Goochland EDA approves three small-business incentives, reserves equipment funds for Artec with Jan. 2027 expiration

Goochland County’s Economic Development Authority on Feb. 25 approved awards from its small-business expansion incentive program, authorizing a combined allocation that covers two full $20,000 awards and a conditional allocation for a third applicant.

The authority voted to allocate $20,000 each to Strickland Manufacturing and Dover Hall Experiences and to reserve the remainder of the program funds for Artec Services, with equipment funding released on proof of purchase and building funding contingent on a certificate of occupancy or building permit. The board also approved taking $10,000 from the EDA general fund to cover the $60,000 in requests, bringing available incentive dollars to $60,000.

"If all 3 of these are awarded, it would be the total ROI of all 3 of these projects going into increased tax revenue for the county," the presenter said, summarizing staff ROI calculations that estimate the county will recoup its investment over time through increased real-estate and business personal-property tax revenue.

During presentations, staff described the three projects: Strickland — a manufacturing and global distributor planning a new 10,000-square-foot office and warehouse with a roughly $3.5 million total investment and an eligible incentive of $20,000; Dover Hall — a 5,000-square-foot tasting-room expansion with an estimated $3.0 million investment and an eligible $20,000 award; and Artec Services — a heavy-equipment repair firm planning a new building (estimated $1.2 million–$1.8 million) and seeking assistance for a hydraulic press brake (quoted near $95,000), with a $20,000 eligible incentive noted.

Board members questioned how staff calculated ROI and whether numbers accounted for current tax baselines. "We work with them, but they're not entirely sure on all the investments," staff said, adding that assessor valuations for the building portions were provided and that business personal-property values would increase as projects are finalized.

Members also debated whether to reserve funds for Artec’s building (which is subject to rezoning and permits) or to release a portion immediately for equipment. The board settled on a compromise motion: authorize the awards, allow a small equipment payment tied to proof of purchase, reserve the rest of Artec’s allocation pending permit/CO, and set a two‑year expiration on the reserved funds, fixed as January 2027.

The chair moved the principal motion to fund all three applicants and to take $10,000 from the EDA general fund; after a substitute motion and subsequent amendment setting the January 2027 expiration, the amended motion carried on a voice vote.

In addition to the incentives, the board approved a $2,500 payment to the local chamber of commerce to settle a bill and indicated it will track program ROI and return to the board during the county budget process to request replenishment for future rounds.

The board recorded that EDA staff will set performance agreements and will not disburse building-related funds until required triggers — such as a building permit or certificate of occupancy — are met. The EDA will allow evidence of equipment purchase to trigger a smaller immediate release where appropriate.

The authority said staff will present ROI reporting to the board as part of forthcoming budget discussions. The meeting continued with other business and an item on battery storage (see separate item). The board adjourned and scheduled its next meeting for March 19, 2025.