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Virgin/a l <br /> ~VI~GCINIhA POLYTECHNIC INSTITUTE <br /> AND STATE UNIVERSITY <br /> <br />Attachment B <br /> <br />Economic Development Assistance Center <br /> <br />Public Service Programs - Outreach Division <br />1080 South Main Street (0162), Blacksburg, VA 24061 <br />Phone 540-231-3391 Fax 540-231-8850 E-mail: mccollum@vt.edu <br /> <br />January 4, 2000 <br /> <br />Mr. Earl B. Reynolds, Jr. <br />P. O. Box 1112 <br />Martinsvill~VA24114 <br /> <br />Dear Mr. Reynolds, <br /> <br /> As you are aware, we are in the final stages of completing a business incubator feasibility <br /> study for the counties of Henry, Franklin, and Patrick as well as the City of Martinsville. <br />· The study is undertaken with the following three guiding principles: <br /> · The proper hiring of a director is the comer-stone of a business incubator <br /> program; <br /> · The formulation and implemaentation of programs offered by an incubator are <br /> critical; and <br /> · The program must be self-sustaining, alleviating long-term subsidies by the <br /> partnering localities <br /> We believe these principles are the foundation for the successful long-term <br /> implementation of a business incubator program that can garner wide-ranging support, <br /> thereby justifying the utilization public funds. <br /> <br />The study is organized in such a manner that the project team first determines the critical <br />mass and demand for services present in the study area. The project team then conducts <br />numerous interviews to determine the opinions and support of the study area's public and <br />private sector opinion leaders. As the study proceeds, assuming the necessary attributes <br />are in place to support an incubator, the project team performs a property assessment. <br />Potential locations are identified and submitted by the study's regional steering <br />committee with guidance from the project team. The property assessment is intended to <br />identify and assess the suitability of existing buildings and developable land for location <br />of a business incubator. The project team also determines the costs associated with <br />retrofitring and/or building a facility necessary to successfully implement a business <br />incubator program. <br /> <br />Upon completion of the previously explained steps, the project team has determined that <br />the implementation of a business incubator is feasible in the Henry County, Patrick <br />County, Franklin County, and City of Martinsville Region. During the course of this <br />study, the project team evaluated numerous buildings across the region. Additionally, the <br />project team determined the implementation should include two small facilities - one <br />being <br /> <br /> <br />