Seven members are appointed for a four-year term. These directors, appointed by the Gloucester County Board of Supervisors, govern the Economic Development Authority of Gloucester County, created in 1971. It is authorized to acquire, own, lease and dispose of local properties that will potentially promote industry and develop trade in Virginia.
This board was created as a political sub-division of the State of Virginia and has authority to acquire, own, lease, and dispose of properties to promote industry and develop trade by inducing manufacturing, industrial, governmental and commercial enterprises and institutions of higher education to locate or remain in Gloucester.
Throughout the United States, Economic / Industrial Development Authorities assist new and expanding businesses in securing tax-exempt industrial development revenue bonds. These bonds provide as much as 100% financing at interest rates that are much lower than those available from other sources.
For the past 15 years, federal regulations have restricted the use of these bonds to financing of manufacturing facilities. Bonds are issued when financing these facilities, covering the cost of land, buildings, machinery or equipment. A mortgage or lien on the financed property is then secured and repaid from the revenue of the project.
Contact the Economic Development Office at 804-693-1415 for more information.