of the grant application and execution of the option agreement by the IDA Chairman if the option terms are met.