The Stafford Economic Development Authority partners with the Board of Supervisors to facilitate economic development activities in the county. State law gives EDAs the power to:
- Buy, sell or develop property for economic development purposes,
- Build facilities and lease or sell them to private companies,
- Issue taxable and tax-exempt bonds to finance private economic development activities (including the purchase of machinery or equipment) or not-for-profit and “public purpose” projects,
- Provide incentives to new and existing businesses making significant capital investment in the county, as recommended by the Department of Economic Development and Tourism.
Working with the Stafford Board of Supervisors, the EDA continues to execute strategic initiatives to provide a strong, pro-business environment. These efforts yield positive returns, with new business openings, existing business expansions, rising graduation and continuing education rates and a flourishing tourism market.
The EDA has led or participated in a number of outreach initiatives to support the county’s evolving business climate. The EDA is also collaborating with other boards to streamline county processes, hosting business forums as outreach to minority and veteran-owned small businesses and fostering retail and sports tourism.
As Stafford’s “face” to the business community, the EDA targets specific growth industries, including: Information Communications, Advanced Manufacturing and Logistics.
Specific initiatives include:
- Quantico Innovation Center
- Infrastructure: the I-95 toll extension lane, Route 630 Widening Project, I-95 new interchange at Exit 140, U.S. Route 17 Interchange improvements
- Outreach to attract businesses in targeted industries and retail
- Existing business visits
- Permit assistance
- Stafford’s four Redevelopment areas
Financing of projects
Financing of projects by the EDA through either taxable or non-taxable tax-exempt Industrial Revenue Bonds is similar to conventional financing, in that the 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 and is subject to application fees that can be used by the EDA to transact other economic development activities within the county.
For example, revenue bonds were issued for Mary Washington Healthcare’s Cancer wing expansion.
The EDA has also assisted projects through direct grants. For example, these grants have been used to help establish a Germanna Community College Stafford Campus, provide annual funding to high school robotics programs, support the Quantico Innovation Center and other noteworthy endeavors in Stafford.
Stafford County EDA Members
- Mr. Joel Griffin, Chairman – Rock Hill District, Term Expires: 6/10/19
- Mr. Donald H. Newlin, Vice Chairman – George Washington District, Term Expires: 6/10/19
- Mr. Howard Owen, Treasurer – Falmouth District, Term Expires: 6/10/20
- Mr. Skip Causey – Griffis-Widewater District, Term Expires: 6/10/21
- Ms. Heather Hagerman – Garrisonville District, Term Expires: 6/10/20
- Ms. Jo Knight – Aquia District, Term Expires: 6/10/18
- Mr. Jack Rowley – Hartwood District, Term Expires: 6/10/21
- Mr. Charles W. Payne, Jr. – EDA Counsel
- Ms. Kelly Copley – EDA Secretary