Farmville town council approves gift to the IDA

Published 12:41 am Thursday, July 20, 2023

Some additional funds will be going to the Industrial Development Authority, after the Farmville Town Council approved the plan. 

During their Wednesday, July 12 meeting, the council unanimously voted to give $350,000 to the IDA to “provide a loan(s) to entities for economic development in the main street corridor.” That’s taken directly from both the ad and the agenda for the hearing. The goal here is to help improve the downtown area.

Under Virginia law, a town can’t directly give out a loan. They don’t have the authority. However, what they can do is provide funding for a third party, like a regional economic development authority or industrial development authority. That group in turn can offer grants to businesses if they move in or provide it for existing operations who want to expand and grow. That’s the route Farmville is considering, to solve an ongoing issue.

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“We did sell the golf course and have some money as a result,” Farmville Town Manager Dr. Scott Davis told The Herald last month. “We do have some buildings on the main street corridor that have sat vacant for years. There’s desire on the town’s part (to help change) that. It’s beneficial for all of us when they don’t look bad, when they’re filled. We’re just looking at how the town could possibly assist in such a development.”