Albemarle making major investment in economic development funding with surplus
The proposed budget for Albemarle County for fiscal year 2023 contains a recommendation from County Executive Jeffrey Richardson that will give the Albemarle Economic Development Authority a large pot of money to use to help close deals.
“Our Board has heard the recommendation from Mr. Richardson to put $5 million back into the economic development investment pool,” said Roger Johnson, the county’s economic development director. “That would sort of reestablish our investment pool that we have spending over the last four years or so. It is getting lowered as every project comes along.”
The source of the $5 million is funding left over from FY21. These funds are often used to cover the county’s match for grants such as the Virginia Jobs Investment Program (VJIP) and the Agricultural and Forestry Industries Development fund (AFID). The latter was used to help Potters Craft Cider renovate Neve Hall to become its tasting room and production facility and the EDA contributed $50,000.
This week, Governor Glenn Youngkin awarded the first AFID grant of his administration to Hidden Pines Meat Processing in Madison County.
“The company, which has been operating for more than twenty years, is expanding to year-round operations and adding USDA inspection services to meet surging consumer demand for locally produced meats,” reads the press release.
Johnson said having a dedicated pool allows his team to work without getting an appropriation for each development project.
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