The Buchanan County Industrial Development Authority approved a $250,000 grant agreement with the Virginia Coalfield Economic Development Authority to advance plans for an additional water tank at Southern Gap.
The agreement was approved during the IDA’s Aug. 17 meeting. Wade McGeorge made the motion to approve the agreement, and Danny Bailey seconded it. The motion passed.
Under the grant agreement, the money will fund planning, design, engineering, permitting and related costs for a new water tank serving the Southern Gap development.
The project would strengthen the water infrastructure needed to support continued development at Southern Gap. Reliable water service is an important part of preparing the area for new businesses, public facilities and other future growth.
The grant money may not be used for purposes outside the water tank project. The IDA must submit written disbursement requests, invoices and other supporting documents before receiving the funds.
Any grant money that has not been disbursed within two years of the agreement date will return to VCEDA. Plans, specifications and construction contracts also must be reviewed and approved by VCEDA before construction begins, if construction is included as part of the project.
The water tank agreement was one of several VCEDA-related items approved together by the IDA at the August meeting.
