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IDA gives unanimous go‑ahead to seek EDA and Tobacco Commission grants for proposed development
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Summary
Jordan Powers (Mount Rogers PDC) outlined a development project and funding plan, including EDA and Tobacco Commission requests; the IDA voted unanimously to proceed with grant applications and agreed the locality bears no repayment obligation if grants are not awarded.
Jordan Powers, representing the Mount Rogers Planning District Commission, presented a funding package for a new development and asked the Washington County IDA to proceed with grant applications. Powers said the Economic Development Administration (EDA) intends, "assuming we get funded," to cover 8% of the project (as described in his materials) and that a competitive Tobacco Commission request of about $350,000 would be appropriate. He discussed deadlines and next steps, noting the Tobacco Commission grant was due Feb. 26 and that he planned to submit EDA materials by the end of the month.
Board members asked whether Tobacco Commission and EDA awards would be grants or repayable funds; Powers replied both are grants and there would be "no paybacks." He also said he used engineering cost estimates when assembling the budget and that administration fees were included in the total figure cited in the packet (a total later referenced in discussion as $2,000,003.24). When asked about the likelihood of funding approval, Powers said he was "fairly confident," citing a comparable funded project in another locality.
After discussion about timing and match requirements, the chairman asked for objections to proceeding with the EDA and Tobacco Commission applications. A motion to proceed was made and seconded; the board voted by raised hands and recorded unanimous support. Board members reiterated that if the applications are unsuccessful there is no obligation to pay funds back.
The IDA asked Powers to coordinate submission documents and to work with staff and counsel on any required signatures. The board also asked to be informed promptly of application outcomes and next steps.
