Local leaders are renovating the Tygart Hotel in Elkins, W.Va., with assistance from Opportunity Appalachia and other economic development programs. The Northern West Virginia Brownfields Assistance Center at West Virginia University is hosting a Feb. 10 webinar to kick-off the second round of OA grants for 2022. (Photo Woodland Development & Lending)
Known as OA, the program provides targeted support worth up to $75,000 for downtown and rural development projects to build entrepreneurial communities and revitalize local economies leading to new jobs.
The webinar will be hosted by the Northern West Virginia Brownfields Assistance Center at West Virginia University, which is providing West Virginia on-the-ground support for this multistate, ARC POWER funded initiative led by Appalachian Community Capital. Webinar participants will learn about OA technical assistance grants, financing opportunities and how to apply.
Selected communities can receive technical assistance valued from $30,000 to $75,000 for services such as:
- development of investment prospectus, preparation of pro forma financial projections, structuring of project financing,
- market research, demand assessment,
- architectural and engineering assessments,
- business plan preparation, operations planning,
- identification of project developers,
- investor outreach, and more.
Carrie Staton, Director
Northern West Virginia Brownfields Assistance Center
West Virginia University (Photo WVU)
“Successful projects from Round One will be featured,” said Carrie Staton, NBAC director. “Project reps will share their experiences and offer tips to new applicants. Public and private investors will highlight examples of possible investments and financing. The webinar will end with a Q&A session for audience participants.”
In 2020-2021, OA supported 17 projects, five of which were in West Virginia, that are now seeking to raise over $250 million in financing. Projects include manufacturing facilities, downtown development, tech businesses, agricultural facilities, hotels and housing, broadband deployment and retail enterprises.
“The NBAC is looking forward to supporting communities as the state lead for Round Two,” said Staton. “We saw a lot of really great projects get good investment and technical assistance in Round One. This webinar will provide detailed information to local communities to continue that success with new projects,” said Carrie Staton, NBAC director.
Tygart Hotel, Elkins, W.Va. (Photo Woodland Development & Lending)
“One example of a West Virginia success story is the Tygart Hotel, the former grand hotel of Elkins built in 1906,” said Ray Moeller, an economic redevelopment specialist at the WVU NBAC. “Once renovated, the boutique Tygart Hotel and restaurant will have the potential for 56 rooms and will primarily serve visitors to the region’s great outdoor activities.”
Moeller said that the NBAC was part of the group with OA that helped Tygart Hotel developers with redevelopment plans, a market study, community support and sources for financing. The project has also secured an initial agreement with a hotel management partner. Much of this predevelopment work has been supported by the Center’s other programs, as well as previous OA initiatives.
Assistance for
large and small communities
For Round Two, OA expanded to target
Appalachian communities in five states: Tennessee, North Carolina, Ohio,
Virginia and West Virginia. Round Two will provide $2.25 million in funding
for technical assistance to support more than 40 projects across Appalachia.
The program is expected to create 3,000 jobs and bring $400 million of new
investment into Central Appalachian communities, as outlined on the OA website.
Ray Moeller, Economic Redevelopment Specialist
Northern West Virginia Brownfields Assistance Center
West Virginia University (Photo WVU)
“West Virginia
communities no matter how large or small that want to jump-start a
redevelopment project should absolutely register for this free, in-depth
webinar,” said Moeller. “It’s always great when we can see the hard work of the
communities on really ambitious projects come to fruition.”
For
more information, contact Ray Moeller, raymond.moeller@mail.wvu.edu. The webinar registration is posted on the Opportunity Appalachia website.
-WVU-
NBAC/02/03/22
MEDIA
CONTACT: Tracy Novak
304-293-6928; Tracy.Novak@mail.wvu.edu
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