City wins economic development best practices award
The city of Williamsburg has won a 2012 Community Economic Development Award from the Southern Economic Development Council for its Demolition Loan Program, according to a press release from Wiliamsburg's Economic Development Authority.
The program was designed to revitalize the commercial areas of the city by providing developers with tools to develop underused properties. It provides funding for the demolition of underused properties so that they can be redeveloped.
As a result of the program, the city has seen cash infusions that encourage redevelopment, the creation of 49 jobs and more than $9 million of investment in the city, the elimination of unsightly buildings, an increase in the tax base of the city and more, according to the release.
"This upfront use of funds is good for business owners and presents an extraordinary rate of return to the city," said Monty Mason, chairman of Williamsburg’s Economic Development Authority, in the press release.
The Southern Economic Development Council will present the awards in August in Myrtle Beach, S.C.
102 Panther Paw Path
Panther Place, Williamsburg
209 Vineyard Lane
Penniman Woods, Williamsburg
1128 Wilkins Drive
York Terrace, Williamsburg
105 Idaho Circle
Skimino Hills, Williamsburg
106 Ridgecrest Circle
Springfield Terrace, Williamsburg
416 Rolling Hills Drive
Country Club Acres, Williamsburg
809 Queensbury Lane
Felgates Woods, Williamsburg
302 Schooner Boulevard
Creekside Landing, Williamsburg
119 Will Scarlet Lane
Queens Lake, Williamsburg
403 Musket Drive