The Local Redevelopment Program is a program of the Economic Development Authority, administered by the Office of Economic Development & Tourism. The purpose of this program is to encourage investment in and improvement of real property located within the City of Lynchburg. Designed to assist property owners and/or business owners with real property and capital investment projects, the program also helps to decrease vacancy rates, increase and retain jobs, revitalize designated areas and increase the City’s tax base.
This program is one of the few that is accessible to businesses and owners throughout the entire City, with a minimum of $25,000 of permitted investment in a property. Each year, the projects are graded on a variety of factors, including whether they are located in a City focus area or provide a new and unique offering to the city. This year, with continued workforce needs across industries, we focused on both created and retained jobs.
This year, $165,000 was awarded to support 17 local businesses through the Local Redevelopment Program (the highest number of recipients ever!) These projects brought a combined total of over $9,672,000 in capital investment, created 241 jobs and retained over 843 jobs! Property value assessments increased by more than $9.5 million dollars when compared to 2021 assessments.
Programs like the Local Redevelopment Program continue to spur economic growth and innovation in our city, and we’re excited to be able to showcase some of these recipients in the video below:
For more information, please contact our Economic Development Manager, Alisha Meador, at alisha.meador@lynchburgva.gov.