The Economic Development Authority (EDA) of the City of Portsmouth, Virginia 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.
The EDA holds its regular monthly meetings on the 3rd Tuesday of each month at 8:00 AM in the City Council Conference Room on the sixth (6th) Floor of Portsmouth City Hall at 801 Crawford Street.