Board authorizes transfer of Shannon Hill Regional Business Park to Industrial Development Authority to speed marketing

The Louisa County Board of Supervisors on Feb. 18 authorized the county to transfer ownership of the Shannon Hill Regional Business Park to the county Industrial Development Authority (IDA) to improve the county’s ability to market the site and close deals with commercial and industrial prospects.

County staff explained state code requires a public hearing before disposing of real property and that the IDA structure gives the locality tools — including flexibility and certain powers under state law — that the county alone does not have when it needs to act quickly to land industrial or commercial tenants. Staff said recent utility construction work at the park (a linear utilities project and a nearly complete water tank) has improved the site’s readiness, and that the IDA’s ownership of similar properties has been used elsewhere in the county to accelerate recruitment.

Under the approach described by staff, any prospective buyer proposing uses not already approved in the 2019 entitlements process would still need planning commission and board approvals. Staff also said revenue from any land sales under the IDA’s ownership would revert to the county. The IDA planned to consider accepting the transfer at an upcoming meeting; if the IDA accepts, staff would execute required transfer documents and keep the board informed.

No public speakers addressed the item. The board voted unanimously to authorize the disposition and to direct staff to proceed with the necessary documentation.