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Powhatan transfers county industrial site to EDA to boost marketing and raise site tier
Summary
The Board approved moving a 19.76‑acre county parcel into the Economic Development Authority’s inventory. The EDA says a modest investment could move the property from a Tier 2 listing toward Tier 3 or Tier 4 status and produce net proceeds for the county when sold to industrial users.
Powhatan supervisors voted Feb. 24 to transfer a county‑owned 19.76‑acre parcel to the county Economic Development Authority so the EDA can undertake technical studies and market the site to industrial users.
EDA members presented financial scenarios showing how modest upfront investments could raise the site’s market tier and increase its resale value. The EDA said about $122,000 in studies and improvements could move the parcel from Tier 2 to Tier 3 on the state site‑inventory scale, boosting its estimated value to about $2.47 million. A larger push to Tier 4 would require roughly $250,000 in investment but could raise the parcel’s market value to nearly $3 million and increase the expected proceeds from resale.
Chris Schust, an EDA member, told the board the county purchased the parcel for $850,000; its 2024 assessed value is about $1.7 million. The EDA’s financial estimate shows potential net proceeds ranging from about $1.4 million at Tier 3 to roughly $1.8 million at Tier 4, depending on final engineering, aggregation and market demand.
EDA Chair Frank Rennie said the authority has studied successful models in neighboring counties and intends to use the EDA’s tools — including short‑term borrowing or leveraging existing EDA assets — to pay for studies and site improvements. The EDA said it could complete an initial Tier‑3 upgrade in roughly six to nine months if funds are available and procurement constraints are managed.
The Board approved Resolution R‑2025‑08 to transfer the property; the vote was unanimous (McClung, Powers, Morrissette, Vice Chair Kenney and Chair Donati voted aye). County staff said the EDA transfer will not remove the Board’s oversight; the EDA must report back with a work plan and any proposed use of proceeds.
The EDA and county economic development director said the site is intended for light industrial uses and that the transfer aligns with other county efforts to expand shovel‑ready industrial inventory.
