RADFORD, Va. – Despite ongoing financial challenges, Radford city officials are pointing to signs of economic stabilization and potential growth opportunities, while acknowledging significant hurdles ahead.
The city faces several financial pressures, including debt to Appalachian Power and a pending lawsuit with Pulaski County that could cost nearly $200,000 in annual tax revenue. The lawsuit centers around a 1978 tax revenue sharing agreement concerning a stretch of Route 11 in Fairlawn.
“Radford is stabilizing its financial picture through a variety of sources,” Mayor David Horton said. “Over the course of the last several years, we’ve been working on enhancing our revenue sources. We’ve been adjusting and controlling spending at a much higher level.”
Historic Business Losses Impact City Finances
Like many small American cities, Radford has weathered the closure of several local businesses. The most significant impact came from the shutdown of the Radford Foundry, an industrial business that employed over a thousand people during its height in the 1970s and was located in Radford since the 19th century.
Development Initiatives Show Promise
City officials are actively working to revitalize the west portion of Radford, with particular focus on the former foundry site. The area is being transformed into the West Radford Commerce Park, which is approaching “shovel-ready” status for potential industrial development.
“If we can make that work out the way that we hope it will, it will be a game changer for us for the future,” Horton said, discussing the commerce park development.
Revenue Challenges and Growth Strategy
The city faces unique challenges in generating new revenue streams. “On the revenue side, we’re somewhat limited because we have to reinvent ourselves to grow,” Horton explained. “And that always takes longer than just brand new growth, building a new shopping center, building a new housing development.”
Looking Ahead
While Radford continues to grapple with debt, low cash flow, and other financial challenges, city leadership remains optimistic about the future. The ongoing development of the West Radford Commerce Park and other initiatives suggest potential for economic recovery, though the outcome of the Pulaski County lawsuit could significantly impact the city’s financial outlook.
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