Harvest Foundation Economic Development Incentive Pool

Geographic Scope: Henry County and City of Martinsville, Virginia

Purpose: Fund economic development initiatives including creation of new industry, job growth, and expansion of existing businesses through a case-by-case grant program.

Funding Overview

• Total Pool: $5,000,000 (initial)
• Distribution: Case-by-case basis
• Type: Grants for economic development projects
• Decision Authority: Municipalities and Harvest Foundation Board of Directors

Eligible Projects

• New business development that expands tax base
• Existing business expansion
• Job creation initiatives
• Industrial facility development
• Commercial real estate projects with measurable economic impact
• Infrastructure projects supporting economic development

What They Fund

• Capital investments
• Facility development
• Equipment and infrastructure
• Projects generating higher-paying, living-wage careers
• Advanced manufacturing industry projects
• Technical trades development

What They Don't Fund

• Projects not expanding tax base
• Non-business development initiatives
• Projects failing to meet performance criteria

Performance Criteria

• Each project evaluated on merit
• Individual timelines for performance criteria established
• Payback requirements if criteria not met
• Grant funds tied to measurable economic outcomes

Background

• Announced August 1, 2019
• Part of broader Harvest Foundation economic development strategy
• Complements other incentive programs
• Designed to enhance competitiveness in recruiting business and industry
• Works alongside local tax incentives and workforce development

Contact Information

Martinsville-Henry County Economic Development Corporation

• Address: 191 Fayette St., Third Floor, PO Box 631, Martinsville, Virginia 24114
• Phone: (276) 403-5940
• Website: yesmartinsville.com

Harvest Foundation

• Director of Communications: Latala Hodges

Application Process

1. Project Identification
   • Partner organization (municipality or EDC) identifies potential project
   • Preliminary assessment of eligibility and economic impact
2. Project Development
   • Define project scope and timeline
   • Identify performance criteria
   • Establish measurable outcomes (job creation, tax base expansion, etc.)
   • Develop financial projections
3. Application Submission
   • Submit to local municipality or Martinsville-Henry County EDC
   • Include project plan and economic impact analysis
   • Outline funding request amount
   • Define performance metrics and timeline
4. Review and Approval
   • Local municipality evaluation
   • Harvest Foundation Board of Directors review
   • Board vote on fund disbursement

Required Information

• Project description and goals
• Economic impact projections
  • Job creation numbers
  • Tax base expansion estimates
  • Private investment leverage
• Timeline for implementation
• Performance criteria and metrics
• Terms and conditions for potential payback
• Evidence of project viability

Evaluation Criteria

• Potential tax base expansion
• Job creation (quality and quantity)
• Capital investment amount
• Project feasibility and timeline
• Long-term economic impact
• Fit with regional economic development priorities