Montgomery County's Economic Development Authority (EDA) closed on 124 acres of property adjacent to the County's Falling Branch Corporate Park at a cost of $2.5 million (or roughly $20,161 per acre) today, November 21, 2017.
"This is a step forward in diversifying opportunities both for existing businesses within Montgomery County to expand as well as to attract new businesses," said Montgomery County Board of Supervisors Chair, Chris Tuck.
"This purchase allows us to increase our tax base, which will potentially lead to the creation of new jobs with the advent of current businesses having the necessary space to grow as well as new businesses entering Montgomery County," said Tuck.
The EDA entered into a contract with Cox Family Farms, L.L.C., on May 27, 2017. Upon entering into the contract, the EDA had 180 days to perform due diligence on the property, which included the rezoning request process as well as geotechnical and environmental studies. Rezoning applications with both Montgomery County and the Town of Christiansburg were filed for the property on May 30. Rezonings with both the County and the Town were completed and approved by September 26.
"Prior to this planned expansion of Falling Branch Corporate Park, the largest lot available was about 16 acres, making it a challenge for Montgomery County to attract businesses that need larger lot sizes," said Tommy Loflin, Chair, EDA. "I'm happy we have addressed this issue and are making great strides in expanding the corporate park."
Currently, Falling Branch Corporate Park is comprised of a total of 175 acres, with 146 acres occupied by businesses including Aeroprobe Corporation, Backcountry.com, DISH Network, Ferguson Enterprises, Inc., Inorganic Ventures, Polymer Solutions Inc., and Prestar Packaging. The recent purchase will add 124 acres to the existing available 29 acres.
"I'd like to congratulate Montgomery County on acquiring this land," said Charlie Jewell, Executive Director, Onward New River Valley. "The property is highly attractive for larger projects and will aid our efforts to attract new businesses to the area."
To learn more about the EDA, visit yesmontgomery.org.