BOUCHER ANNOUNCES $7.5 MILLION IN FEDERAL FINANCING FOR BRISTOL ECONOMIC DEVELOPMENT PROJECT

$7.5 Million Federally Guaranteed Loan for Johnson Sugar Hollow, LLC Will Help Construct New Alpha Natural Resources Headquarters

            (Washington, D.C.) – U.S. Representative Rick Boucher announced today that, at his urging, the U.S. Department of Agriculture, through its Rural Development Agency is providing $7.5 million in federal financing in the form of a federally guaranteed loan to Johnson Sugar Hollow, LLC to assist with the construction of the new headquarters for Alpha Natural Resources in Bristol.

            “My highest priority in representing the Ninth Congressional District is creating new jobs for our region, and one of the ways we are achieving that goal is providing the resources necessary for existing businesses seeking to expand their operations. Today’s announcement of federal financing will further that goal by providing a portion of the funds necessary to construct a new and expanded headquarters for Alpha Natural Resources. Alpha employs more than 6,000 individuals in seven states, and the location of its headquarters in Bristol will bring hundreds of jobs to Southwest Virginia,” Boucher said.

            With the assistance of the federal financing, Johnson Sugar Hollow, LLC will construct a headquarters that is 130,000 square feet in size located on 31 acres near Sugar Hollow Park in Bristol. Alpha Natural Resources will then lease the building on a 25 year lease with the option to lease for an additional 25 years. The total cost of construction of the facility is more than $30 million.

            “The federal financing announced by Congressman Boucher goes a long way in providing the funding we need to construct a new corporate headquarters. The project will help us employ workers in its construction and when completed will bring even more jobs to Bristol and the surrounding areas. I look forward to our work in developing this state-of-the-art facility,” said developer Steve Johnson.

            “Alpha is pleased to maintain its presence in Southwest Virginia, close to those who work in the coalfields. That’s of utmost importance to us: we’re here to support them. Also this area is our home, it’s where we’ve been since our founding, and it’s where we have strong community ties,” said Kevin Crutchfield, Alpha’s CEO.

        “I am pleased that the U.S. Department of Agriculture has made this significant federal investment in Southwest Virginia. The federal financing benefits two existing businesses and helps bring new jobs for our region’s residents,” Boucher concluded.

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