HomeMy WebLinkAbout10/3/2024 - MinutesThe Economic Development Authority of Roanoke County
Meeting Minutes
October 3, 2024, the Economic Development Authority met at the Roanoke County
Administration Center
Members Present
Woody Windley, Chair
Mike Cagle, Vice Chair
Greg Apostolou
Todd Ross
Don Sowder
Barry Thompson
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
Philip Thompson, Director of Planning, 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 September 5, 2024 MEETING MINUTES
On a motion by Sunny Shah to approve minutes of the September 5, 2024, EDA meeting,
seconded by Todd Ross, the motion carried unanimously.
FINANCIAL REPORT
1. June, July, and August Financial Reports
Paul Workman reviewed the statements of revenue, expenditures and changes in the fund
balances ending August 31, 2024. Current year to date activity includes investment income
of $1,328 and expenditures of $108,915 with a net Fund balance change of $107,586. Cash
available for use was $133,315. This amount will increase significantly in the following
month since it will include the sale of the Starkey property at about $1.9 million. Current
Cash is at $350,348 but of that the amount available is $133,315. It was discussed what
makes up the differences between these two figures. Current month activity includes
investment income of $1,164 and various expenses totaling $108,915. No activity in our two
grant offerings yet. Two new incentive agreement payments included E.Cleveland for
$28,605 and Twin Creeks Brewery at $40,000, which fully satisfies this agreement. No
current broadband activity yet to report because everything so far has been getting accrued
back to FY24. We’ve updated the Prior Year amounts to show cumulative project funding
using all funding sources. In July and August we only showed sources from ARPA. A
question was asked if the broadband payments were wrapping up. Jessic Beemer
responded that requests for payments will likely begin coming in more frequently as many
companies have held off making their requests. Richard Caywood said there would be an
update provided to the County Board at a future date regarding the broadband initiative.
We have since revised our June 30, 2024 and July 31, 2024 statements for year-end
accruals. For operations in June we minor adjustments giving us a new negative change to
fund balance of $1,230,734. Most of the changes occurred in the accruals related to
incentive agreements and broadband. Available cash went from $232,519 to $240,901 as of
June 30 and from $335,777 to $162,383 in August due to broadband payments for
Comcast, B2X and So. Pollard. Chairman Woody asked if there were any concerns about
the negative direction of fund balance reported for FY24 and wanted to confirm this was due
to the acquisition of the Starkey Rd property. Mr. Workman confirmed the fund balance
should increase significantly once the sale is recorded on the property in September.
Mr. Workman mentioned that next month’s financial report will be presented with an updated
format that should better accommodate the robust activity in the EDA.
NEW BUSINESS AND PUBLIC HEARING
1. Business Equipment Acquisition Program Grants
Lindsay Webb presented grant award recommendations for the pilot Business Equipment
Acquisition Program (BEAP) grants. The BEAP grant committee recommended funding 13
companies and associated projects. The grant award recommendation total was higher than
the initial allocation of $100,000.
On a motion by Don Sowder to approve providing the Business Equipment Acquisition
Program grants to such entities and in such amounts as proposed by staff today, seconded
by Barry Thompson, the motion carried unanimously.
On a motion by Mike Cagle to provide funding for the total agreement amount not to exceed
$115,000, seconded by Barry Thompson, the motion passed unanimously.
BRIEFINGS
1. Planning Director’s Report
Mr. Thompson discussed rezoning of 21.39 acres of land from I-1 to R-3 to develop a
residential subdivision located at 7812 Sanderson Drive. The Board of Supervisors Public
Hearing is on October 22, 2024. Other updates included adoption of the Roanoke County
200 Plan as the County’s Comprehensive Plan in September, Safe Streets for All Action
Plan, and the Dry Hollow Community Meeting on November 14th. Mr. Thompson also
discussed a proposed Zoning Ordinance Amendment that would prohibit the sales of
tobacco and vaping products within 1000 feet of a middle or high school building.
2. Director’s Report
Ms. Baker reported on the groundbreaking for the Roanoke County Career and Technology
Center held on September 9th. Construction should be completed next Wednesday.
She also discussed the Department’s hosting of an event at Explore Park for the Virginia
Economic Developers Conference.
Ms. Webb reported on events the Department is hosting with Roanoke County Public
Schools, including Manufacturing Day on Friday, October 4th and two Industry Insight Tours
on October 16th at Mack and November 13th at Carter Machinery.
Mr. Jones briefed the EDA on the Sisters City visit October 7th – 11th. Members of the
county’s sister city Opole, Poland will visit a variety of Roanoke Valley locations including
Burton Center for Arts and Technology, Hollins University, and Explore Park.
REPORTS AND INQUIRIES OF BOARD MEMBERS
None
ADJOURNMENT
On a motion by Mike Cagle and seconded by Sunny Shah and a unanimous vote, the meeting
adjourned at 10:01 a.m.
Respectfully Submitted,
Megan Baker
Secretary-Treasurer