In a recent government meeting, officials discussed the potential benefits of joining the Eastern Virginia Regional Industrial Facility Authority (EVRIFA), emphasizing its role in fostering regional economic development. The authority, which currently includes 11 communities, allows localities to co-invest in projects, thereby sharing both the financial burden and the benefits of economic growth.

The meeting highlighted the Kings Creek Commerce Center in York County as a successful example of this collaborative approach. This project, which involves a 432-acre site previously owned by the state, has attracted interest from Distribution Realty Group for warehousing and distribution operations. The site is also partially leased to Dominion for a solar farm, generating revenue that offsets initial costs.

Officials noted that joining the EVRIFA requires a one-time fee of $25,100 for larger communities, followed by annual dues of $4,000. This financial structure aims to support the operational costs of the authority, including necessary audits and insurance. The collaborative model allows communities to invest in projects outside their borders, potentially leading to shared tax revenues and economic benefits.

Council members expressed interest in the regionalism aspect of the authority, with discussions focusing on how localities can work together to attract businesses and prepare development-ready sites. The meeting underscored the importance of strategic planning and investment in infrastructure to compete with neighboring states that have successfully developed their economic sites.

The authority's framework allows communities to opt in or out of specific projects, providing flexibility and minimizing risk. However, the success of such initiatives hinges on active participation and commitment from local governments to invest in shared projects.

As the meeting concluded, officials encouraged Portsmouth to consider joining the EVRIFA, highlighting the transformative potential of regional collaboration in economic development. The authority aims to create a robust network of communities working together to enhance their economic prospects and address challenges such as land availability and infrastructure needs.