ROANOKE (WSLS 10) - On Monday, officials from Roanoke County, Roanoke and Salem announced a collaborative effort to purchase 106 acres located on Wood Haven Road in Roanoke County.
Economic development leaders said acquiring the land could attract new jobs to the region.
The site consists of five parcels that already were on the market and are under option to the Roanoke Valley Development Corporation for a purchase price of $5,256,350 officials said. The announcement is the first project of the Western Virginia Regional Industrial Facility Authority (WVRIFA), formed in 2013 to jointly acquire tracts suitable for development.
The WVRIFA, enabled by the Virginia Regional Industrial Facilities Act, allows for members to share in tax revenue produced by the eventual user, according to local leaders.
"It will bring us together in a more regional way" said Martha Hooker, Roanoke County Board of Supervisor. "We are already great partners with local jurisdictions. But this will bring us closer together and bring new jobs and new vitality and excitement to this area."
Officials said previously the Roanoke Valley area had a limited number of 50 acre plus sites which hurt efforts to attract larger companies. Officials said acquiring the land is a huge economic development opportunity for the region. Moving forward, there will be planning and public input session on what projects will go into the 106-acre space.