Buildings to the right of the circled Brewery Building will house apartments called Factory Flats

A developer in the Town of Buchanan received a loan of $450,000 from the county’s Industrial Revitalization Fund (IRF) program after the Board of Supervisors heard a presentation and approved several required agreements during its April 25, 2023 meeting. The meeting was held at the Botetourt County Administration Center at Greenfield in Amsterdam.

As noted in the information provided to the Supervisors, earlier this year, the Commonwealth of Virginia and the Department of Housing & Community Development (DHCD) awarded Botetourt County a $450,000 grant from the Industrial Revitalization Fund (IRF) program. The grant award would serve as the principal for a loan to Factory Flats, LLC, the development company working to renovate the former Groendyk manufacturing buildings in Buchanan.

The Economic Development Authority (EDA) would administer the loan to Factory Flats for this project.

The total cost to repurpose the building is $913,276.50. The IRF loan of $450,000 would be matched by $463,000 in funds from Factory Flats.

The Supervisors unanimously approved a grant agreement, restriction agreement, and performance agreement for the lending of the funds to Factory Flats.

                                                — Anita Firebaugh, Special to The Botetourt Bee