Economic Development Authority (EDA) Meeting Schedule & Notes
The Stafford County Economic Development Authority (EDA) is a Board-appointed commission of Stafford County that assists the Board of Supervisors and the Stafford Economic Development Office in creating new jobs and expanding the County’s tax base. The EDA is comprised of seven members, one representing each magisterial district in Stafford, as appointed by the Board of Supervisors. Members serve four-year, staggered terms with the opportunity to extend.
The EDA is chartered through a Virginia law that allows cities and counties to create industrial or economic development authorities. Considered political subdivisions of the Commonwealth of Virginia, economic development authorities have wide-ranging powers not available to local governments, mainly for the purpose of facilitating economic development activities within the community. A primary power of economic development authorities is buying, selling, and developing property for business parks or other economic development purposes. Additionally, the EDA can build facilities and lease or sell them to private companies. They can also issue taxable and tax-exempt bonds to finance private economic development activities (including purchase of machinery and equipment) or not-for-profit and “public purpose” projects. The EDA may also provide incentives to new and existing companies making significant capital investment in the County, as recommended by the Stafford Economic Development Office; however, any incentives offered by the EDA are thoroughly evaluated to ensure the incentives granted will be "recovered" through property taxes paid on capital assets (real estate or equipment), and/or creation of quality jobs for Stafford County.
Financing of projects by the EDA through either taxable or tax-exempt Industrial Revenue Bonds is similar to conventional financing, in that repayment of the debt by the company or organization benefiting from the bonds is required, per the terms of the financing. In addition, any bond financings handled through the EDA require an application (available for download below) and are subject to application fees that can be used by the EDA to transact other economic development activities within the County.
Most of the actions of the Stafford Economic Development Authority, particularly those involving incentives or purchase of land, require approval of the Stafford County Board of Supervisors. The Board of Supervisors also annually appropriates funds to the EDA to support its activities and various projects. In recent years, EDA funding assistance has been used to help establish Germanna Community College’s Stafford Center (for workforce development) and relocation of Germanna’s Automotive Program to Stafford County, as both of these initiatives will provide direct benefit to Stafford residents and local employers.
The Stafford EDA meets at 1:30pm on the second Friday of odd-numbered months – January, March, May, July, September, & November – in the Board of Supervisors’ Chambers at the Stafford County Government Center, located at 1300 Courthouse Road, Stafford, VA 22554. Required work sessions are scheduled as necessary, at the same time (1:30pm) on even-numbered months. Special meetings are scheduled as required.
Stafford County EDA Members – 2014
- Mr. Donald H. Newlin, Chairman – George Washington District, Term Expires: 6/10/15
- Mr. Joel Griffin, Vice Chairman – Garrisonville District, Term Expires: 6/10/16
- Mr. Mark Safferstone – Griffis-Widewater District, Term Expires: 6/10/17
- Ms. Wendy E. Maurer – Rock Hill District, Term Expires: 6/10/15
- Mr. Howard Owen – Falmouth District, Term Expires: 6/10/16
- Ms. Jo Knight – Aquia District, Term Expires: 6/10/14
- Mr. Jack Rowley – Hartwood District, Term Expires: 6/10/17