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HomeMy WebLinkAbout8/1/2024 - MinutesThe Economic Development Authority of Roanoke County Meeting Minutes August 1, 2024, the Economic Development Authority met at the Roanoke County Administration Center Members Present Woody Windley, Chair Mike Cagle, Vice Chair Kirtesh Patel Greg Apostolou Todd Ross Don Sowder Barry Thompson Jeremy Carroll Megan Baker, Secretary-Treasurer Peter Lubeck, Counsel Guests Richard Caywood, County Administrator, Roanoke County Doug Blount, Assistant County Administrator, Roanoke County Paul Workman, Accounting Manager, Roanoke County Joe Zielinski, Economic Development Specialist, Roanoke County Alexander Jones, Assistant Director Marketing & Business Development, Roanoke County Lindsay Webb, Assistant Director Business Retention & Operations, Roanoke County Pete Peters, Town Manager, Town of Vinton A. CALL TO ORDER Chair Woody Windley called the meeting to order at 9:02 a.m. ROLL CALL Megan Baker called the roll. REQUEST TO POSTPONE, ADD TO, OR CHANGE THE ORDER OF THE AGENDA ITEMS Ms. Baker requested to remove the Planning Director’s update. Mr. Thompson will provide an update at the September meeting. Ms. Baker also introduced new staff members Alex Jones and Lindsay Webb. APPROVAL OF JUNE 6, 2024 MEETING MINUTES On a motion by Barry Thompson to approve minutes of the June 6, 2024, EDA meeting, seconded by Don Sowder, 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 May 31 and June 30, 2024. The current year to date activity includes investment income of $60,692. May and June saw a significant decline in the usual returns due to a reduction in cash holdings as a result of the Delta Dental Building purchase. The VSBA Bondholder assessment of about $7,500 annually from Richfield will not be collected in FY24 or going forward. Bondholder’s Assessment Fee of $56,925 for the 2019 Bonds sent to Friendship Manor at end of February, was finally received in May. Net change in Fund Balance for FY2024 is a negative $1,231,965. This yearly activity is mainly due to the sales, acquisitions and improvements of land and buildings. A summary of these activities was provided. The 2nd of 4 payments ($16,250/each) were made for year one for the Retail Strategies Study of which City and Salem have been billed their portion of $9,100/each (7,150 and 1,950 respectively). Cash available for use was $341,537 for May and $232,519 for June. Significant operating activity for May and June mainly consisted mainly of improvements to Glenmary Drive $220,750 and acquisition of the Delta Dental Building $1,847,152. Grant funds budgeted remain unchanged at $26,502. It is not until July 1 that we will see the new Business Equipment Acquisition Program Grant show up. New Incentive Agreements payments to show: $32,017 collected in May and paid in June for E. Cleveland. $108,015 collected and paid in June for Mack Trucks. $50,000 has been collected and paid in July for South Pollard and was accrued back to June. No additional broadband funds were received in May nor June. Not shown, we collected but have not dispersed to an additional $94,000 for Comcast and $53,873 for Shentel. NEW BUSINESS AND PUBLIC HEARING 1. Mack Performance Agreement Megan Baker presented Mack’s Performance Agreement between Roanoke County, the Economic Development Authority of Roanoke County, the Virginia Economic Development Partnership, and Mack Trucks, Inc. and its subsidiaries. Roanoke County and the EDA are party to the state agreement because, by statute, the state’s Commonwealth Opportunity Fund (COF) grant is distributed to the locality. The Locality then provides funds to the Authority, which transfers the funds to Mack, provided that the jobs and investment criteria set by VEDP are met. The grant total from VEDP is $255,000, which is allocated as 30% for the Company’s investment target and 70% for the Company’s New Jobs Target. The minimum investment requirement is $5,000,000 and the job requirement is 50 new jobs. Additionally, the agreement includes the local match of $842,000. Jeremy Carroll motioned, and Mike Cagle 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, in substantially the same form as has been included in today’s packet, subject to any minor changes that may be approved by the County Attorney, and the motion carried unanimously. 2. Performance Agreement with MVGA (Twin Creeks Brewing Company) Pete Peters presented the performance agreement between the Town of Vinton and MVGA. Barry Thompson motioned, and Kirtesh Patel seconded a motion to authorize the Chairman to approve the performance agreement with MVGA and to authorize the chairman to sign the agreement on behalf of the Authority. The motion passed by a vote of 7. Jeremy Carroll recused himself from the vote. BRIEFINGS 1. Director’s Report Ms. Webb summarized the criteria for the Business Equipment Acquisition Program (BEAP Grant). Applications are due September 1, 2024. Ms. Baker reported that the hotel study firm has been selected, and the study should start within the next few weeks. The partnership with Roanoke County Public Schools will continue this fall with Industry Insight Tours at OCC, Mack, and Carter Machinery. In celebration of Manufacturing Day on October 4th, students from the five high schools will tour Mack, Double Envelope, Marvin, OCC, and P1. REPORTS AND INQUIRIES OF BOARD MEMBERS Greg Apostolou asked about additional grocery stores in the Hollins area. ADJOURNMENT On a motion by Don Sowder and seconded by Barry Thompson and a unanimous vote, the meeting adjourned at 9:55 a.m. Respectfully Submitted, Megan Baker Secretary-Treasurer