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State Access Road Program
Virginia's Economic Development Access Road Program is available to qualifying businesses and has recently been updated. An overview of the updates follows:
On July 16, 2009, the Commonwealth Transportation Board amended its policy for administration of the Economic Development Access Road Program. Two significant changes were made that should enhance the program's value to localities in their economic development efforts.
First, the maximum annual unmatched allocation per locality has been increased from $300,000 to $500,000. The access program will now provide a much higher percentage of project costs before local matching funds are required. The maximum amount of matched funding remains at $150,000 and is available only when the cost of an individual project exceeds $500,000.
The second change reduces the requirement for private capital outlay. Required documentation is decreased from $10 per $1 of program funding to $5 per $1 of program funding. This reflects the trend toward less capital intensive business development and may provide less financing risk for localities considering the program.
This policy is effective for new projects approved after July 16, 2009, but is not retroactive for those having received prior funding. Click here to find out more about the new policy. The Economic Development Access Program Guide has been updated to reflect these new changes and can be accessed here.