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Work Session   Item #:
Work Session Meeting
Staunton River Regional Industrial Facility Authority (SR RIFA)
Telly D. Tucker
Work Session Meeting: 10/04/2018
The City of Danville, Pittsylvania County, Town of Hurt, and Town of Altavista have all agreed in concept to form a new Regional Industrial Facility Authority (SR RIFA) for the purpose of managing the multimodal park (formerly Burlington Hurt Site) in the town of Hurt. The requested action item has been discussed in concept over the last year and the proposed action defines the cost and revenue sharing agreement that all member locality elected bodies will approve. The agreed upon cost and revenue sharing percentages are as follows: Pittsylvania County - 50%; Altavista - 23%; Danville - 23%; and Hurt - 23%. Similarly, the initial member locality contributions equaling a total of $100,000 will be divided as follows: Pittsylvania County - $50,000; Altavista - $23,000; Danville - $23,000; and Hurt - $4,000.
On February 23, 2017, a Letter of Intent signing ceremony was held in Hurt, Virginia, during which Pittsylvania County, the Town of Hurt, the Town of Altavista, and the City of Danville, signed a letter stating that the member localities would work together to create a new regional industrial facility authority to market and develop the Southern Virginia Multimodal Park in Hurt. This Authority would be named the Staunton River Regional Industrial Facility Authority (“SR RIFA”). Over the last year and a half, Staff from the member localities have been working together, with input from their governing bodies, to negotiate the terms of a SR RIFA Cost and Revenue Sharing Agreement.
Staff recommends the approval of the four-member locality agreed upon cost and revenue sharing agreement as presented.
SR RIFA Cost and Revenue Sharing Agreement
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