Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Board approves first performance incentive grant payment for Codes at Monticello housing project
Summary
The board approved a $63,208.33 semiannual performance incentive grant to the EDA for remittance to the Codes at Monticello developer after staff confirmed the project met contract milestones and calculated the payment from the assessed value increase.
The Fluvanna County Board of Supervisors approved a performance incentive grant payment July 2 of $63,208.33 for the Codes at Monticello affordable workforce housing complex, to be paid to the Economic Development Authority (EDA) for remittance to the developer, Monticello Coast Realty Partners, L.P.
The payment follows a development and performance agreement the board approved in March 2022. Under that agreement the county agreed to semiannual grants based on the incremental increase in real‑estate assessment attributable to the completed development, subject to a stipulated 2021 base assessed value of $71,004.39 for the parcel’s pro rata acreage.
County staff told the board the developer appealed its initial assessment to the local Board of Equalization, resulting in a reduction of assessed value — the assessed value dropped from about $24.6 million to about $16.9 million after the hearing because the number of units used in the assessment was corrected. Staff calculated the annual performance incentive for 2025 to be about $126,004.16; the first semiannual payment for FY25 is therefore $63,208.33.
Staff said the developer has met the contract milestones necessary to qualify for the payment, and staff recommended the supplemental appropriation of $63,208.33 from unassigned fund balance to make the payment. Supervisor Sheridan moved approval; the board voted 5‑0 in favor.
A member of the board noted the developer conveyed right‑of‑way for a future roundabout, which some board members said improved safety at a nearby intersection where a fatality had occurred.
The payment implements an existing contract; supervisors noted that withholding payment would risk breaching the agreement. Staff said future payments will be budgeted during regular budget cycles now that the project is complete and taxable values are established.
Provenance: Staff report, calculation and board vote on performance incentive grant for Codes at Monticello.
