Virginia Coalfield Economic Development Authority
The Virginia Coalfield Economic Development Authority on Thursday approved $16.3 million for development projects in three Southwest Virginia counties.
The money will pay for a variety of projects such as a new technology and data centers, equipment for a wood manufacturing company, and development of a multi-use industrial park, according to a news release.(LINK)
Thats right, we use dollars to buy equipment for a company if they locate here. More "new technology and data centers" that wont be used. In fact Wise just lost the state incentive package because our technology park remains empty...
WISE — Use it or lose it.
That’s the state’s approach to designating “enterprise zones” for business development, like the one awarded to the Lonesome Pine Business and Technology Park seven years ago.
If no businesses take advantage of the incentives for five years, the enterprise zone designation is terminated.
No local businesses have ever chosen to take advantage of the job creation grants and income tax credits available through enterprise zone status. So, in early June, the county lost its designation.(LINK)
More coffee please!