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EDA approves revised memorandum of understanding with county; fiscal services moved to separate agreement
Summary
The Albemarle County EDA approved a revised memorandum of understanding with the county that removes the fiscal/fee provisions and directs staff to negotiate a separate fiscal services agreement with the county finance department; the EDA will transmit the revised MOU to the Board of Supervisors for their consideration.
The Economic Development Authority approved a revised memorandum of understanding (MOU) between Albemarle County and the EDA that removes the fiscal-service fee from the MOU and directs staff to pursue a separate fiscal services agreement with the county finance department.
Staff said removing the fiscal piece keeps the MOU focused on the EDA’s programmatic roles and objectives; the county’s finance department prefers to handle administrative fees through a standard fiscal-services agreement that can be updated without renegotiating the MOU. Staff reported the revised MOU would apply a 1% fee on outside funds in line with a proposed approach and that the county’s finance department commonly levies a 2% fee for some partner entities; a final fiscal-services agreement will be negotiated and return to the EDA for approval.
A motion to approve the revised MOU and transmit it to the Albemarle County Board of Supervisors was moved, seconded and approved by voice vote. Staff said if the Board of Supervisors does not change the MOU, the EDA’s adoption will stand as final authorization and the chair was authorized to sign.
