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:
-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