OUR MISSION: The mission of the Economic Development Authority (EDA) is to create jobs, maximize the utilization of Norfolk’s real estate, foster business capital investment, increase revenue by growing the tax base, focus on efforts to build on the strengths and the needs of neighborhoods, and support minority and small businesses.

The EDA is a political subdivision of the Commonwealth of Virginia created by the City to acquire, own, lease and dispose of properties to promote industry and induce businesses to locate and remain in Norfolk. The EDA is authorized to issue revenue bonds to finance facilities for non-profits, manufacturers, and businesses in an Enterprise or Empowerment Zone. Neither the EDA nor the City have any liability under the bonds. Liability is assumed by the enterprises for which the facilities are constructed.

Revenue Bonds Issued

Bonds are limited to manufacturing businesses, or businesses in Enterprise / Empowerment Zones, or 501(c)(3) non-profit organizations. Bond qualifications are determined by the Internal Revenue Code.

Website Development & Engineering Assistance Grants

The EDA, through a partnership with Old Dominion University, funds grants to Norfolk businesses to provide engineering and quality control assistance.

The EDA, through a partnership with Christopher Newport University, funds grants to assist Norfolk businesses with e-commerce business assistance, web site design, and search engine optimization.

Funds for the above programs help defray the costs Norfolk businesses would incur in utilizing these University based business assistance programs. Grants will cover 50% of the project cost to the business, on
a dollar-for-dollar basis, with a maximum grant of $2,500. For Minority and Women-Owned Businesses, grants are calculated on a two-for-one basis of the project cost, with a maximum grant award of $4,500.

Performance Based Grants

In order to be considered for a performance-based Economic Development Incentive, the project must meet the following criteria:

• The project must represent a significant capital investment
• The project must be a significant job generator
• The project must be a catalyst for future development
• The project cannot be completed to the City’s standards without assistance
• Grants are funded annually, based on a predetermined sharing ratio, by the City of Norfolk through the EDA.