City wins economic development best practices award

The city of Williamsburg has won a 2012 Community Economic Development Award from the Southern Economic Development Council for its Demolition Loan Program, according to a press release from Wiliamsburg's Economic Development Authority.

The program was designed to revitalize the commercial areas of the city by providing developers with tools to develop underused properties. It provides funding for the demolition of underused properties so that they can be redeveloped.

As a result of the program, the city has seen cash infusions that encourage redevelopment, the creation of 49 jobs and more than $9 million of investment in the city, the elimination of unsightly buildings, an increase in the tax base of the city and more, according to the release.

"This upfront use of funds is good for business owners and presents an extraordinary rate of return to the city," said Monty Mason, chairman of Williamsburg’s Economic Development Authority, in the press release.

The Southern Economic Development Council will present the awards in August in Myrtle Beach, S.C.

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