Economic Development Authority

Purpose

The Economic Development Authority (EDA) was created by the Virginia Legislature to promote the diverse types of industry found in the County and Virginia and to encourage avenues of trade within our industries by inducing manufacturing, industrial, governmental and commercial enterprises and institutions of higher learning to remain in or to locate within our Commonwealth. The primary purpose of the EDA is to induce the issuance of Industrial Development Revenue Bonds.

The enhanced economic well-being of the Commonwealth that results from the activities of EDA's translates into an improved environment for our citizens. Legislation gave the many varied areas of the Commonwealth the flexibility to implement innovative promotional mechanisms, such as, the Economic Development Incentive Fund, that can be tailored to a company's specific needs, to meet the County's overall goals of business development and retention. The EDA also has broad legislative authority to own land and building lease or sell the same, and to hire employees.

Responsibilities

Economic Development Authorities (EDA's) are a favorable financing resource for business firms that are planning to build or expand their facilities. EDA bonds carry attractive interest rates and are tax exempt for manufacturers. The willingness of the Authority to participate in the financing program provides an excellent partnership for the company involved. The Authority provides a good sounding board for those interested in securing financing and offering direction on whether the firm should proceed with their building plans or seek additional time to better prepare.

Click here for EDA Member information

Time & Date of Meetings

The regular meetings are held bi-monthly on the fourth Thursday starting at 8:00 a.m. Other meetings occur from time to time to discuss business prospects or to vote on a special bond issuance. These are most often on Thursdays at 8:00 a.m. as well with approximately two weeks notice given and publicly published.

Meeting Location

The meetings are held in the Economic Development Conference Room, located at 9019 Old Battlefield Boulevard, Suite 310 Spotsylvania, VA 22553

Structure

Seven members appointed by district Member Listing

Governance

Creation by Ordinance of the Spotsylvania County Board of Supervisors: The Economic Development Authority of Spotsylvania County, Virginia (the Authority) was created in furtherance of Section 15.1-1373, et seq. of the Code of Virginia of 1950, as amended, pursuant to that certain resolution by the Board of Supervisors of the County of Spotsylvania, Commonwealth of Virginia, dated the 26th day of October, 1972.

The purpose of the Economic Development Authority of the County of Spotsylvania shall be in conformity with Section 15.1-1375 of the Code of Virginia of 1950, as amended, with the Authority have the power to acquire, own, lease and dispose of properties to the end that it may be able to promote industry and develop trade by inducing manufacturing, industrial, governmental and commercial enterprises and institutions of higher education to locate in or remain in the County of Spotsylvania, Commonwealth of Virginia, and further the use of its agricultural products and natural resources, with all powers that may be necessary to enable it to accomplish such purposes. The Authority is a separate and distinct legal entity and acts for the benefit of the inhabitants o the County of Spotsylvania, Commonwealth of Virginia, either through the increase of their commerce, or through the promotion of their safety, health, welfare, convenience or prosperity.