Albemarle County Economic Development Authority

The Albemarle County Economic Development Authority is responsible for promoting and encouraging development in Albemarle County. The Authority was formerly known as the Industrial Development Authority and is an active partner in implementing the Project ENABLE economic development strategy working alongside Albemarle County Economic Development.

The Authority secures bond financing for non-profit organizations with major capital projects and also serves as a conduit for grant funding from various sources.

Economic development projects

Many initiatives that the EDA and the county's economic development office work on have code names.

• 49ers *per January 21, 2020 minutes
• Baja
• Bee Friend (February 15, 2022 closes session)
• Bengal (per minutes from 1-15-2019 EDA meeting)
• Bronco
• Browns (per minutes from 1-15-2019 EDA meeting)
• Cardinal *(September 21, 2021 closed session) (November 16, 2021)
• Cavalier (November 16, 2021)
• Cowboy (October 18, 2022 closed session)
• Daffodil (Willowtree) (per September 18, 2018 EDA minutes)
• Gadget *(September 21, 2021 closed session)
• Hawk (CoConstruct) (per September 18, 2018 EDA minutes) (closed session held on 3-19-2019)
• Julian (closed session scheduled for July 16, 2024)
• Khaki March 15, 2022 (closed session)
• Knight Rider (Perrone Robotics) (per November 20, 2018 EDA minutes) (per March 16, 2021 minutes
• Lakers (per minutes from 11-19-2019 EDA meeting)
• Leppard *per March 16, 2021 closed session – This would go on to be for Bonumose to set up a lab in the former State Farm headquarters (April 20, 2021 closed session) On October 19, 2021 – The EDA authorized a performance agreement for the Bonumose demonstration facility in the former State Farm building. This has the code name Project Leppard.
• Lightyear (closed session held on April 16, 2024)
• Macintosh
• Olympian (closed session held for June 18, 2024 and another scheduled for July 16, 2024)
• Patriot (closed session held on 3-19-2019) (closed session held on 5-21-2019)
• Poma *(September 21, 2021 closed session) (November 16, 2021)
• Proton (per minutes of the 11-17-2020 eda meeting
• Puma (may be Poma)
• Rebound – General economic development efforts post pandemic
• Packet *(September 21, 2021 closed session)
• Stark (November 16, 2021)
• Turtle

Non-profit examples

• The Westminster Canterbury facility in Pantops
• The Monticello Vistor's Center (2009) and purchase of Montalto property.
• Capital equipment for the University of Virginia (e.g. information technology)
• Albemarle County's public safety and office facilities

The Fitch ratings agency rated the EDA's $78 million in revenue bonds as AA+ in 2011.

History

The Industrial Development Authority was created on May 12, 1976. It is a political subdivision of Virginia and seen as an independent and separate entity from the county government, similar to the Albemarle County Service Authority.

Members

• Donald Long, Chair, At-large (term expires January 19, 2027)
• Jeff Morrill, Vice Chair, Samuel Miller District (term expires on January 19, 2028)
• Andrea Johnson, Secretary/Treasurer, Jack Jouett District (term expires on January 19, 2027)
• Stephen McNaughton, Rivanna District (term expires January 19, 2026)
• John Mottola, White Hall District (term expires January 19, 2026)
• David Storm, Scottsville District (term expires on January 19, 2028)
• Vacant, Rio District

Three members resigned in July 2020 rather than sign conflict of interest forms. ]

Former members

• George Ray, Vice Chair, Rio District (term had been set to expire January 19, 2026)

External links

• Economic Development Authority's entry on County website
• https://ia2010.albemarle.org/EconDev/eda/default.aspx Meeting schedule]