Tazewell secures funding for first phase of Clinch River Pavilion and Farmers Market project
The town of Tazewell has been awarded a $296,500 grant from the Virginia Tobacco Commission for the first phase of the Clinch River Pavilion and Farmers Market project. This project will provide a new home for the Tazewell Farmers Market while also providing a new option for community events and economic growth.
The farmers market is currently located off Fincastle Turnpike at the first Tazewell exit, but the new location will provide consistency for the market as well as shelter from rain and other weather, Tazewell Town Manager Leeanne Regon said.
'So the town council has agreed to allocate funds to match the Tobacco Commission award,' Regon said Tuesday. 'The town council has allocated the same. Without the tobacco commission awards we would not have funding to do this first phase. So the first phase will be site development and construction of the pavilion. And when it is not in use by the farmer's market, it would be available for other events.'
Regon said the Cumberland Forest Community Fund also has awarded a $15,000 grant to the town to construct a river walk area near the rear of the Clinch River Pavilion and Farmers Market property.
The new farmers market is planned at the site of the former bowling alley in North Tazewell. That location has already undergone significant improvements with the removal of the dilapidated structure and site remediation, which was completed through funding provided by the Virginia Department of Environmental Quality's Brownfields program.
Regon said the development is a work in progress, adding the town is looking at the possibility of acquiring a pre-fabricated facility for the shelter. She said Delegate James W. 'Will' Morefield, R-Tazewell, and Senator Travis Hackworth, R-Tazewell, are both backing and supporting the project on the state level.
The town is hoping that the new Clinch River Pavilion & Farmers Market will serve as a catalyst for a second project — the North Tazewell Business District Revitalization. Regon said the town has received a planning grant from the Virginia Department of Housing and Community Development for that project which will allow for facade improvements for the properties in the business district as well as the redevelopment of a commercial property that is being transferred to the town of Tazewell's Industrial/Economic Development Authority.
'We would welcome just about any business,' Reagon said when asked what type of business would be sought for the redeveloped commercial property.
Regon said the town will seek a Community Development Block Grant in the future from the Department of Housing and Community Development for the business district revitalization plan.
Contact Charles Owens at cowens@bdtonline.com
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The NFIB's July Small Business Optimism Index rose to 100.3 in July from 98.6 in June. From the NFIB: "While uncertainty is still high, the next six months will hopefully offer business owners more clarity, especially as owners see the results of Congress making the 20% Small Business Deduction permanent and the final shape of trade policy. Meanwhile, labor quality has become the top issue on Main Street again." 😬 This is the stuff pros are worried about. From BofA's August Global Fund Manager Survey: "Trade war triggering a global recession remained the #1 'tail risk' ... Sentiment on what would be the biggest 'tail risk' was more broadly spread in August." 🏢 Offices remain relatively empty. From Kastle Systems: "Peak day office occupancy was 63.1% on Tuesday last week, down four tenths of a point from the previous week. Most tracked cities experienced decreases throughout the week, as workers take more time away from the office as the summer vacation season winds down. The average low was on Friday at 34%, down two tenths of a point from the previous week." 📈 Near-term GDP growth estimates are tracking positively. The Atlanta Fed's GDPNow model sees real GDP growth rising at a 2.5% rate in Q3. Putting it all together 📋 🚨 The Trump administration's pursuit of tariffs threatens to disrupt global trade, with significant implications for the U.S. economy, corporate earnings, and the stock market. Until we get more clarity, here's where things stand: Earnings look bullish: The long-term outlook for the stock market remains favorable, bolstered by expectations for years of earnings growth. And earnings are the most important driver of stock prices. Demand is positive: Demand for goods and services remains positive, supported by healthy consumer and business balance sheets. Job creation, although cooling, also remains positive, and the Federal Reserve — having resolved the inflation crisis — shifted its focus toward supporting the labor market. But growth is cooling: While the economy remains healthy, growth has normalized from much hotter levels earlier in the cycle. The economy is less "coiled" these days as major tailwinds like excess job openings and core capex orders have faded. It has become harder to argue that growth is destiny. Actions speak louder than words: We are in an odd period, given that the hard economic data decoupled from the soft sentiment-oriented data. Consumer and business sentiment has been relatively poor, even as tangible consumer and business activity continues to grow and trend at record levels. From an investor's perspective, what matters is that the hard economic data continues to hold up. Stocks are not the economy: There's a case to be made that the U.S. stock market could outperform the U.S. economy in the near term, thanks largely to positive operating leverage. Since the pandemic, companies have aggressively adjusted their cost structures. This came with strategic layoffs and investment in new equipment, including hardware powered by AI. These moves are resulting in positive operating leverage, which means a modest amount of sales growth — in the cooling economy — is translating to robust earnings growth. Mind the ever-present risks: Of course, we should not get complacent. There will always be risks to worry about, such as U.S. political uncertainty, geopolitical turmoil, energy price volatility, and cyber attacks. There are also the dreaded unknowns. Any of these risks can flare up and spark short-term volatility in the markets. Investing is never a smooth ride: There's also the harsh reality that economic recessions and bear markets are developments that all long-term investors should expect as they build wealth in the markets. Always keep your stock market seat belts fastened. Think long-term: For now, there's no reason to believe there'll be a challenge that the economy and the markets won't be able to overcome over time. The long game remains undefeated, and it's a streak that long-term investors can expect to continue. A version of this post first appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
