The Industrial Development Authority of Lee County (IDA) announced today (July 14, 2016) that it has repaid in full two loans totaling $423,400.00 to the Virginia Coalfield Economic Development Authority (VCEDA). The loans were originated in 2006 and 2008 to assist the IDA with economic development activities. “Over the last year-plus the IDA Board has paid off nearly 25% of its long term debt and greatly strengthened its financial position, stated Michael James, IDA Director. “We want to thank the Virginia Coalfield Economic Development Authority for their assistance over the years. This money will be applied to the pool available for our borrowing for future projects.”
“VCEDA has enjoyed a long successful relationship with the IDA of Lee County and look forward to working with them again in the future,” stated Jonathan Belcher, Executive Director and General Counsel for VCEDA.
About the Industrial Development Authority of Lee County: The mission of the IDA of Lee County is to promote and facilitate economic growth and development in Lee County by recruiting manufacturing, industrial and commercial enterprises to locate or remain in Lee County, promote entrepreneurism and to enhance the economic well being of the citizens of Lee County. Michael James has been Director of the Authority since May, 2011.