Hanover EDA begins revisions to Industrial Revenue Bond policy
September 09, 2026 | Hanover County, Virginia
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HANOVER COUNTY, Va. — The Hanover County Economic Development Authority is updating its Industrial Revenue Bond (IRB) policies and application, Chairman Trey Hayden said at the Authority's Aug. 12 meeting.
"We have been working on revisions of the Industrial Revenue Bond policies and application. The current version is outdated and is not reflective of the current environment," Hayden said, and added that a draft has been sent to the EDA attorney, Megan Gilliland, for review. Once legal comments are incorporated, staff will present the draft to the Authority for formal consideration.
The update signals the EDA is re-evaluating the instrument it uses to support business-related development in the county; the transcript did not specify proposed policy language, eligibility changes, or anticipated financial impacts.
"We have been working on revisions of the Industrial Revenue Bond policies and application. The current version is outdated and is not reflective of the current environment," Hayden said, and added that a draft has been sent to the EDA attorney, Megan Gilliland, for review. Once legal comments are incorporated, staff will present the draft to the Authority for formal consideration.
The update signals the EDA is re-evaluating the instrument it uses to support business-related development in the county; the transcript did not specify proposed policy language, eligibility changes, or anticipated financial impacts.
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