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Home My WebLink About5/24/2023 - Agendas A. CALL TO ORDER Chairman Windley B. REQUEST TO POSTPONE, ADD TO, OR CHANGE THE ORDER OF THE AGENDA ITEMS Chairman Windley C. APPROVAL OF APRIL 19, 2023 MINUTES D. APPROVAL OF MAY 3, 2023 MINUTES Chairman Windley Chairman Windley E. FINANCIAL REPORT 1. Financial Report through April 30, 2023 Jessica Beamer F. NEW BUSINESS 1. Town of Vinton grant programs 2. Retail Study Marshall Stanley Megan Baker G. CLOSED SESSION It is proposed that the Authority meet in closed session, pursuant to Section 2.2-3711(A)(5) of the Code of Virginia, for discussion concerning the expansion of two existing businesses or industries that are located in the County of Roanoke, where no previous announcement has been made of the business's or industry's interest in expanding its facilities in the community. Specifically, these business expansions are anticipated to take place in the Catawba and Hollins Magisterial Districts. Megan Baker H. REPORTS AND INQUIRIES OF BOARD MEMBERS Chairman Windley I. ADJOURNMENT Chairman Windley J. NEXT SCHEDULED MEETING June 21, 2023 AGENDA The Economic Development Authority of Roanoke County Wednesday May 24, 2023 9:00 a.m. Roanoke County Administration Center The Economic Development Authority of Roanoke County Meeting Minutes Wednesday, April 19, 2023, the Economic Development Authority met at the Roanoke County Administration Center Members Present Woody Windley, Chair Michael Cagle, Vice Chair Greg Apostolou Kirtesh Patel Don Sowder Barry Thompson Kyle Richardson Ssunny Shaw Megan Baker, Secretary-Treasurer Peter Lubek, Counsel Absent Steve Anderson Guests Richard Caywood, County Administrator Jessica Beamer, Assistant Director of Finance and Management Services Doug Blount, Assistant County Administrator Phillip Thompson, Planning Director Marshall Stanley, Economic Development Specialist, Town of Vinton Nathan McClung, Assistant Planning & Zoning Director, Town of Vinton Pete Peters, Town Manager, Town of Vinton CALL TO ORDER Chairman Woody Windley called the meeting to order at 9:00 am REQUEST TO POSTPONE, ADD OR CHANGE THE ORDER OF THE AGENDA ITEMS Megan Baker stated she added an agenda item under new business to provide an update on the Department of Economic Development projects. APPROVAL OF February 15, 2023 MINUTES On motion by Barry Thompson to approve minutes of February 15, 2023, seconded by Ssunny Shaw, the motion carried by unanimous vote. FINANCE REPORT 1. Financial Reports Jessica Beamer reviewed the statements of revenues, expenditures and changes in the fund balances ending March 31, 2023. The current cash balance in the EDA account is $558,093. Jessica noted that interest income is up year over year. On motion by Greg Apastolou to accept and approve the financial report as presented, seconded by Kyle Richardson, the motion carried unanimously. 2. FY 24 Budget Jessica Beamer presented the FY 2024 EDA Budget. On motion by Kyle Richardson to accept and approve the FY 2024 budget, seconded by Ssunny Shah, the motion carried unanimously. NEW BUSINESS 1. Performance Agreement for Pollard 107 South Marshall Stanley presented the Pollard 107 South project and performance agreement. The former Star City Playhouse building will be redeveloped into a restaurant. The developer will invest $1.2 million and receive $205,000 in total assistance (fire suppression system and plumbing). There will be 2000 SQ FT of interior dining space, 1,000 SQ FT of outdoor dining space, and 20 new FTE. The expected completion is May/June 2023. 2. Performance Agreement for E. Cleveland Ave. Marshall Stanley presented the E. Cleveland Ave. project and performance agreement. The former Cleveland Mart space will be redeveloped into 7 new multi-family residential units and 1350 SQ FT of commercial space. The developer will invest $1.1 million and receive $250,000 in total assistance. The expected completion date is July 1, 2024. The project has also received federal grant funding. On motion by Mike Cagle to approve the performance agreements for Pollard 107 South and E. Cleveland Avenue and to authorize the chairman to sign the agreements on behalf of the Authority, seconded by Barry Thompson, the motion carried unanimously. 3. Vinton Housing Study Nathan McClung presented Vinton’s housing study. The Town’s housing market is healthy with higher home prices and rent rates and low vacancy rates. There is demand for smaller, multifamily units. 4. Proposed amendment to EDA bylaws pertaining to the scheduling of regular meetings Peter Lubek discussed amending the EDA by-laws to allow the Chairperson or Secretary to cancel meetings, as needed. Kirtesh Patel recommended that there should also be a provision that sets a minimum number of EDA meetings in a calendar year. The members of the EDA discussed meeting at least quarterly in the calendar year. On motion by Kirtesh Patel to approve amending the EDA bylaws to allow for the Chairperson or Secretary to cancel meetings and to set a minimum quarterly meeting requirement, seconded by Kyle Richardson, the motion carried unanimously. 