| | | | | | | | Spotsylvania County
Board of Supervisors Agenda
Executive Summary |
| | | | | | | | Title:
| Adopting of a Resolution Requesting Economic Development Access Program Funding |
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| | | | | | | | Agenda Title:
| Adopting of a Resolution Requesting Economic Development Access Program Funding |
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| | | | | | | | Recommendation:
| The Board should adopt the Resolution in order to initiate an application for state Economic Development Access Program funds. |
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| | | | | | | | Non-Staff Name and Title of Presenters:
| Virginia's Economic Development Access Program presents a great opportunity for Spotsylvania County.
There is no cost for the county to apply to this program.
If for any reason we later decide not to use program funds, there is no penalty for withdrawing our application or not using program funds. |
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| | | | | | | | Summary:
| Spotsylvania County has been working with VDOT to identify funding for the construction of road access needed to maximize the economic development potential of the land being acquired by the Economic Development Authority (EDA) behind idX Corp. The Commonwealth's Economic Development Access Program can provide up to $650,000 for qualifying locally-administered road construction providing access for new business development, subject to a local match of $150, 000. Because this is a separate state program, securing these funds should not diminish or impact the County's access to other state transportation funds. Locally, VDOT strongly supports our application for Economic Development Access Program funds. |
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| | | | | | | | Financial Impact:
| No immediate cost or impact. The Resolution only initiates an application for funds. No cost will be incurred unless and until Program funds are approved. If our application is approved, the Program will pay up to $650,000.00 of qualifying road construction cost, subject to a local match of $150,000. |
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| | | | | | | | Staff Contacts:
| Doug Morgan, Planning
Tom Rumora, Economic Development
Mark Taylor, County Administrator |
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| | | | | | | | Legal Counsel:
| Karl Holsten, County Attorney |
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| | | | | | | | Additional Background/Other Considerations:
| Timing of this application is also very significant to the continuing marketing of the property, etc. |
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| | | | | | | | Consequence of Denial/Inaction:
| Inaction of this item would cause the County miss the opportunity to apply for Economic Development Access Program funds that are available in the current (FY 2018) state budget. While such funds should be available again in next year's budget, delay of a County application to the program would delay the planned access project. |
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| | | | | | | | Talking Points:
| Virginia's Economic Development Access Program presents a great opportunity for Spotsylvania County.
There is no cost for the county to apply to this program.
If for any reason we later decide not to use program funds, there is no penalty for withdrawing our application or not using program funds. |
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