AGENDA DATE: 11/2/2016
TITLE:
Title
Memorandum of Understanding between the County and the Economic Development AuthorityY
BODY
SUBJECT/PROPOSAL/REQUEST: Consideration of a draft memorandum of understanding that describes the respective roles of the County and the Economic Development Authority
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Foley, Kamptner, McClintic
PRESENTER (S): Greg Kamptner
LEGAL REVIEW: Yes
REVIEWED BY: Thomas C. Foley
BACKGROUND: Since the Economic Development Authority (EDA) was created by the Board on May 12, 1976, its primary role has been to serve as a conduit issuer of bonds. More recently, it also has served as a conduit for providing grants to businesses (Route 29 Solutions, and those under the Board's Economic Opportunity Fund in conjunction with State programs) and a loan to a non-profit organization (Lewis & Clark Exploratory Center)
STRATEGIC PLAN: Goal 4: Economic Prosperity: Foster an environment that stimulates diversified job creation, capital investments, and tax revenues that support community goals.
DISCUSSION: On April 1, 2015, the Director of Economic Development joined the County in the newly established Economic Development Office to "lead the County's efforts to foster and encourage best practices in economic development activities that provide for quality job creation and sustainable employment opportunities, increased business tax base, and an improved quality of life for all citizens." County February 19, 2015 Press Release. On June 10, 2015, the Board adopted a new Comprehensive Plan, which includes a chapter on Economic Development. The stated goal for economic development in the County is: "Albemarle's economy will be diverse, strong, and sustainable, and retain and benefit County citizens, existing businesses, and new local ventures." Comprehensive Plan, page 6.1. The Economic Development Office, with assistance from other County staff, is currently developing a draft Economic Develop...
Click here for full text