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Economic Development
Economic Development Authority of the City of Roanoke, Virginia
Formed in 1968 by Roanoke City Council, this organization is an Industrial Development Authority, existing under the Virginia Industrial Development and Revenue Bond Act. Seven directors, serving staggered four year terms, work closely with the City of Roanoke's Division of Economic Development to serve the business community of the city.
Industrial development revenue bond financing is a source of tax exempt financing for manufacturing and charitable organizations, including hospitals. Financing is obtained through a financial institution or an underwriting process, usually backed by a commercial grade letter of credit. Bonds are held by the general public on a seven day short term tax exempt commercial rate basis. Floating rate bonds can be "swapped" to a fixed rate through a standard hedging agreement.
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