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Virginia Tech study: industrial uses yield highest returns for Pathway Park, board hears
Summary
Virginia Tech presented a PRIFA economic study finding industrial and manufacturing uses of Pathway Park produce the highest returns (example figures cited: $100 million for MultiUse Advanced manufacturing vs. $14 million for non-industrial use). County staff said three prospects exist; federal grant conditions require industrial use or repayment of $5.8 million.
Virginia Tech Economic Development Specialist Ashley Crouse presented the PRIFA Economic Study for Smyth County’s Pathway Park, telling the Board that “industrial and manufacturing uses of this land had the highest returns on interest, while using this property for non-industrial use had the lowest return on interest.” She cited a highest-return example of $100 million for MultiUse Advanced manufacturing compared with $14 million for non-industrial use.
Director of Community and Economic Development Kendra Hayden told supervisors the property currently has three prospects and that the $5.8 million federal grant used to enhance the site requires industrial use; otherwise the county would need to repay the grant. Supervisors asked about hotel and restaurant revenue, competitiveness against regional properties, workforce and housing implications. In response to a question about hotel and restaurant profits, Crouse said the non-industrial calculations did account for those revenue streams. County Administrator Shawn Utt noted SmythGrow is the county’s program to address housing needs tied to new jobs. Several supervisors voiced support for non-industrial or recreational uses if the site remained vacant, but also urged staff to market to industrial prospects and to prepare potential incentive packages.
