Economic Development Authority (EDA) Meeting Schedule & Notes
The Stafford County Economic Development Authority (EDA) is a Board-appointed commission of Stafford County who assists in implementing the economic development goals of the Board of Supervisors. The EDA is comprised of seven members, one representing each election district in Stafford, appointed by the Board of Supervisors. Members serve four-year, staggered terms with the option of re-appointment.
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 agreement. Any bond financing project handled by the EDA requires an application (available for download below) and is subject to application fees that can be used by the EDA to transact other economic development activities within the County. An example of a revenue bond project would be Mary Washington Healthcare's cancer wing expansion. The EDA has also assisted other endeavors through direct grants. These grants have been used to help establish a Germanna Community College Stafford Campus, provide annual funding to high school robotics programs as well as other endeavors of note to the comunity.
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. Work sessions are scheduled, when necessary, at the same time (1:30pm) on even-numbered months. Special meetings are scheduled as required.
Stafford County EDA Members – 2015
- Mr. Joel Griffin, Chairman – Garrisonville District, Term Expires: 6/10/16
- Mr. Donald H. Newlin, Vice Chairman – George Washington District, Term Expires: 6/10/15
- 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: 6/10/18
- Mr. Jack Rowley – Hartwood District, Term Expires: 6/10/17
Agendas & Minutes from past meetings