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News Suspect charged in theft of Crestview Park urns05/16/12 - 6:51 am
Clint Anthony Reamey, 42, of Chase City has been arrested on multiple felony counts stemming from the theft of numerous bronze flower urns from Crestview Memorial Park in South Hill…
Prison plans nearly knocked off track05/16/12 - 6:49 am
Amendment to saddle Mecklenburg County with extra costs fails in Assembly
Left to right are Boydton Mayor Gerald Wrenn, Councilman Ronnie Worley, Betty Herbert, Councilman Jo05/16/12 - 6:48 am
Chase City Council unveiled its budget for 2012-2013, and agreed to hold a public hearing on June 4 at 5:30 p.m.
Sports Lady Comets to face Franklin County for WVD tournament title05/16/12 - 7:48 pm
Easily get past GW in WVD semifinal.
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News VIR claims $77.5M economic impactSoVaNow.com / May 25, 2009
A regional study on VIR’s economic impact was released to the public last week, showing that the racetrack generates an annual economic impact of $77.5 million and supports 1,542 jobs in Halifax and Pittsyvania Counties and the City of Danville.The report shows that Halifax County receives a total of $223,372 annually from taxes. The real estate tax is listed at $137,733, personal property taxes at $27,225 with the local lodging tax listed at $31,193. Another $10,470 is collected in state sales taxes (with the state getting $41,880). The local phone/utility tax runs another $13,278 with the BPOL tax being $3,473. The annual visitor spending was estimated at $62.2 million which supported 1,042 jobs. Of that amount $13,648,00 or 22 percent benefitted Halifiax County. The City of Danville was the greatest beneficiary of visitor spending, getting 51 percent or $32,342,928 of the total $62/2 million and the support of 534 jobs. Visitor spending also generates another $64,454 in sales tax revenues for the county, $48,576 in lodging taxes and $14,020 in BPOL taxes. Since Halifax County has no meals tax, the County gets nothing, but Danville, which has a five percent meals tax, collects $225,846 annually on the sale of food. “It’s a real economic engine for Halifax County,” said Economic Development Director Mike Sexton. And William I. Fitzgerald, chairman of the Halifax County Board of Supervisors added, “The results announced clearly indicate that Virginia International Raceway, located in Halifax County, is not only having an impct here, but is also a driving force for tourism in the region. The work being done at VIR is a vital part of our economic growth strategy and the crowning jewel of Virginia’s Motorsports Alley. We will continue to support this economic engine and world -class venue,” Fitzgerald said. The study was done by Chmura Economics & Analytics of Richmond and was paid for by the counties of Halifax and Pittsylvania and the City of Danville along with VIR. The four entities agreed to pay equal portions of the study which was not to exceed a total of $5,000. And while the study focused on the three localities, it also shows that the impact on the state of Virginia is large and is estimated to be $92.5 million annually. The study considered the impact VIR has on the economy in four categories. Those are: the one-time economic impact of capital spending by VIR measured from 1998 to 2008, ongoing VIR business operations, VIR’s attraction of other businesses to the region and to the industrial parks developed by VIR and other VIR properties and the economic activity when VIR visitors spend in the region outside VIR facilities. The study notes from 1998 to 2008 $30.8 million was invested to redevelop the racetracks, build the Villas at South Bend, develop an industrial park and technology park and build The Lodge at VIR and Paddock Suites, creating 389 jobs. Other businesses benefitted from the construction activities since more than half of the construction vendors were located within the region. Some 350,000 visitors attend VIR events each year and in 2008, those visitors spent $44.9 million in direct sales accounting for more than 30 percent of the region’s tourism revenue, according to the study. Tell-a-Friend | Submit a Comment 100Halifax News
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