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Economic Development
OTHER ECONOMIC DEVELOPMENT ACTIVITY
Riverside Centre for Research & Technology
The Authority is making $50,000 available to the City of Roanoke for use in connection with the biotechnology project Carilion is locating in the Riverside Centre for Research & Technology.
Our Lady of the Valley
The Industrial Development Authority of the City of Roanoke requested a $3,000,000 bond issue from the Industrial Development Authority of the City of Salem for a new addition to the facility. The request was made because all monies from the City of Roanoke had been used. The resolution was passed in the year ending June 30, 2001.
IMD Investment Group, LLC
The Authority acts as a conduit between the City of Roanoke and IMD Investment Group, LLC. A performance agreement dated November 2004 will grant 100% of the revenue collected by the development each year up to a maximum of $600,000 per year. The grants will continue for a total of fifteen (15) years, provided the development occurs according to the agreement.
Faison-Southern Lane, LLC
The Authority acts as a conduit between the City of Roanoke and Faison-Southern Lane Group, LLC. A performance agreement dated December 9, 2005, will grant 50% of the revenue collected by the development each year up to a maximum $1,768,825, provided the development generates at least $400,000 each year. The grants will continue for a maximum of ten (10) years.
Valley View Mall, LLC
The Authority acts as a conduit between the City of Roanoke and Valley View Mall, LLC. A performance agreement dated June 15, 2006, will grant 50% of the revenue collected by the development each year up to a maximum $1,000,000, provided the development generates at least $550,000 each year. The grants will continue for a maximum of five (5) years.
United HealthCare Services, Inc.
The Authority is making available $100,000 available to United HealthCare Services, Inc. for training, provided the company retains its 160 employees and hires an additional 250. A performance agreement was signed on June 20, 2006.
Roanoke Hotel Group, LLC
The Authority acts as a conduit between the City of Roanoke and Roanoke Hotel Group, LLC. A performance agreement dated September 20, 2007, will grant 50% of the revenue collected by the real estate and transient occupancy taxes only each year up to a maximum $1,000,000, provided the development generates at least $275,000 in those taxes each year. The grants will continue for a maximum of six (6) years.
Maple Leaf Bakery, Inc.
The Authority acts as a conduit between the City of Roanoke and Maple Leaf Bakery, Inc. A performance agreement dated June 17, 2008, will grant 50% of the revenue collected from the new machinery and tools only each year up to a maximum $200,000, provided the machinery and tools tax generates at least $65,500 per year. The grants will continue for a maximum of five (5) years.
Westport Corporation
The Authority will provide $50,000 to the corporation provided they spend at least $2.5 million on improvements to the building and employ at least 50 for a period of five (5) years.
Economic Development Authority Entrepreneur District
The Authority has pledged $50,000 for the program.
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