The Harvest Foundation will invest $11 million, approximately 50 percent of total costs, to help provide reliable and clean power at Commonwealth Crossing Business Centre (CCBC) with construction of a new substation and transmission line at the site.
Located at the Virginia and North Carolina border by U.S. Highway 220 South, CCBC is a 720-acre industrial park that will soon be home to two projects. Press Glass, Europe’s largest independent flat-glass processing operation, announced in July its decision to locate at CCBC. Additionally, the Commonwealth Centre for Advanced Training (CCAT), a state-of-the-art training center for CCBC tenants, is under construction and scheduled to open in early 2019.
Funding for the new substation and transmission line will be repaid by Appalachian Power Company based on usage from tenants at CCBC park over the next 15 years. Once a tenant locates to the park, Appalachian Power will refund construction costs of the substation and transmission line based on revenues from each new customer as Commonwealth tenants build out their facilities.
“This project is necessary to ensure that Press Glass and future tenants at Commonwealth Crossing Business Centre will have the most reliable power quality to the park,” said Allyson Rothrock, president of The Harvest Foundation. “With unemployment at record lows, and the consistent amount of new business announcements and existing business expansions, we truly are turning a page in our community. It is imperative that we keep this positive momentum moving forward by providing the best possible infrastructure for industry in Martinsville-Henry County.”
This project is a unique funding opportunity for Harvest as it will be repaid to the foundation over a 15-year period.
“Commonwealth Crossing is a great example of what can be accomplished with teamwork,” said Henry County Administrator Tim Hall. “The Harvest Foundation’s decision to help with this latest project speaks well of its commitment to this community.”
Mark Heath, president and CEO of the Martinsville-Henry County Economic Development Corporation, added, “A fully developed Commonwealth Crossing is an asset few communities can offer to major advanced manufacturing clients, especially communities of our size. CCBC is a deal changer for Martinsville-Henry County, and the EDC is privileged to be a part of the team making this happen.”
The total cost of construction to complete the project is estimated at $22 million. This project is a partnership among the Martinsville-Henry County Economic Development Corp., County of Henry, Appalachian Power Company, and The Harvest Foundation. Other partners may be announced as the project advances.