By Matt de Simone
As a walk-on agenda item from last Tuesday’s meeting, Economic Development Director Ken McFadyen updated the County Board of Supervisors about the ongoing Factory Flats project that is a part of the Buchanan Revitalization Project.
Last spring, McFadyen presented the project and agreements for the board’s consideration noting that Commonwealth of Virginia and the Department of Housing & Community Development (DHCD) awarded Botetourt County a $450,000 grant from the Industrial Revitalization Fund (IRF) program for the redevelopment of the old Groendyk factory off of Main Street. One of the buildings is proposed for a commercial brewery.
Recently, the EDA found in a review that that it is better if the servicing of the loan is provided by Virginia Community Capital (the Commonwealth’s bank – Locus). All parties have approved negotiations. The EDA now has an updated performance agreement from the DHCD that transfers the loan from the EDA to Locus. The board unanimously accepted Tuesday’s added agenda item.
The grant award is proposed to serve as the principal for a loan to Factory Flats, LLC, the development company working to renovate the former Groendyk manufacturing buildings in Buchanan. Factory Flats, LLC has planned for the 3,381-square-foot building that has received the DHCD funding support to be repurposed as a commercial brewery and brewpub. To make the loan to Factory Flats for this project, the EDA is authorized by the Code of Virginia to administer loans for the purposes of economic development in the county.
