Lynchburg EDA’s approach: branding, incentives and targeted programs, director says
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Summary
Lynchburg’s economic development director told Albemarle’s EDA that Lynchburg has used its EDA’s autonomy to buy property, fund branding and a website, run internship and teacher-housing programs, and encumber $2 million to secure new air service; she urged clear policies and ROI analysis for EDA actions.
Marjette Upsher, Lynchburg’s economic development director, described how her city’s industrial development authority has been used to make strategic, sometimes confidential, investments that the city budget could not fund directly.
‘‘The EDA paid for that brand,’’ Upsher said, describing how the authority funded Lynchburg’s new economic-development website and marketing. She explained that when routine city funding was constrained, the EDA used its revenue and special authorities to purchase, build and lease property, fund strategic plans and pilot programs, and provide internship support.
Upsher highlighted specific programs Lynchburg’s EDA has financed: an internship program linking students to local technology companies; rent stipends aimed at recruiting teachers to live in the city; and incentives for air service. She recounted a recent confidential negotiation in which the EDA encumbered $2,000,000 to help secure additional commercial air service; ‘‘we had 30 days to turn this around, and we need $2,000,000… starting March 24, will have service… Dulles to Lynchburg, Lynchburg to Chicago,’’ she said.
Governance details: Upsher said Lynchburg’s EDA is supported by city staff (she serves as staff to the EDA and an administrative assistant supports the authority) but maintains its own attorney and CPA; its committees (incentive, finance, property) meet after regular meetings and make recommendations to the full authority, which alone holds voting power.
Lessons for Albemarle: Upsher urged clear policies, incentive criteria and an understanding of the EDA’s legal tools (bond conduit, land banking, lease/purchase authority). She described performing ROI analysis on incentives and emphasized confidentiality for early-stage negotiations when appropriate.
Provenance: The Lynchburg case study presentation ran from the introduction of Marjette Upsher (topic intro: SEG 977) through discussion of programs and the airline incentive (topic finish: SEG 1601).
