Revenue-related agreement for Tract 2 at CCBC will support EDC, Henry County, Martinsville
Martinsville, Va. — The Harvest Foundation will invest $6 million to further develop Tract 2 at Commonwealth Crossing Business Centre, a premier business park spanning 726 acres, located in southern Henry County along the North Carolina border.
Currently marketed as a 200-acre site with a 57-acre graded pad, Tract 2 has the potential to be the largest contiguous industrial site ever developed in Martinsville-Henry County and will be nearly four times larger than the sites occupied by Press Glass and Crown Holdings. This investment, along with a $22 million grant from Virginia’s Business Ready Site Program and additional support from local municipalities, will allow Tract 2 to be marketed as a 200-acre site with a 150-acre graded pad.
“Investing in traditional economic development — increasing jobs and tax base for Martinsville-Henry County — remains a cornerstone in our strategic plan and plays a vital role in building a community that is healthy, prosperous and vibrant,” said Kate Keller, president of The Harvest Foundation. “Greater opportunities for higher wages and rewarding careers sets Martinsville-Henry County up for success. We are proud to be a partner at the table working to improve our community’s distinction in the global marketplace.”
Harvest’s longstanding partnerships with the Martinsville-Henry County Economic Development Corp. (EDC), Henry County, and the City of Martinsville, initiated an opportunity to develop a funding agreement tied to revenues generated on Tract 2 at Commonwealth Crossing. This funding agreement will support ongoing economic development efforts for the benefit of the City of Martinsville, Henry County and the EDC.
“Economic development remains a top priority for the Board of Supervisors,” said Jim Adams, chairman of the Henry County Board of Supervisors. “With the help of the City of Martinsville and community partners like the Harvest Foundation, we are accomplishing that goal. I often look at economic development as a race. These grant funds will create the momentum that we need to eventually carry us through the finish line.”
Henry County Administrator Dale Wagoner added, “Our priority is creating economic opportunity for our residents. Today’s actions will undoubtedly accelerate economic development and lay a solid foundation for strengthening our community into the future.”
Collaboration and partnerships drive economic growth and development for communities, according to Martinsville Mayor LC Jones.
“Community is not defined by the lines drawn on a map, ideals or opinions,” Jones said. “Community is when neighbors come together and take action, creating a legacy that inspires others to dream more, learn more, become more, and do more for one another.”
City of Martinsville Manager Leon Towarnicki added, “This is a great example of the city and county working cooperatively together for the betterment of our community. The revenue-related funding agreement will help with anticipated grading costs of Tract 2 at CCBC (Commonwealth Crossing Business Centre) and helps to provide sustainable funding for the EDC for years to come.”
Once the Tract 2 grading project is completed, this will be the only site in Virginia with more than 150 acres, full utilities, water and sewer, electric, natural gas, fiber and telecom, and rail-served.
“This is a significant step forward for the combined economic development efforts in our community,” said James McClain, board chair of the Martinsville-Henry County EDC. “Harvest has long advocated for a consistent revenue stream benefitting the City, the County, and the EDC. The Martinsville-Henry County EDC is grateful to all who worked to make this a reality.”