The Newport News Economic/Industrial Development Authority (NNEDA) is a full-service industrial development authority which can act quickly to allow a company to occupy its facility in the shortest time possible. The NNEDA is willing to act aggressively to attract new industry to Newport News. The NNEDA manages more than 1,000 acres of industrially zoned property (with more than 200 acres currently available), almost 1,100 acres of land zoned for mixed use and office and almost 150 acres of land zoned for research and development. It, and its antecedent, have constructed five industrial shell buildings at the Oakland Industrial Park. Besides Oakland, the NNEDA manages the Oyster Point business park, Jefferson Center for Research and Technology, Patrick Henry CommerCenter, Carleton Farm and Endview.

The NNEDA Board is composed of business people who know how important saving time and money is to a company. To assist companies locating or expanding in Newport News, the NNEDA has built and renovated facilities for sale, capital lease and long-term operating lease to companies. The NNEDA owns a 122,000 square foot, seven-story office-building - the Applied Research Center - which is leased to Jefferson Lab, several area universities and private industry. The NNEDA owns several industrial and office buildings leased to private companies through capital and operating leases. The NNEDA also owns eight parking garages, four of which are public garages. Altogether, the NNEDA’s real estate portfolio is valued at $190 million. The NNEDA can issue tax-exempt and taxable Industrial Revenue Bonds.