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EDA approves $500,000 to help fund Boulders Road extension tied to AstraZeneca campus
Summary
The Economic Development Authority approved a $500,000 contribution to Albemarle County to support a local $10 million commitment for a Boulders Road extension that will serve AstraZeneca’s planned 82‑acre campus; the Commonwealth Transportation Board has allocated $20 million and AstraZeneca will provide $12 million.
The Economic Development Authority of Albemarle County on Jan. 20 approved a $500,000 contribution from EDA funds to help meet the county’s local funding commitment for an extension of Boulders Road needed to serve AstraZeneca’s incoming campus.
County staff said the Commonwealth Transportation Board on Jan. 6 allocated $20,000,000 toward construction and that AstraZeneca would provide $12,000,000 toward the project, leaving a local commitment of about $10,000,000. "The Commonwealth Transportation Board... allocate, $20,000,000 towards the construction of this road," county staff said during the presentation.
Why it matters: staff said the road will connect the Ravenna Futures land bays to U.S. 29 and enable AstraZeneca’s two‑facility campus (about 81–82 acres), and that accelerating the road was a condition of accommodating the company’s operational needs. The project is currently estimated at $42,000,000; staff cautioned that a substantial portion of the cost is a stream crossing and related terrain work.
Board debate focused on timing and fiscal terms. Some directors urged approving the EDA contribution quickly to avoid delaying a multi‑billion dollar private investment and to capture economic leverage; others said they wanted clearer terms on contingencies or a return of any unused funds. Staff said the state funding would operate on a reimbursement basis (state dollars expended first) and that the county would administer the design‑build contract and be responsible for any cost overages.
The motion approved by the EDA authorized a $500,000 contribution from the EDA fund to Albemarle County "for the purpose of supporting the local funding commitment for the extension of Boulders Road." The board approved the motion by voice/roll call.
Next steps: staff will follow up with county finance and the Commonwealth to sort out reimbursement mechanics and to confirm whether the EDA can be provided a pro‑rata return of funds if the project comes in under budget. County staff emphasized the design‑build procurement will refine final cost estimates before construction.
