IDA agrees to loan for IperionX site work

The Halifax County Industrial Development Authority (IDA) on Friday unanimously approved a $4 million construction loan from America National Bank to renovate the shell building that houses the IperionX titanium recycling facility, now under development at the Southern Virginia Technology Park on Philpott Highway.

Over the next three years, IperionX is projected to to hire up to 108 employees at its South Boston facility, which will produce titanium powders and other metal products for a wide range of uses. With the construction loan, the IDA will adapt the 50,000 square foot shell building for the new industry’s manufacturing processes.

IDA board member Robert Bates motioned to approve the loan, and his motion carried unanimously with no discussion. The loan will be repaid with revenue from the IDA’s lease agreement with Charlotte, N.C.-based IperionX.

During Friday’s regular monthly meeting, IDA Executive Director Kristy Johnson gave a presentation on the IDA Strategic Plan and reviewed the progress that has been made in the past year. “Our strategic plan is massive. It was a great opportunity to reflect on how we’ve come, how far we have to go, and our goals,” she said.

The IDA’s general focus revolves around business growth, development of real estate and infrastructure, and regional engagement. Among the highlights of the past year were three major economic development announcements: IperionX’s decision to come to South Boston, Hitachi Energy’s expansion into the large transformer business, and Skip Barber Racing School relocating its headquarters from Connecticut to Virginia International Raceway.

The IDA’s ongoing work to build relationships with local employers was a particular success, said Johnson, with the IDA having sponsored 87 community engagement events in 2023.

“This is the really enjoyable stuff, collaborating with our partners, and I think we’ve developed a really great team in our community. We’re working as well together as I’ve ever seen. It was great to see us all working together for the betterment of our community,” Johnson said.

In the coming year, the IDA will focus on maintaining its 10-year capital improvement plan and growing the inventory of IDA-owned buildings. The IDA website will likely be updated as well, Johnson said.

The IDA also is evaluating the possibility of adding a staff position for maintenance, but Johnson said that before making a final decision, staff and IDA directors first must review the budget to see if it can support the hiring of a new employee.

During the open comment period, IDA Chair Rick Harrell reflected on the agency’s progress in the past year. “We have been relatively successful as a group, and we had an extremely busy year last year. We’ve got a different stage of being busy this year, so I hope we can lay the groundwork for future continuation and improvement of our economic climate.”

Vice Chair Jeremy Satterfield noted that having regular updates on matters like the Strategic Plan is beneficial to the board’s work. “It really helps to solidify numbers,” Satterfield said.

The next regular IDA board meeting will be held on Friday, Aug. 18 at 8:30 a.m.