AGENDA DATE: 12/11/2024
TITLE:
Title
Board-Economic Development Authority Memorandum of Understanding Term Sheet
BODY
SUBJECT/PROPOSAL/REQUEST: Review and provide feedback on a draft term sheet for the Memorandum of Understanding from the Economic Development Authority
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Henry, Kilroy
PRESENTER (S): Emily Kilroy, Don Long, Chair of the Economic Development Authority
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: In Virginia, a governing body is enabled to create by ordinance an Economic Development Authority, which is a political subdivision of the Commonwealth (§15.2-4903). The Economic Development Authority of Albemarle County, Virginia (EDA) was created by the Board of Supervisors in 1976. The role of the EDA is to assist qualified businesses and industries who plan to expand or locate within the county by administering grant and bond programs that support economic vitality.
In May 2017, the Board of Supervisors and the Economic Development Authority signed an updated Memorandum of Understanding (MOU) guiding how the two public bodies would work to advance economic development efforts in Albemarle County. That MOU envisioned a future update to reflect the County’s current economic development strategic priorities.
In December 2017, Albemarle County adopted its first economic development strategic plan, Project ENABLE. A refreshed plan is expected to be before the Board of Supervisors in 2025. In August 2024, the Board and the EDA met for a joint session to discuss the EDA’s interest in adopting a revised MOU this year, so as to facilitate the County’s economic development priorities, especially as it related to the Rivanna Futures project.
STRATEGIC PLAN: Quality of Life - Encourage a vibrant community with economic and recreational opportunities that serve all community members.
DISCUSSION: During the joint meeting of the Board and the EDA, the two bodies discussed elements that could be added, deleted, and/or further clarified in a new MOU in order to advance the County’s economic development priorities. It was agreed that the EDA would develop a term sheet to bring to the Board to outline broadly the elements that a revised MOU would address. The EDA developed the draft term sheet through discussions at their October and November meetings, which is provided as Attachment A. The intent of this agenda item is for the Board to discuss the draft MOU terms articulated by the EDA and provide direction that staff can use to draft a new MOU that would be brought before each body for consideration.
BUDGET IMPACT: There is no budget impact associated with the term sheet for the MOU. The term sheet does provide for an administrative fee for financial transactions processed by the Department of Finance & Budget, which is consistent with the Albemarle Broadband Authority and other agencies for which Albemarle County serves as fiscal agent. If adopted in the final MOU, this would provide revenue back to the County on a percentage basis.
RECOMMENDATION:
Recommendation
Staff recommends that the Board review the MOU term sheet in Attachment A and provide feedback during the work session.
ATTACHMENTS:
A - Draft Term Sheet for the Board-EDA Memorandum of Understanding with the EDA Motion to Approve