The Economic Development Authority of the City of Lynchburg is a political subdivision of the Commonwealth of Virginia organized and operating under the Virginia Industrial Development and Revenue Bond Act, Chapter 49, Title 15.2, Code of Virginia, 1950.
Companies seeking to finance new manufacturing facilities or improvements to existing facilities can obtain long-term financing at favorable interest rates through the use of industrial revenue bonds (IRBs). An IRB is issued by a local industrial or economic development authority to finance the acquisition, construction and/or equipping of a facility or may be used to refinance existing IRBs. Tax-exempt financing may also be available for facilities for nonprofit organizations like hospitals and schools.
Fees of the Economic Development Authority of the City of Lynchburg include non-refundable application fee, cost of advertisement for public hearing, Authority counsel fees and annually, when billed, an annual administrative fee of 1/10th of 1% of the outstanding principal amount of the Bond on each anniversary date of the closing date
Bond issuance requires approval at public hearing by both the Economic Development Authority of the City of Lynchburg and the Lynchburg City Council. For more information, contact Marjette Upshur, Director of Economic Development & Tourism at (434) 455-4490 or email@example.com.