Key Takeaways
- The Virginia Supreme Court ruled against a state law aimed at speeding up broadband deployment through railroad crossings, but federal lawmakers have proposed a bill to address the issue.
- Companies owned by U.S. Sen. Jim Justice and his family have paid down approximately $73 million of a $300 million loan to Carter Bank, but still owe nearly $229 million.
- Three containers of toxic chemicals from the Radford Army Ammunition Plant remain missing after flooding from Hurricane Helene in 2024, despite ongoing remediation efforts.
- The Roanoke-Blacksburg Innovation Alliance and partners have established programs and funded projects as part of the $5 million Project VITAL partnership to promote biotech innovation in Southwest Virginia.
Introduction to Cardinal News: Then & Now
Cardinal News: Then & Now takes a look back at the stories they brought to their audience over the last 12 months. Through the end of the year, they are sharing updates on some of the people and issues that made news in 2025. This installment provides brief updates on several business and technology stories. The updates include the latest developments on the broadband deployment issue, the loan repayment progress of companies owned by U.S. Sen. Jim Justice and his family to Carter Bank, the ongoing search for missing toxic chemicals from the Radford Army Ammunition Plant, and the progress of the Project VITAL partnership in promoting biotech innovation in Southwest Virginia.
Broadband Deployment and Railroad Crossings
In 2023, Virginia passed a law aimed at speeding up broadband deployment through railroad crossings, with unanimous legislative approval. However, the law was disputed by an industry group representing Norfolk Southern and CSX, and the Virginia Supreme Court ultimately ruled against it. The decision rendered the law moot, ending multiple federal lawsuits. Despite this setback, at least one of the law’s General Assembly sponsors, Sen. Bill Stanley, pledged to continue the fight. Recently, a bipartisan pair of U.S. senators introduced the Broadband and Telecommunications RAIL Act, which aims to streamline broadband deployment and set strict federal timelines for the process. The bill also addresses fees, setting compensation as costs that the railroad carrier "reasonably and directly" incurred.
Carter Bank and the Justice Family
Companies owned by U.S. Sen. Jim Justice and his family owed approximately $245 million to Carter Bank at the end of March. This amount has been reduced from just over $300 million in mid-2023, when the bank placed the loans in non-accrual status due to non-payment. As of the end of September, the loan balance stood at nearly $229 million, indicating that the Justice family has paid down approximately $73 million of the debt. Despite the significant impact on the bank’s finances, Carter Bank continues to report profitable quarters. The bank is expected to report its next quarterly results with an updated figure in late January.
Missing Radford Arsenal Chemicals
During the flooding caused by Hurricane Helene in 2024, 13 containers filled with toxic chemicals from the Radford Army Ammunition Plant were released into the New River. Local residents were not informed of the release until six weeks later. Despite ongoing remediation efforts, three of the containers, each filled with 275 gallons of dibutyl phthalate, an oily liquid deemed hazardous by the Environmental Protection Agency, remain missing. The arsenal has reported no identified negative impact to the environment as a result of the missing containers. Ongoing remediation efforts include relocating warehouses out of the floodplain and equipment repairs. The U.S. Army Corps of Engineers will be responsible for building one or more warehouses to replace the damaged storage buildings.
Project VITAL Partnership
In February, the Roanoke-Blacksburg Innovation Alliance, Virginia Tech, and Carilion Clinic announced that they had been granted $4.9 million for Project VITAL: Virginia Innovations and Technology Advancements in Life Sciences. The goal of the project is to create 1,315 jobs over five years and bring a $40.8 million economic impact while setting up the region as a biotech innovation hub. The project has established two programs: the Human Factors Usability Works at Carilion Clinic and a commercialization program tied to the International Organization for Standardization. Other projects receiving Project VITAL funding include the Fralin Biomedical Research Institute at VTC’s Fralin Commercialization Fellowship, which graduated five fellows in October, and Virginia Western’s bioscience microcredential tests, which awarded 108 credentials to 17 participants. The college’s biotechnology department also worked directly with hundreds of elementary and middle school students at educational events.