5. Adoption of the meeting schedule for the remainder of 2023 Peter Lubeck discussed that Article III of the EDA bylaws requires the Authority to adopt an annual schedule of meetings at its annual meeting. He presented the proposed schedule of meetings for the remainder of 2023. All occur on the third Wednesday of each month with the exception of May since Megan Baker will be out of town. The proposed May meeting day is May 24. On motion by Kirtesh Patel to adopt the meeting schedule for the remainder of 2023, seconded by Mike Cagle, the motion carried unanimously. ECONOMIC DEVELOPMENT UPDATES Megan Baker provided an economic development update for the EDA. The sale of Tanglewood Mall to Hackney Real Estate was finalized in early April. Megan also discussed several departmental projects including a marketing study, a site evaluation study (almost complete), and amendments to the Zoning Ordinance to include additional industrial use types. REPORTS AND INQUIRIES OF THE BOARD MEMBERS None. ADJOURNMENT On motion by Kirtesh Patel, and seconded by Kyle Richardson, the meeting was adjourned at 10:12 a.m. NEXT SCHEDULED MEETING Megan Baker stated the next meeting would be May 24, 2023 The Economic Development Authority of Roanoke County Meeting Minutes Wednesday, May 3, 2023, the Economic Development Authority met virtually Members Present Woody Windley, Chair Michael Cagle, Vice Chair Greg Apostolou Kirtesh Patel Don Sowder Barry Thompson Kyle Richardson Megan Baker, Secretary-Treasurer Peter Lubek, Counsel Absent Ssunny Shaw Steve Anderson Guests Jessica Beamer, Assistant Director of Finance and Management Services Doug Blount, Assistant County Administrator Dani Poe, Economic Development Assistant Director CALL TO ORDER Chairman Woody Windley called the meeting to order at 10:01 am NEW BUSINESS 1. First Amendment to Option Agreement Megan Baker presented the First Amendment to Option with Barnett Properties. In January 2022, the EDA approved an option agreement with Barnett to purchase the properties located at the intersection of Old Cave Spring Road and Brambleton Ave. The agreement is set to expire, and Barnett asked to amend the option to extend the expiration date to August 31, 2023. As consideration for the extension, Barnett has proposed to pay the EDA $10,000. On motion by Kyle Richardson to approve the Frist Amendment to Option, seconded by Barry Thompson, the motion carried unanimously. ADJOURNMENT On motion by Don Sowder, and seconded by Barry Thompson, the meeting was adjourned at 10:05 a.m. NEXT SCHEDULED MEETING Megan Baker stated the next meeting would be May 24, 2023 Budget Actual Variance to Budget Revenues EDA Administration Investment Income 1,200$ 7,891$ 6,691$ Charges for Services 4,860 4,860 - Bondholders' Assessments 62,706 65,562 2,856 Total Operating Revenues 68,766 78,313 9,547 Expenditures EDA Administration Salary and Benefits 6,460 1,184 5,276 Professional Fees 3,425 3,425 - Other Insurance 1,728 1,728 - Total Operating Expenditures 11,613 6,337 5,276 Net change in fund balance attributable to operations: 57,153 71,976 14,823 Non-Operating Beginning Balance 581,611 - Unappropriated Balance (638,764) - Net Change in Fund Balance -$ 71,976$ Current Cash Balance 670,881$ Restricted by Roanoke County/Town of Vinton: Grant Funds (26,502) Deferred Revenue - Earnest Money held for Old Cave Spring Road (35,000) Vindos LLC Incentive Agreement to be paid (Pass Through from TOV )(50,000) Available Cash Balance 609,379$ Revenue Investment Income Earned 1,286$ Vinton Façade Grant 1,406$ Change in Use Incentive Grant 25,000$ Commercial Corridor Matching Grant 96$ Waukeshaw (Billy Byrd)53,439$ Old School Partners (Roland E Cook) 22,619$ Vinyard Station 50,000$ Incentive Agreement Activity - Pass Through Amounts Remaining Grant Detail Cash Balance Detail Operating Activity Since Last Reported Period COUNTY OF ROANOKE, VIRGINI Economic Development Authority of Roanoke County, Virginia Statement of Revenues, Expenditures, and Changes in Fund Balances (Unaudited) For the 10 months ended April 30, 2023 Town of Vinton Local Grant Revisions Roanoke County EDA meeting May 24, 2023 Programs • Downtown Facade Grant Program • Change of Use Grant Program Recommended Revisions • Downtown Façade grant Program o Expand geographic boundary to include portions of the Walnut Avenue corridor and portions of the western side of S. Poplar Street from Jefferson Avenue to E. Madison Avenue. • Change of Use Grant Program o Augment program to also allow already commercial-use properties to qualify, as well to allow eligible funds to be used for engineering costs.