Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, March 30, 1994 TAG: 9403300149
SECTION: CURRENT PAGE: NRV-1 EDITION: NEW RIVER VALLEY
SOURCE: New River Valley bureau
DATELINE: BLACKSBURG LENGTH: Medium
Monday's announcement that Radford Arsenal will close at least until Sunday underscores the importance of the fund-raising effort, Alliance President Gary Weddle said at a media briefing at the Blacksburg Marriott.
He recalled that the Alliance's first fund-raising effort came four years ago just as AT&T announced the planned closing of its plant at Fairlawn.
"And I think it's ironic that this morning we're here on the heels of the announcement that there are problems at the arsenal," he said. "It emphasizes the reasons we're here ... We need to be creating jobs. We need to expand the job base in the New River Valley."
The $360,000 is just part of the money being raised to support the work of the Alliance. It is to be matched by the city of Radford and counties of Montgomery, Pulaski and Floyd, which make up the organization.
At the same time, a $325,000 grant approved for the Alliance by the 1994 General Assembly must be matched from local or private sources. The budget amendment making it possible was introduced by state Sen. Malfourd "Bo" Trumbo, R-Fincastle, in the Senate and Dels. Vic Thomas, D-Roanoke; Creigh Deeds, D-Warm Springs, and Whittington W. Clement, D-Danville, in the House.
Weddle said the Alliance's Executive Board is looking into several possible uses for the grant funds "above and beyond the regular operating budget," though no final decisions on what to do with those funds have been made.
Part could go toward following up on some of the 4,700 prospect leads the Alliance has generated, he said. The Executive Committee and Prospect Team could make courtesy calls on those businesses and let them know the region is interested in bringing them here.
Another idea is creating a computerized data base of the region that would be portable and could be carried on prospect visits and shown, Weddle said. It would be easier to use and update than having the material on paper, he said, but the hardware and software would cost about $50,000.
"We'd like to have a pool of funding for local incentive packages," Weddle said, such as a revolving loan fund or deferred tax payments that would be offered to new industries.
As for the $360,000 private-sector fund drive, Weddle said, the Alliance is nearly a third of the way to its goal.
"We have had early commitments from some pacesetters" who pledged more than $115,000 before the drive even officially got under way, he said.
Those donors include First National Bank of Christiansburg, Appalachian Power Co., Signet Bank/Virginia, RADVA Corp., Radford Community Hospital, Saint Albans Psychiatric Hospital, New River Industries, Crestar Bank, Garrett's Inc., National Bank of Blacksburg, United Cities Gas and Commonwealth Gas.
Weddle said Alliance accomplishments in its first four years have included more than 800 new jobs for the region. Its marketing program has been published as a model by the American Economic Development Council.
"We've created a marketing program that has let the whole world know about the New River Valley, and we've done this on a regional basis," Weddle said.
Memo: ***CORRECTION***