2003 Section 108 Project Summary - Virginia

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Economic Development

Bluffwalk Center
BORROWER: LYNCHBURG
STATE: VA
COMMITMENT AMOUNT: $3,200,000

The City of Lynchburg, VA was awarded a $3,200,000 Section 108 loan guarantee and an $800,000 Economic Development Initiative (EDI) Grant to provide financing to the developer of the BluffWalk Center, a multi-use hospitality complex. This project, which is in the Lower Basin Historic District of downtown Lynchburg, involves the redevelopment of two vacant historic buildings: an old shoe manufacturing building and the Piedmont Tobacco building, into a 43- room boutique hotel, a 150-seat conference center, a dinner-only restaurant and a lunch/dinner café/pub. The hotel will be marketed as part of the Historic Hotels of America. The project will create 97 new jobs of which 51% will be available to low and moderate-income persons.

The project area is designated as both a state and federal historic district. It will be the eastern anchor of the City's waterfront redevelopment plan and downtown revitalization strategy. The area is also designated as a state enterprise zone.

Public Facilities

Broad Creek Renaissance Area
BORROWER: NORFOLK
STATE: VA
COMMITMENT AMOUNT: $13,000,000

The City of Norfolk, VA has been awarded a $13,000,000 loan guarantee under Section 108 to finance infrastructure improvements in the Broad Creek Renaissance Area. The project also includes a 2002 HUD Brownfields Economic Development Initiatives (BEDI) award of $2,000,000 that will be used for site remediation and construction of infrastructure. The BEDI funds will be used for remediation of environmental contamination and public infrastructure improvements. The City has identified former dry cleaning and gas station sites to be remediated as part of Phase III activities. The Norfolk Redevelopment and Housing Authority will manage the construction in conjunction with HUD-financed HOPE VI redevelopment in the project area. The public improvement activities will meet the national objective criteria of benefit to low- and moderate-income persons on an area-wide basis.

Fairgrounds Redevelopment Project
BORROWER: SUFFOLK
STATE: VA
COMMITMENT AMOUNT: $3,845,000

Guaranteed loan funds will be used by the City of Suffolk, Virginia, for the following activities:

1. Washington Street Improvements - E. Washington Street from Hall Avenue to County Street ($617,500): Proposed activities include relocating overhead utilities underground, reconstructing curb and gutter, reconstructing and repaving existing roadway, enhancing water and sewer lines and undertaking comprehensive streetscaping.
2. County/Liberty/Washington Intersection Improvements($642,500): Improvements include undergrounding utilities along Liberty and County streets for a distance of 150 feet north and south of East Washington Street.
3. New Housing Infrastructure Improvements to the Old Planter's Peanut Site($2,560,000): In accordance with the Fairgrounds Revitalization Master Plan, the City will rezone the city-owned property, known as the Old Planter's Peanut site, to an urban residential classification (RU) and then carry out infrastructure improvements to support future housing development on the site.
4. Open space/parkland development($25,000)