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Home My WebLink About6/6/2024 - Minutes The Economic Development Authority of Roanoke County Meeting Minutes June 6, 2024, the Economic Development Authority met at the Roanoke County Administration Center Members Present Woody Windley, Chair Greg Apostolou Jeremy Carroll Kirtesh Patel Kyle Richardson Todd Ross Ssunny Shah Don Sowder Barry Thompson Megan Baker, Secretary-Treasurer Peter Lubeck, Counsel Guests Doug Blount, Assistant County Administrator, Roanoke County Paul Workman, Accounting Manager, Roanoke County Philip Thompson, Director of Planning, Roanoke County Joe Zielinski, Economic Development Specialist, Roanoke County Karli Foster, Economic Development Specialist, Roanoke County Alexander Jones, Principal Planner, Roanoke County Webster Day, Counsel Michael Galliher, Clerk of Circuit Court, Roanoke County A. CALL TO ORDER Chair Woody Windley called the meeting to order at 9:04 a.m. ROLL CALL Megan Baker called the roll. REQUEST TO POSTPONE, ADD TO, OR CHANGE THE ORDER OF THE AGENDA ITEMS There were no requests to postpone, add to, or change the order of the agenda items. APPROVAL OF MAY 2, 2024 MEETING MINUTES On a motion by Barry Thompson to approve minutes of the May 2, 2024, EDA meeting, seconded by Kyle Richardson, the motion carried unanimously. FINANCIAL REPORT 1. Financial Report through April 30, 2024 Paul Workman reviewed the statements of revenue, expenditures and changes in the fund balances ending April 30, 2024. The current year to date activity includes investment income of$58,371. Bondholder's Assessment Fee of$56,925 for the 2019 Bonds was sent to Friendship Manor at end of February. These funds had not yet been received in April and therefore this revenue is not yet reflected in our April cash balance. 1st of 4 payments of$16,250/each was made for the Retail Strategies Study of which City and Salem have been billed their portion of$9,100 (7,150 and 1,950 respectively). Other improvements of$12,749 include concrete, curb and gutter work at Center for Research and Technology. Cash available for use is $2,246,958. Grant funds budgeted remain unchanged at $26,502. No changes in the Incentive Agreements (IA) for April. All as of April are received and paid out. All broadband funds received in April includes an additional $284,333 received for Craig Botetourt Electric Coop bringing that total project up to $1,943,251. Not shown, we collected but have not dispersed to an additional $94,000 for Comcast, $53,873 for Shentel. A recap was provided of all broadband funds under contract, not yet paid (encumbered) which total $746,678. Total remaining budgets total $2,904,476. This means we could see additional expenditures totaling $3,651,155 with all the agreements that are currently in place. NEW BUSINESS AND PUBLIC HEARING , 1. Mack Performance Agreement Megan Baker presented the Mack Performance Agreement. Mack Trucks intends to make a capital investment of$14.5 million ($2.0 million in tangible_business personal property, $10.0 million in qualifying real estate/construction, and $2.5 million in machinery and tools) beginning in FY 2024. The company also plans to create 51 new jobs at an average salary of$52,530. Beginning in the calendar year following the issuance of a certificate of occupancy for the project, the County shall appropriate to the Authority, in seven annual installments, sums sufficient for an economic development incentive grant (the "Incentive Grant'). The total amount of the Incentive Grant is estimated to be $842,420. Greg Apostolou motioned, and Kirtesh Patel seconded a motion to authorize the Chairman to execute the proposed agreement between Roanoke County, the Economic Development Authority of Roanoke County, and Mack Trucks, Inc. and its subsidiaries, and the motion carried unanimously. 2. EDA July Meeting Megan Baker shared that the July EDA meeting is scheduled for July 4, 1014, a County holiday and recommended the Authority cancel its July 4, 2024 meeting. Barry Thompson motioned to cancel the July EDA_Meeting, seconded by Don Sowder, the motion carried unanimously. BRIEFINGS 1. Planning Director's_Report Philip Thompson provided a project update. The rezoning application for ABoone Realty to rezone 16+ acres from R-3 to C-2, SUP for mini-warehouse on 19+ acres, and amend proffered conditions on 32+ acres on Edgebrook Road was approved. Upcoming rezoning and SUP include Brad Prescott and Trail Development Group, LLC. Transportation project updates included the Electric Road (Route 419) Phase 2 (Ogden Road to Starkey Road) Improvement Design public hearing. 2. Director's Report May was busy. Staff celebrated Business.Appreciation Month by visiting businesses in each district. Cardinal Glass also hosted the'second Industry Insight Tour. CLOSED SESSION On a motion by Jeremy Carroll and seconded by Kirtesh Patel, the present Authority Directors unanimously voted to meet in closed session, pursuant to Code of Virginia Section 2.2- 3711(A)(3) for discussion or consideration of the disposition of real property, located in the Cave Spring Magisterial District, where discussion in an open meeting would adversely affect the bargaining position or negotiating strategy of the public body. CERTIFICATION RESOLUTION On a.motion by Woody Wndley and seconded by Ssunny Shah, the motion carried unanimously that pursuant to Section 2.2-3712(D) of the Code of Virginia, that in the closed session just concluded, nothing was discussed except the matter or matters which were identified in the motion to convene in closed session, and that only those matters lawfully permitted to be discussed under the Virginia Freedom of Information Act were discussed. REPORTS AND INQUIRIES OF BOARD MEMBERS None. ADJOURNMENT On a motion by Ssunny Shah and seconded by Don Sowder, and a unanimous vote, the meeting adjourned at 9:56 a.m. Respectfully Submitted, eg Baker Secretary-Treasurer