ST. PAUL, Va. – September 27, 2018 – The Virginia Coalfield Economic Development Authority (VCEDA) closed a $40,000 grant earlier this week to help finance the restoration of the awning-style marquee on the front of the historic Lyric Theater on Broad Street in St. Paul, Va.
The VCEDA board approved the grant from the Tourism Capital Improvement Matching Fund to the Industrial Development Authority of the Town of St. Paul at its Aug. 16 meeting.
”The Town of St. Paul and the Town of St. Paul IDA have identified the restoration of the historic Lyric Theater as a key part of their revitalization and economic development plans,” said Jonathan Belcher, VCEDA executive director/general counsel. “The restoration of the historic marquee is an important part of preserving the property’s identity, and VCEDA was happy to be a part of this.”
The town, IDA and other partners have been working to secure funding for the restoration project which is projected to cost more than $3 million. They have received funding approvals from the Appalachian Regional Commission in the amount of $300,000, and the Town, IDA, and St. Paul Tomorrow, Inc. are also supporting the project.
About Virginia Coalfield Economic Development Authority and Virginia’s e-Region: The Virginia Coalfield Economic Development Authority, created by the Virginia General Assembly in 1988 to enhance and diversify the region’s economy and help create jobs, markets Virginia’s e-Region and its focus on electronic information technology, energy, education, emerging technologies, and entrepreneurship. VCEDA is a unique economic development organization that manages funds for economic development projects from a percentage of the coal and natural gas severance taxes paid by coal and natural gas companies that operate in the region. Located in southwestern Virginia, the region includes Buchanan, Dickenson, Lee, Russell, Scott, Tazewell, and Wise counties and the City of Norton. www.vaceda.org or www.e-Region.org.