Economic Development Authority

Regular Meetings
Meetings are held on a called basis and rotate locations between the Powhatan Library and the Office of Economic Development. All meetings shall be open to the public. Notification shall be sent to the local newspaper and posted on the Powhatan County website.

Agendas & Minutes
Agendas are available prior to the meetings. Minutes are available following approval.
View Most Recent Agendas and Minutes

Members
There are 7 members on the Economic Development Authority appointed by the Board of Supervisors. Currently, the Economic Development Authority by-laws do not specify that members be appointed by district. All members must take an oath of office, given by the Clerk of the Circuit Court, to qualify.

Term
Members are appointed to a 4-year term. There are no specified term limits.

Overview
Section 15.2-4903 of the Industrial Development and Revenue Bond Act, Chapter 49, Article 15.2 of the Code of Virginia of 1950, as amended, authorizes the Board of Supervisors of the County of Powhatan, Virginia to name its Industrial Development Authority the Economic Development Authority of the County of Powhatan, Virginia. Section 26-32 of the Powhatan County Code created the Powhatan County Economic Development Authority.

Mission
The Economic Development Authority is empowered to identify, promote, and support new development projects and expand existing areas of development for the purpose of increasing the economic productivity of the state.

Conduit of Funds
The Economic Development Authority shall serve as a conduit for public funds for start-up development projects, including joint ventures and related activities which are not suitable for investment by the private sector and shall establish, subsidize, advise on, assist or promote, or participate in the establishment or promotion of, any enterprise, and manage or participate in the management, supervision, conduct or control of the business, or affairs of, any enterprise.

Expending Project Funds
  • The Economic Development Authority shall expend funds for the study or implementation of projects determined by the Board to be of social or economic benefit to the inhabitants of the State and shall provide advisory extension services for the benefit of any enterprise.
  • The Economic Development Authority shall make or guarantee loans to assist the acquisition, construction, development, administration or extension of any enterprise, and shall acquire property, or any interest in, or related to, property, and own, hold, improve or develop, conserve or rehabilitate any property, or prepare any property for development, conservation or rehabilitation.
Forming Companies
  • The Board shall form, or assist or participate in forming companies, corporations and joint ventures for the purpose of carrying on business enterprises, and shall borrow money and accept advances, contributions and other assistance in accordance with their bylaws.
  • The Economic Development Authority shall make contracts and other instruments that the Board considers necessary or convenient for the exercise and performance of its powers and functions and shall insure, or provide for the insurance of, any property, project or operation against all or any risks with an insurer approved by the Board.