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Supervisors approve $63,629.71 performance-incentive grant for Montichello development
Summary
The board approved a $63,629.71 FY26 performance incentive grant payment, per a development agreement, to the Economic Development Authority for remittance to Montichello Realty Partners LP; payment will be funded by a supplemental appropriation from unassigned fund balance.
The Fluvanna County Board of Supervisors on June 3 approved a fiscal-year-2026 performance-incentive grant payment of $63,629.71 under an existing development performance agreement related to the Montichello development.
Staff said the development agreement, approved in 2022, provides semiannual grants to the county's Economic Development Authority based on the increase in assessed value after issuance of certificates of occupancy. Staff described the original base assessed value used in the agreement (about $71,000) and the current full assessed value after development (reported in the packet as $16,926,92 — the record contains transcription errors in the numeric formatting). At the meeting, staff presented the computed grant amount and said the first-half 2026 taxes had been paid and confirmed; the board approved the grant payment and authorized a supplemental appropriation of $63,629.71 from unassigned fund balance to the appropriate fund for the grant payment.
A supervisor moved to approve the payment and supplemental appropriation; the motion was seconded and approved by voice vote.
