Ongoing Efforts:

In September of 2022, the Office of Economic Development and Tourism (OEDT) had a master plan
completed on 362.5 acres of property owned by the Economic Development Authority (EDA) of the City
of Lynchburg, identifying a total of 58.1 acres as developable for industrial purposes. These parcels have
been identified as Site A (28.1ac), Site B (4.5ac), and Site C (25.5ac), located in Ivy Creek Innovation Park.
The costs associated with bringing these three sites to “pad-ready” condition are outlined below as
defined by the 2022 master plan.

Concurrent with this project, the City had a master plan completed for an Airport Commerce Park, which
identified 260 acres. 82 acres are developable for industrial use, totaling 2,050,000 SF of potential
building area. The costs to bring this park to pad-ready sites are also outlined below.

In 2020, The Economic Development Authority of the City of Lynchburg’s 12.8-acre parcel located at 200
Jefferson Ridge Pkwy was the subject of a master plan that estimated $1,560,000 to improve the site to
“pad-ready.” Upon its completion, the EDA completed and submitted mass grading plans to the City.

Sites A&B (32.6ac) :

Due Diligence - $125,000
Design & Permit Access Road - $175,000
Construct Access Road and Water & Sewer Extensions - $2,000,000
Design & Permit Mass Grading - $350,000
Mass Grading of Site - $7,400,000
Estimated Total Cost - $10,050,000 (2022)

Site C (25.5ac) :
Due Diligence - $120,000
Design, Permit & Construct Access Road and Water & Sewer Extensions - $2,900,000
Design, Permit, and Mass Grade Site - $3,500,000
Estimated Total Cost - $6,520,000 (2022)

Airport Commerce Park (82ac) :

Due Diligence - $260,000
Design Infrastructure - $1,000,000
Build Infrastructure - $9,600,000
Design Mass Grade Sites - $1,200,000
Mass Grade Sites - $23,000,000
Estimated Total Cost - $35,060,000 (2022)

200 Jefferson Ridge Pkwy (12.8) :

Due Diligence - $23,800
Design, Permit, and Mass Grade Site - $1,000,000
Estimated Total Cost - $1,563,800 (2018)

The total cost to bring Sites A&B from its current condition to pad-ready, in which a company could
design, construct, and begin operations on the site within 12-18 months, is estimated at $10,050,000.
The Capital Improvement Program FY 2024-2028 includes $10,690,000. OEDT oversees due diligence on
Sites A&B, which will provide more in-depth cost estimates for improving these sites.
The total cost of bringing the Airport Commerce Park’s 82 acres to pad-ready condition of $35,060,000
has been partially added to the Capital Improvement Program FY 2024-2028. In 2023, $11,560,000 was
added to account for due diligence and the design and building of necessary infrastructure.

The city currently has no pad-ready sites within its boundary.

Identifying the economic impact of a business investment is done by evaluating the anticipated capital
investment and new jobs of individual prospects. Since January 1, 2023, the City has responded to 5
prospects, equating to $723,765,000 in capital investment and 1,280 jobs.

The cost of developing a pad site of 150,000 SF would depend on the site's terrain. Using the
cost/square foot estimated for Sites A&B, a 150k SF site would cost $8.21 per square foot or $1,231,581
and could house a 50-75k SF facility depending on the use of the facility, number of employees, trailer
space, etc.