Throughout the United States, Economic/Industrial Development Authorities assist new and expanding businesses in securing tax-exempt industrial development revenue bonds. These bonds provide as much as 100% financing at interest rates that are much lower than those available from other sources. For the past 15 years, federal regulations have restricted the use of these bonds to financing of manufacturing facilities. Bonds are issued when financing these facilities, covering the cost of land, buildings, machinery or equipment. A mortgage or lien on the financed property is then secured and repaid from the revenue of the project.
Ten directors appointed by the Roanoke County Board of Supervisors govern the Economic Development Authority of Roanoke County, created in 1971. It is authorized to acquire, own, lease and dispose of local properties that will potentially promote industry and develop trade in Virginia.