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Montgomery County EDA will serve as passthrough for Town of Blacksburg facade grant program
Summary
The EDA approved a resolution to allow the Town of Blacksburg to route reimbursement-based facade grant payments through the EDA; staff clarified the EDA will not act as fiscal agent and will disburse funds only after town authorization.
The Montgomery County Economic Development Authority voted to approve a resolution that allows the Town of Blacksburg's new facade grant program to operate through the EDA as a pass-through vehicle.
Speaker 5 explained the town's program is reimbursement-based and that the EDA is legally suited to receive town funds and disburse payments to participating businesses when the town authorizes reimbursement. "The town's program, their money, their rules," Speaker 6 said during the discussion, and staff reiterated the EDA would not serve as a fiscal agent but would simply distribute funds after the town indicates reimbursement can be made.
The resolution was included in the board packet. The chair (Speaker 1) moved to approve the resolution (SEG 257), the motion was seconded, and members approved it by voice vote. Staff said the program structure mirrors earlier pass-through work performed during the CARES Act period and that the EDA will sign individual reimbursement documents as required by the town.
Board members discussed that the program is intended to follow best practices and reduce direct localities' administrative exposure by using the EDA as the conduit for business reimbursements. The board did not request amendments to the resolution at the meeting.
