Category Archives: Economic Development

Albemarle Supervisors briefed on economic development efforts

The Albemarle Economic Development Authority administers grant and bond programs that seek to encourage businesses to expand in Albemarle or to locate their operations there. On October 19, 2021, the seven-member EDA Board of Directors formally authorized their role in a performance agreement for the firm Bonumose to open a demonstration facility in the former State Farm Building. That came at a joint meeting with the six elected members of the Albemarle Board of Supervisors. 

Doug Walker is the Deputy County Executive. 

“These two bodies work in collaboration with each other,” Walker said. “They are considering the same projects, the same agreements, and they do them in concert with each other.” 

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Bonumose to set up Hershey research plant at former State Farm HQ

An Albemarle County start-up that seeks to create an artificial sweetener for the mass market will set up shop at the former regional headquarters of the State Farm insurance company.

Governor Ralph Northam was on hand to announce that the firm Bonumose will partner with the Hershey Company to research and develop reduced or zero sugar chocolate.

“This is a $28 million investment that Bonumose is putting forth in the Commonwealth of Virginia,” Northam said. 

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Council briefed on budget shortfall, Recovery Roadmap, outdoor ABC licenses

As of today, there are only eight days left until the beginning of Fiscal Year 22. On Monday, June 21, the five elected officials got a glimpse of where things stand through the first eleven months of Fiscal Year 21. A shortfall related to the economic shutdown that began in Fiscal Year 20 is not as bad as initially reported. 

“Based upon the current conditions of what we’re seeing in terms of revenues, things are continuing to trend in a positive direction,” said Ryan Davidson, a senior budget management analyst for the city. 

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