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Board approves $63,629.71 first-half performance grant for Coves at Monticello
Summary
The board approved a first-half FY26 performance incentive grant payment of $63,629.71 to the Economic Development Authority for remittance to Monticello Coves Realty Partners, based on increased assessment under the development agreement.
The Fluvanna County Board of Supervisors approved a semiannual performance incentive grant payment of $63,629.71 for the Coves at Monticello affordable workforce housing project.
County Administrator Eric M. Dahl said the development met the milestone terms in the Development and Performance Agreement. The agreement uses a stipulated base 2021 assessed value of $71,439.14; the current assessed value presented to the board was $16,926,992.00. The difference of $16,855,552.86, at the county’s real estate tax rate of $0.755 per $100, yields an annual performance incentive grant of $127,259.42, payable in two semiannual installments of $63,629.71.
The board approved payment of the first half for FY26 and authorized a supplemental appropriation of $63,629.71 from Unassigned Fund Balance to fund the payment. The grant payment will be made to the Economic Development Authority of Fluvanna County for subsequent remittance to Monticello Coves Realty Partners LP. The motion passed on a 3-0 recorded vote with two supervisors absent.
Board materials confirm the first real-estate tax bill meeting the agreement terms was for taxes due June 5, 2025 and that the developer has paid all required bills to date.
