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RADFORD APPROVES ECONOMIC DEVELOPMENT INCENTIVE PLAN
City of Radford Approves Incentive Initiative to Encourage Investment
Radford, Va. – On Monday night Radford City Council approved a resolution in support of an economic development incentive plan intended to promote higher levels of investment in real estate property. The initiative was adopted unanimously by the Economic Development Authority during the regularly scheduled October meeting with intentions to promote higher levels of investment in real estate property by offering larger grants for investments that increase the property’s value above certain levels.
The initiative will be available for qualifying new and existing commercial and industrial development in the City with eligibility based on occupancy. Grants will be made by the EDA to eligible businesses based upon real estate tax payments made by the business after investment in real property. The EDA will administer the incentive plan, subject to annual appropriations by the Radford City Council for the required funding.
"This economic incentive plan should help jumpstart new large investment in Radford and bring new businesses to our city,” said Mayor David Horton. “We are excited to help Radford grow and look forward to additional programs that we will be working to help develop over the coming months that should enhance opportunities for businesses of all sizes.”
The Radford City Economic Development Authority will develop, implement, and administer the plan along with specific terms and conditions including necessary applications, regulations, rules, procedures and performance standards for qualifying applicants.
“The board is working to finalize the terms and conditions and appreciates City Council’s support to offer a package that encourages development and investment in the City of Radford,” said EDA Chairman, Flo Graham. “The EDA Board of Directors has reviewed the proposal and has determined the incentive plan is appropriate to support the economic vitality of the City.”