BACKGROUND:

In December 2006, the Board voted to create an Economic Opportunity Fund. In FY 2007 $250,000 in one-time funds was designated for this purpose. At the October 2008 Board Retreat, the Board agreed to 1) maintain the subject fund and 2) have staff prepare guidelines that could be used to evaluate future funding requests.

In 2009, the Board held work sessions on January 7 and February 4 to discuss the proposed guidelines. The Board also heard several potential business owners speak to the possible use of these funds.  At the conclusion of the work sessions, the Board provided staff guidance on a policy for use of this fund. 

STRATEGIC PLAN:

Objective 1.3: By June 30, 2010 the County will continue to maintain a strong and sustainable economy; increase the economic vitality of the County’s development areas and increase the ability of those individuals and families, who are living in lower-income households, to become self-sufficient.

DISCUSSION:

Staff has amended the attached draft guidelines, (Attachment A – Redline/Strikeout) based on the Board’s input received in the two work sessions. This includes a minimum requirement, or restriction, for the fund’s use only as a local match to federal or state economic development projects, especially those projects qualifying for funding from the Governors’ Opportunity Fund, a state program operated by the Virginia Economic Development Partnership. Additionally the revised guidelines place more emphasis and scrutiny on a project’s ability to create jobs for local County residents.

BUDGET IMPACT:

There is currently $250,000 in one-time funds available.  There are no plans for replenishing this fund as it is used.

RECOMMENDATIONS:

Staff recommends that the Board adopt the attached proposed Economic Opportunity Fund Guidelines (Attachment B).

ATTACHMENTS

Attachment A – Redline/strikethrough draft guidelines

Attachment B – Proposed final draft with changes accepted

Return to consent agenda

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