The purchase of the $1.26 million Visitor Center and parking lot at 700-706 Caroline Street topped the list of investments by the Fredericksburg Economic Development Authority for 2022. The property will be leased back to the city for at least the next year while the new Visitor Center at 600 Caroline Street (known as the “big ugly”) is renovated.
Additional commitments included:
- $250k of a $500k loan to the Fredericksburg Expo Center
- $75,000 to sponsor Babe Ruth World Series
- $50,000 to study development of the former hospital
- $50,000 to attract film production
- $29,250 to costs for renaming Emancipation Highway
- $25,000 for the Marine Corps Marathon
- $21,500 in the Virginia Black Business Directory Expo
- $14,000 for Fredericksburg First Friday’s Sip & Stroll
- $11,000 for the CRRL’s MakerLab
The EDA receives no tax dollars. The seven member committee is appointed by the Fredericksburg City Council. Their annual budget of $284,000 in 2022 was derived from fees from bonds, loan payments, interest accrued from investments and other private sources.
They “conservatively” estimate they benefit the City of Fredericksburg with $500,000 per year.
Read their full annual report at bit.ly/3YlclB4.