The Economic Development Authority (EDA)
The Economic Development Authority (EDA) of the City of Portsmouth is a political subdivision of the Commonwealth of Virginia created by City Council in 1968. The EDA is comprised of seven (7) City Council-appointed Commissioners serving staggered four (4) year terms. A few of the powers specifically granted to Economic Development Authorities by the General Assembly include the authority to: acquire or dispose of property at, below or above market value; own or lease property; make loans or grants; and issue Council-approved bonds. The EDA uses its powers to work closely with the Department of Economic Development to attract and retain business and support development in Portsmouth.
Economic Development Authority Board
Don L. Scott, Chair
Kyle Kovachik, Treasurer
Ray A. Smith, Sr.
Theresa Saunders Smith