E-Malt.com News article: USA, VA: Cape Charles awarded an Industrial Revitalization Fund grant of $500,000 for the Cape Charles Brewing Co.

Cape Charles is one of three localities to be awarded an Industrial Revitalization Fund grant by the state of Virginia for a proposed brewery project, the Delmarva Daily Times reported.

The town of Cape Charles was awarded $500,000 for the Cape Charles Brewing Co., Gov. Terry McAuliffe announced on April 24.

McAuliffe announced a total of $1.45 million in awards to three Virginia localities — the other awards went to the town of Big Stone Gap for redevelopment of the Mutual Pharmacy Complex, and to the Industrial Development Authority of South Boston for revitalization of the John Randolph Hotel.

The $2 million brewery project, slated to come to Cape Charles later this year, is the brainchild of the Marshall family, which started Delisheries in town in 1997. The family members are home brewing enthusiasts and had been thinking for some time about going into business again, after Delisheries was sold in 2003.

A property suitable for a brewery venture was found on Stone Road.

Speaking at a Cape Charles Town Council meeting Feb. 16, Mark Marshall said the 15-barrel production facility will have the capacity to brew as many as 10,000 barrels of beer per year for distribution up and down the coastal corridor and will create as many as 13 to 15 full-time jobs.

Additionally, the facility will include a brewpub featuring gourmet pub food, special events and a music venue.

“We want it to be a destination. We want for people to come over and enjoy the Eastern Shore and the Cape Charles community,” said Marshall. “I think it serves a need.”

The Industrial Revitalization Fund provides gap financing for construction projects aligned with local and regional economic development strategies, mainly in economically distressed communities, according to a press release.

“Strategic investments like the Industrial Revitalization Fund awards help strengthen our economy and our communities," McAuliffe said in the release, adding, “Building a new Virginia economy starts with a strong, vibrant local economy in every corner of our Commonwealth. From the Eastern Shore to the Coalfields and every place in between, these funds ensure localities have the resources to complete projects that will diversify our economy and produce real benefits for communities, like direct business activity and tourism.”

Projects were reviewed and evaluated competitively, with an emphasis on those with a high level of blight, impediments to economic development efforts, alignment with regional or local strategies, availability of matching resources, the level of community distress where the property is located, and an identified and feasible end use.

“These projects exemplify the success we can have when private investment is supported by state and local revitalization strategies,” said Todd Haymore, Virginia Secretary of Commerce and Trade.

“With more than $11 million in total private investment and an expected 50 new jobs created for the three localities, these projects represent positive transformations in Virginia.”

The maximum award is $600,000 per project. Nine applications totaling over $5 million in funding requests were received. The funds are intended to leverage local and private resources to achieve market-driven redevelopment of derelict structures.


25 April, 2017