Welcome to LoudounTimes.com
Loudoun Times-Mirror

Loudoun supervisors shift $500K for economic development incentives

The Loudoun Board of Supervisors forged ahead last week with the county's ongoing effort to implement specific guidelines and determine the funding process for providing economic incentives to companies looking to locate or expand in Loudoun County.

On an 8-1 vote July 17, the board approved the appropriation of $500,000 from the current fiscal year's fund balance for economic development business incentives. Additionally, the board will annually consider funding business incentives with year-end fund balance.

Opposing the vote was Supervisor Eugene Delgaudio (R-Sterling), who claimed the move was in line with subsidies and “crony capitalism.”

“It's very seductive. And I understand the siren, you know, the attraction … the allure of not losing to other counties who have these types of things,” Delgaudio said, labeling the incentives subsidies.

Supervisor Matt Letourneau (R-Dulles) quickly contested Delgaudio's remarks, saying “there's a difference between a subsidy and an incentive.”

“A subsidy is writing a check,” Letourneau said. “An incentive is giving somebody a reason to come here.”

Letourneau and other board members advocated for the measure as an avenue through which Loudoun can compete with other Virginia counties looking to attract new businesses. Landing new industry, Letourneau said, is essential to expanding the county's commercial tax base and, consequently, lowering the county’s' residential tax rate.

“Our competition and other jurisdictions around the nation do often put incentives in place,” Supervisor Ralph Buona (R-Ashburn) said.

Buona, chairman of the board's finance committee, which has studied economic development incentives, pointed out that each specific project eligible for incentives would still have to be approved by the full board.

“We're not spending any money here. What we're doing is taking $500,000 of fund balance and specifically setting it aside as a source should the board decide, going forward, to grant certain incentives,” he said.

According to the county's recently-developed incentive guidelines, companies must meet minimum requirements to be eligible for incentives, including:

-Creating a minimum of 50 new jobs which pay 100 percent of the county's median wage, currently $58,000.

-The company must make a minimum $5 million investment in buildings, land and equipment.

-The company must receive a Virginia Jobs Investment Program grant.

-Loudoun County must be competing with another jurisdiction for the company's final location decision

-The company must be in one of Loudoun's targeted business industries, which include information, communications and technology; aerospace; air cargo; federal government contracting; life sciences; advanced manufacturing; green technology; and destination retail.

Contact the writer at .(JavaScript must be enabled to view this email address).


Fiscal conservatives huh?

They are doing the same sort of game with the ambulance charges.

just another shell game is all….

Lets see we shifted money here for half a million. Our CFO shifted pay raise start dates ahead for 200 thousand dollars also he made a 400 hundred thousand dollar mistake on the Sheriffs budget. Plus the Sheriffs department got their 1.9 million dollars to keep operating this year after some “tough” questions by Ralph Buona.
Enough is enough!
How much money is floating around that the supervisors can make up for 3 million dollars in screw ups. Lets see that last investment in the Redskins looks to be worse and worse doesn’t it. Seems like some large amounts floating around to be allocated at the whims of the BoS.

The County has given millions in tax abatements, subsidies, and concessions. Where are the independent, trustworthy, disinterested analyses of the returns to the County in tax revenue, jobs for people who live in Loudoun, and quantitive benefits?

Board…. How about setting aside some money for your County employees. ..

Take care of them and entice them to stay. .

Before you blast Delgaudio—and believe me he deserves it time and time again—let’s see who these Supervisors actually give the $500K to.  My guess…it will be their friends.  Folks, this is their slush fund for wining and dining and acting like bigshots when a company asks about moving to Loudoun.

Who’s surprised that Delgaudio is the only Supervisor to oppose this measure?  This man just doesn’t get it and has failed on so many levels.  It’s time for him to go and to stop wasting people’s time and resources.

Post a comment

Commenting is not available in this channel entry.

Comments express only the views of the author and do not necessarily reflect the views of this website or any associated person or entity. Any user who believes a message is objectionable can contact us at ltmeditor@loudountimes.com.

More News

The Loudoun Times-Mirror

is an interactive, digital replica
of the printed newspaper.
Click here for all e-editions.