Economic Development Authority

Monthly Meeting

The Staunton Economic Development Authority meets regularly on the fourth Thursday of each month at 8:00 a.m. in the City Council Caucus Room located on the first floor in City Hall.

Annual meeting

The Staunton Economic Development Authority holds an annual meeting to elect officers (generally in the February-March time frame).

Purpose

Many state constitutions prohibit state and municipal governments from directly aiding/funding private businesses.  Governments generally are prohibited from pledging their "full faith and credit" to back private businesses.  Therefore, an EDA is a "tool" for local governments/communities to use in providing economic development incentives or other assistance to private businesses.  EDAs are separate political subdivisions of the Commonwealth and may own property, lease property, sell property, make grants, accept gifts, and have other powers but do not have taxing power.

Members and Terms

The seven members of the Staunton Economic Development Authority are appointed by Staunton City Council for unlimited, 4-year terms.