Economic Development Authority (EDA)

Purpose

The Economic Development Authority is authorized to acquire, own, lease, and dispose of local properties that will potentially promote industry and develop trade in Virginia.

Throughout the United States, economic / industrial development authorities assist new and expanding businesses in securing tax-exempt industrial development bonds. These bonds provide as much as 100% financing at interest rates that are much lower than those available from our 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 the land, buildings, machinery, or equipment. A mortgage or lien on the financed property is then secured and repaid from the revenue of the project.

Composition

The Economic Development Authority, created in 1971, is composed of ten members (two from each district) appointed by the Board of Supervisors for a period of four years. Appointments to fill vacancies are an exception and shall be for the remaining unexpired term.

Apply for Committee and Commission Vacancies

• Apply Online for Committees / Commissions 
• Complete a Committee Application (PDF) and submit it to the Clerk to the Board via fax to 540-772-2193, or by mail at: P.O. Box 29800, Roanoke, VA 24018-0798

For More Information

If you have any questions or would like more information, please contact the Economic Development Department at 540-772-2069.