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Home My WebLink About12/12/2024 - MinutesThe Economic Development Authority of Roanoke County Meeting Minutes December 12, 2024, the Economic Development Authority met at the Roanoke County Administration Center Members Present Woody Windley, Chair Mike Cagle, Vice Chair Greg Apostolou Kirtesh Patel Kyle Richardson Todd Ross Don Sowder Sunny Shah Megan Baker, Secretary-Treasurer Peter Lubeck, Counsel Guests Richard Caywood, County Administrator, Roanoke County Doug Blount, Assistant County Administrator, Roanoke County Jessica Beamer, Assistant Director of Finance and Management Services Paul Workman, Accounting Manager, Roanoke County Alexander Jones, Assistant Director Marketing & Business Development, Roanoke County Lindsay Webb, Assistant Director Business Retention & Operations, Roanoke County Nellie Philpott, Economic Development Specialist, Roanoke County Pete Peters, Town Manager, Town of Vinton A. CALL TO ORDER Chair Woody Windley called the meeting to order at 9:01 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 October 3, 2024 MEETING MINUTES On a motion by Don Sowder to approve minutes of the October 3, 2024, EDA meeting, seconded by Kirtesh Patel, the motion carried unanimously. FINANCIAL REPORT 1. September and October Financial Reports Paul Workman reviewed the statements of revenue, expenditures and changes in the fund balances ending September 30, 2024 and October 31, 2024. A new format to financial reports was explained and reviewed. Mr. Patel requested year-to-date and monthly operations activities be located side-by-side going forward. Current year to date operating activity includes investment income of $14,968 and total Expenditures of $112,148 for a net negative fund balance of $97,180. Monthly activity includes Investment Income of $1,534 for September and 12,106 in October, Board member salaries of $2,584 (Sept) and mowing at Starkey Road location of $650 (Sept). EDA grants had not seen any activity by the end of September nor October. No changes in Incentive Agreement Activity for September. In October we received $200,000 from Vinton for the Gish Mill project. This was paid in November. Broadband projects did not have any activity in September nor October. Cash available at the end of September is $131,615 and $2,050,873 at the end of October. This increased significantly in October because of the sale of the Starkey Road property to the County. NEW BUSINESS AND PUBLIC HEARING 1. West Lee Ave Performance Agreement Pete Peters presented a Performance Agreement for approval, authorizing the Town Manager to execute the agreement with the Roanoke County Economic Development Authority and The Wilkinson Group, Inc. The agreement supports the redevelopment of two buildings along West Lee Avenue, the creation of two public plazas, alleyway improvements, and upgrades to public utilities in the area. These efforts aim to revitalize the downtown area and promote economic growth. On a motion by Greg Apostolou to approve the West Lee Avenue Performance Agreement, and to authorize the Chairman to execute it, seconded by Kyle Richardson, the motion carried unanimously. 2. Vinton/East County Hotel Performance Agreement - KARA Hospitality Pete Peters presented a Performance Agreement for approval, authorizing the Town Manager to execute the agreement with the Roanoke County Economic Development Authority and KARA Hospitality LLC for the development of an Extended Stay America Premium hotel. The project, located at the intersection of South Pollard Street, 1st Street, and Cedar Avenue, includes a $12 million capital investment, the creation of at least 10 new jobs, and the generation of significant tax revenues. To incentivize the project, the agreement provides for a maximum contribution of $100,000 annually over five years, with an expected minimum of $100,000 annually in Transient Occupancy Tax revenue. On a motion by Sunny Shah to approve the Vinton/East County Hotel Performance Agreement, and to authorize the Chairman to execute it, seconded by Todd Ross, the motion carried unanimously. 3. EDA Annual Meeting Megan Baker presented a request to the board to reschedule the 2025 annual meeting from Wednesday, January 15th, as specified in the bylaws, to Thursday, January 16th at 9 am, due to a scheduling conflict with an existing Board of Supervisors meeting. On a motion by Don Sowder to move the annual meeting for 2025 from Wednesday, January 15th, as set forth in the bylaws, to Thursday, January 16th at 9 am, seconded by Kirtesh Patel, the motion carried unanimously. BRIEFINGS 1. Director’s Report Ms. Baker presented a comprehensive report on the 2024 year, covering new announcements and openings, partnerships with RCPS, BEAP grant awards, small business support initiatives, business visits, regional partner events, fall community meetings, recent conferences, and marketing projects. Mr. Jones provided an update on economic growth at the 419 Town Center, Oak Grove Center, and Hollins Center, along with an overview of marketing efforts that included advertisements in The Roanoker Magazine, VBR Life Magazine, and Southern Business and Development Magazine. Ms. Webb reported on the BEAP grant program, highlighting recent visits to awardees Magnets USA and Fit Studio. She also discussed Manufacturing Day, Industry Insights, and plans to expand RCPS partnerships and offerings next year. REPORTS AND INQUIRIES OF BOARD MEMBERS Ms. Baker informed the board that Barry Thompson, representing the Vinton district, has resigned from the board following his relocation to the Hollins district. ADJOURNMENT On a motion by Mike Cagle and seconded by Sunny Shah and a unanimous vote, the meeting adjourned at 10:05 a.m. Respectfully Submitted, Megan Baker Secretary-Treasurer