Warner & Kaine Announce $500,000 to Renovate the Historic Millwald Theatre in Wytheville
WASHINGTON – Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) announced that the Appalachian Regional Commission (ARC) has approved $500,000 in grant funding for the Millwald Theatre Restoration and Economic Revitalization project. The funding will be used to renovate and reopen the 15,000-square-foot theatre, attract an estimated 47,000 visitors annually, and bolster 20 businesses in downtown Wytheville, Virginia.
“We are pleased to announce that these federal dollars will go towards renovating the historic Millwald Theatre – a project that will increase local tourism and spur economic activity in the region by drawing visitors to the central business district,” said the Senators.
ARC project grants are awarded to local and state government entities and non-profits, and matched by local funding sources. In addition to ARC funds, this project will receive $604,230 in Federal Historic Tax Credits, $1.1 million in state Historic Tax Credits and other state sources, $425,000 in New Markets Tax Credits, and $475,080 from local funding sources, bringing the total project funding to $3,104,310.
ARC is an economic development partnership agency of the federal government and 13 state governments, focusing on 420 counties across the Appalachian Region. ARC’s mission is to innovate, partner, and invest to build community capacity and strengthen economic growth in Appalachia to help the Region achieve socioeconomic parity with the nation. Since 1965, ARC has invested $4.5 billion in approximately 28,000 economic development projects across Appalachia, attracting over $10 billion in matching project funds.