Free Webinar on How to Tap Up to $75,000 in Assistance for Community Revitalization Projects to be held Feb. 10

Morgantown, W.Va. – West Virginia communities needing help attracting investors for economic development projects are encouraged to register for a free webinar Thursday, Feb. 10, from 10 a.m. to noon to learn about Round Two of Opportunity Appalachia.

Known as OA, the program provides targeted support worth up to $75,000 for downtown and rural development projects to build entrepreneurial communities and revitalize local economies leading to new jobs.

The webinar will be hosted by the Northern West Virginia Brownfields Assistance Center at West Virginia University, which is providing West Virginia on-the-ground support for this multistate, ARC POWER funded initiative led by Appalachian Community Capital. Webinar participants will learn about OA technical assistance grants, financing opportunities, and how to apply.

Selected communities can receive technical assistance valued from $30,000 to $75,000 for services such as:

• development of investment prospectus, preparation of pro forma financial projections, structuring of project financing,
• market research, demand assessment,
• architectural and engineering assessments,
• business plan preparation, operations planning,
• identification of project developers,
• investor outreach, and more.

“Successful projects from Round One will be featured,” said Carrie Staton, NBAC director. “Project reps will share their experiences and offer tips to new applicants. Public and private investors will highlight examples of possible investments and financing. The webinar will end with a Q&A session for audience participants.”

In 2020-2021, OA supported 17 projects, five of which were in West Virginia, that are now seeking to raise over $250 million in financing. Projects include manufacturing facilities, downtown development, tech businesses, agricultural facilities, hotels and housing, broadband deployment, and retail enterprises.

“The NBAC is looking forward to supporting communities as the state lead for Round Two,” said Staton. “We saw a lot of really great projects get good investment and technical assistance in Round One. This webinar will provide detailed information to local communities to continue that success with new projects,” said Carrie Staton, NBAC director.

“One example of a West Virginia success story is the Tygart Hotel, the former grand hotel of Elkins built in 1906,” said Ray Moeller, an economic redevelopment specialist at the WVU NBAC. “Once renovated, the boutique Tygart Hotel and restaurant will have the potential for 56 rooms and will primarily serve visitors to the region’s great outdoor activities.”

Moeller said that the NBAC was part of the group with OA that helped Tygart Hotel developers with redevelopment plans, a market study, community support, and sources for financing. The project has also secured an initial agreement with a hotel management partner. Much of this predevelopment work has been supported by the Center’s other programs, as well as previous OA initiatives.

Assistance for large and small communities
For Round Two, OA expanded to target Appalachian communities in five states: Tennessee, North Carolina, Ohio, Virginia, and West Virginia. Round Two will provide $2.25 million in funding for technical assistance to support more than 40 projects across Appalachia. As outlined on the OA website, the program is expected to create 3,000 jobs and bring $400 million of new investment into Central Appalachian communities.

“West Virginia communities, no matter how large or small that want to jump-start a redevelopment project should register for this free, in-depth webinar,” said Moeller. “It’s always great when we can see the hard work of the communities on really ambitious projects come to fruition.”  

For more information, contact Ray Moeller, raymond.moeller@mail.wvu.edu. The webinar registration is posted here or on the Opportunity Appalachia website.