N E W S R E L E A S E
Jan. 4, 2013
FOR IMMEDIATE RELEASE
Russell Seymour, Secretary, Economic Development Authority, James City County
James City County, Williamsburg and York County agree to co-sponsor Business Incubator
The Economic Development Departments and Economic Development Authorities (EDAs) of James City County, Williamsburg and York County are pleased to announce that the James City County Business Incubator became a regional facility on Jan. 1, 2013 and is now the Historic Triangle Business Incubator.
The Incubator assists businesses by providing a cost effective location and infrastructure with direct access to the assets of the College of William and Mary. "This is a great example of the three localities working together to expand and promote a strong business climate utilizing the vast resources of the College to benefit businesses," said Monty Mason, Williamsburg EDA chairman.
Funding will be shared by the three EDAs at an estimated cost of $34,500 per year. Additional funding will come from a new revenue sharing initiative supported by companies that graduate from the Incubator and remain in the Historic Triangle. The companies’ tax revenues, with the exception of real estate taxes, will be deposited into a fund to support the Incubator for five years. "Making the Incubator a regional effort through an innovative revenue sharing agreement is a natural next step to share in the assets provided by William and Mary and to build upon the Historic Triangle’s reputation that it is open for business," said Paul Gerhardt, Chairman of the James City County EDA.
The new regional arrangement will significantly expand the pipeline of potential Incubator clients while spreading the financial burden. The Incubator is the latest of several joint Historic Triangle Economic Development initiatives, including a regional business appreciation event each year and funding market research through the College’s Field Consultancy Program. Rick Moberg, Chairman of the York County EDA, noted that "the Historic Triangle is developing a strong reputation for supporting new business development and this agreement will make a very positive statement regarding our commitment to budding entrepreneurs and regionalism."
The College of William & Mary will continue to manage the Incubator at 5300 Palmer Ln. The three localities will be represented equally on the Board of Directors and the client selection committee.
For more information, contact:
- Russell Seymour - 757 253-6607, Director James City County Economic Development
- Michele DeWitt - 757 220-6120, Director City of Williamsburg Economic Development
- Jim Noel - 757 876-8810, Director York County Economic Development