Economic Development Authority
The Economic Development Authority's (EDA) mission is to attract, retain, generate, and assist in the expansion of high-quality businesses, institutions of higher education, medical facilities, and non-profit organizations to ensure the continued existence of a vibrant, stable, and diverse economy within the City of Manassas and the Commonwealth of Virginia through the use of Industrial Development Bond financing as well as loans and grants.
Frequently Asked Questions
City Council established the Economic Development Authority in 1977. A seven-member Board of Directors governs the EDA, each of which is appointed by the City Council to serve a four-year term. Although the EDA is a separate entity from the City of Manassas Department of Economic Development, they work closely to serve the city's business community.
What are Industrial Development Revenue Bonds?
Industrial development revenue bond financing is a source of tax exempt financing for manufacturing and other local support facilities. Financing is obtained through a financial institution or an underwriting process, usually backed by a commercial grade letter of credit. Industrial Development Revenue Bonds are issued through the City of Manassas Economic Development Authority to assist businesses in acquiring land, constructing or expanding buildings, and purchasing equipment. The bonds are designed to provide capital for new or expanding manufacturing facilities and other local support facilities.
How can the EDA help me get a bond for my business?
In order to obtain Industrial Revenue Bond financing, an individual or entity must accurately complete the EDA’s Application Statement and provide supporting documentation, including a statutorily required fiscal impact statement. The applicant must pay a non-refundable application fee which varies depending upon the amount of industrial revenue bonds sought. The application can only be approved after a public hearing is held and notice of the Authority’s intention to provide a specific amount of financing is published in a local newspaper once a week for two successive weeks. The EDA votes to approve or deny the application and will create a resolution summarizing its findings and recommend acceptance by the City Council. The City Council will vote to either to approve or deny the proposed project within 60 calendar days.
How many bonds have been issued?
View the list of businesses that have received Industrial Revenue Bond financing.