Great News for Southside

The Virginia Tobacco Indemnification and Community Revitalization Commission has completed the sale of bonds backed by a portion of the state’s tobacco-settlement money. The sale will raise $448 million, of which $390 million will be placed in an endowment to finance economic development in Virginia’s Southside and Southwest Virginia tobacco-growing communities.

The bond sale comes on the heels of the recently announced sale of the Danville Regional Medical Center. About $200 million from that transaction will endow a community foundation for the Danville-Pittsylvania area. And let us not forget the Harvest Foundation, endowed with $150 million in 2002 from the sale of the old Martinsville Memorial Hospital.

Virginia’s southern piedmont is well endowed, it seems, to reinvent itself for the 21st century.


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Comments

  1. great state Avatar
    great state

    “Virginia’s southern piedmont is well endowed, it seems, to reinvent itself for the 21st century.”

    Pardon my ignorance, but what types of economic stimuli are the local governments in the southern piedmont looking to attract and with what success? Can this money come in and actually be used for economic (re-)development in the area? Just looking for opinions.

  2. Jim Bacon Avatar
    Jim Bacon

    Great State, Rather than try to answer your question here, I would refer you to my column, “Saving the Mill Town.” I can’t promise you that towns like Martinsville and Danville will succeed, but if they don’t it won’t be for lack of outside-the-box thinking.

  3. great state Avatar
    great state

    Jim,

    Thanks a lot for pointing me toward that article. I haven’t followed a lot of the activity in Southside save for catching the occasional article that another factory has had layoffs, schools consolidating in Henry Co., etc.

    Having grown up in SW Virginia and now working in NoVa, I’d say that I hold great interest in the economic development of the rest of the state, and not just NoVa (as opposed to a lot of my co-workers who’ve moved into the area and think NoVa should be it’s own state!).

    I’m pleasantly surprised that Danville has taken the initiative, rather than just accept the fact that the mills and factories are gone.

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