Digital mockup of the Valdosta Area Business Incubator, with rooftop garden and bar. Image from The Georgia Photography Fanatic1
“Most communities don’t have the benefits of
15 years of experience. We do. They try to start from
scratch,” he said. About 15 years ago, “Valdosta was
named the entrepreneurial city of Georgia by (then-
Gov.) Sonny Perdue.”
Georgia Tech conducted a six-months-long
study for economic feasibility and community readi-
ness, he said.
In turn, the United States Economic Develop-
ment Administration has accepted the VABI grant
application for $2.56 million, pending the 2020 fed-
eral budget, and the City of Valdosta is exploring a
HUD section 108 loan for $1.5 million, Hanson said.
VABI is seeking private investment.
“This is about a $7 million project,” he said.
“That should serve us for about 10 years.
“Renovations will be paid for by the city and the
grant. The building will be 23,000 square feet and
2.5 floors, putting hopefully 100 people to work,” he
said.
To qualify for the EDA grant, VABI must run as
a business incubator for 20 years and must be up and
running in 48 months, Morgan said.
Hanson and Morgan made a point to thank the
City of Valdosta and Albert Slone, the VABI building
owner.
“There’s not another person in the world who
would have waited this long for things to materialize.
We couldn’t have even applied for the grant without
Albert. He kind of bridged that gap for us. We had
to have the building before we could apply for the
grant,” Hanson said.
Valdosta-Lowndes County Chamber of Commerce | Trendsetters
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