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Hanover’s Perspective

Hanover County Recovery Zone Facility Bond Program Announced

Hanover County has been given a Recovery Zone Facility Bond allocation of $4,963,000, to be used for a wide variety of private business activities. Business owners expanding existing facilities or planning new facilities located in one of the three Recovery Zones (Doswell, Ashland/Lewistown, and Mechanicsville) who are interested in participating in this program should submit a Letter of Interest (LOI) requesting between $1 million and $2.5 million in Recovery Bond authority, for the purpose of financing improvements which will promote economic development and recovery in the County. The Recovery Bonds are tax-exempt private activity bonds and will be issued through the Hanover County Economic Development Authority.

The LOI shall contain the following:

-Project Title

-Name and address of business or person applying for funds

-Short project description identifying the type of business to be funded

-Total private investment, including that portion funded with Recovery Bonds

-Number of jobs created or retained

-Salaries for jobs created or retained

LOIs must be submitted no later that 3 P.M. on October 22, 2009 at the following address (faxes and emails will not be accepted):

Hanover County Department of Economic Development
9097 Atlee Station Road, Suite 304
Mechanicsville, VA 23116

A pre-submittal meeting will be held at the above location on September 22, 2009 at 2:00 PM to further describe the program and answer questions from prospective applicants. Guidelines for consideration of submittals are available on request.

For further information, contact:

Marc S. Weiss, Director
(804) 365-6464