Updates to the Lynchburg Local Redevelopment Program

February 28, 2020

Lynchburg’s Local Redevelopment Program began in 2013 as a way to provide support to small and medium scale investments in commercial property within the City of Lynchburg. Boasting two State-designated Enterprise Zones, businesses in the City have ways to access incentives for larger capital investment projects, but the Office of Economic Development & Tourism recognized the need to support investment for smaller, locally-based businesses.

The Local Redevelopment Program is unique in that it is not restricted to geographically designated areas of the City, but is available to businesses located anywhere within the 50 square miles of Lynchburg City limits. Additionally, the property does not have to be strictly commercial. As long as the building is over 25 years old and at least 30% commercial, it may qualify for the Local Redevelopment Program.

Since 2016, over $450,000 has been invested into our local community through this program. Businesses such as Vector Space have taken an old, empty building and turned it into a bustling makers’ space, already witnessing two expansions.

The Bedford Exchange was able to take an empty warehouse and now houses thriving businesses such as CrossFit Lynchburg and Golf Park Coffee Co. That project also ignited additional neighborhood projects and is quickly becoming a favorite location for many Lynchburg residents.

Janet Spearman owned and operated her business, Spearman Artistry, out of a booth at the Lynchburg Community Market for years. In 2019, she was able to open her own storefront on Main Street, selling unique handmade items from around the world.

To make the application process as easy as possible, the Office of Economic Development & Tourism reviews all finalized permits for the previous calendar year each February. Finalized permits that are $25,000 or above may qualify for the program, and the property owner will receive an application and instructions on how to apply. Based on a rating scale that includes aspects such as economic impact, location in the City, job creation and innovation, applicants may receive up to $15,000 for a project.

All applications must be filed with the Office of Economic Development & Tourism by May 1st. Eligible projects must have been completed between January 1, 2019 and February 28, 2020. Applications will be reviewed and funds will be dispersed by June 30th.

 

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