AGENDA DATE: 8/20/2025
TITLE:
Title
Economic Development Authority Fiscal Services Memorandum of Agreement
BODY
SUBJECT/PROPOSAL/REQUEST: Approve the Economic Development Authority Fiscal Services Memorandum of Agreement.
ITEM TYPE: Consent Action Item
STAFF CONTACT(S): Richardson, Herrick, DeLoria, Kilroy, Sumner, Bowman, Rakes
PRESENTER (S): N/A
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: In August and December of 2024, the Board of Supervisors (Board) and the Economic Development Authority (EDA) met twice in joint session to discuss the EDA's interest in adopting a revised Memorandum of Understanding (MOU) to facilitate the County's current economic development priorities, especially as it related to the Rivanna Futures project.
The resulting draft MOU, which the EDA approved on March 18, 2025, and the Board approved on April 15, 2025, provided the EDA would “[e]xecute a Fiscal Services Agreement wherein the County’s Department of Finance and Budget will provide fiscal services to the EDA under terms and conditions as agreed upon by the Board and the EDA.”
STRATEGIC PLAN: Quality of Life - Encourage a vibrant community with economic and recreational opportunities that serve all community members
DISCUSSION: Based on the feedback received by the EDA and the Board, staff drafted a Fiscal Services Memorandum of Agreement (MOA) that is consistent with other existing agreements where the County is the fiscal agent. The EDA approved the MOA (Attachment A) on July 15, 2025.
BUDGET IMPACT: The draft Fiscal Services Agreement includes an administrative fee to be paid by the EDA to Albemarle County, which will generate revenue for Albemarle County.
RECOMMENDATION:
Recommendation
Staff recommend that the Board approve the Fiscal Services Memorandum of Agreement provided as Attachment A.
ATTACHMENTS:
A - Economic Development Authority Fiscal Services Memorandum of Agreement
B - Resolution