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Industrial Development Authority

A description of the Industrial Development Authority

Purpose

The purpose of IDA is to promote the economic development and diversification of the City's employment and tax base. The Authority will have all the powers conferred upon such a development entity pursuant to the Code of Virginia.

Membership

7 - General Public Representatives

Term of Appointment

Four years

Meeting Date

The Authority meets on the first Friday of every month at 8:00 a.m. at the Applied Research Center. Meetings last approximately 2 - 3 hours.

Compensation

$50.00 per meeting with a maximum of $150.00 per month for regular Board members. The Chairman and Vice-Chairman's maximum compensation is $250.00 per month.