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Home My WebLink About1/16/2025 - MinutesThe Economic Development Authority of Roanoke County Meeting Minutes Thursday, January 16, 2025, the Economic Development Authority met at the Roanoke County Administration Center Members Present Woody Windley, Chair Mike Cagle, Vice Chair Greg Apostolou Jeremy Carroll 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 Philip Thompson, Director of Planning, Roanoke County CALL TO ORDER Chairman Woody Windley called the meeting to order at 11:00 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 DECEMBER 12, 2024, MEETING MINUTES On a motion by Don Sowder to approve minutes of the December 12, 2024, EDA meeting, seconded by Sunny Shah, the motion carried unanimously. APPROVAL OF DECEMBER 20, 2024, MEETING MINUTES On a motion by Kyle Richardson to approve minutes of the December 20, 2024, EDA meeting, seconded by Jeremy Carroll, the motion carried unanimously. FINANCE REPORT 1. Financial Report through December 31, 2024 Paul Workman presented an overview of the statements of revenue, expenditures and changes in the fund balances ending November 30 and December 31, 2024. As requested, the monthly reports were redesigned to better show the monthly activity alongside the year-to-date (YTD) activity. Monthly operating revenue activity was reviewed with the committee noting that YTD operating revenues as of December 31 is $65,138 and YTD operating expenditures totals $205,927. Year-to-date fund balance change from operations is $(140,789). Funds rolled over at year-end due to available surplus funds was confirmed to be $240,899 of which current funding available that could be appropriated (allocated) is $145,743. EDA grants did not have any spending activity in November, but did have two payments in December related to the BEAP grant totaling $11,480. In November the EDA paid $200,000 to Gish Mill for payments received from Town of Vinton (TOV) in October. Incentive Agreements receipt from TOV and payments were made to E. Cleveland in November for $29,827 and $100,000 for the W. Lee Ave Incentive Agreement. Broadband projects did not have any activity in November; However, there was a payment to Cox Communications of $320,514 in December. Also, there was a previous Shantel contribution from FY24 of $53,873 that was reversed in December. Cash available at the end of December is $2,027,920. NEW BUSINESS 1. Election of Officers a. Chairman Kirtesh Patel nominated Woody Windley to serve as Chairman. Mr. Windley was elected by the following recorded vote: AYES: Apostolou, Cagle, Carroll, Patel, Richardson, Ross, Shah, Sowder ABSTAIN: Windley b. Vice-Chairman Woody Windley nominated Michael Cagle to serve as Vice-Chairman. Mr. Cagle was elected by the following recorded vote: AYES: Apostolou, Carroll, Patel, Richardson, Ross, Shah, Sowder, Windley ABSTAIN: Cagle c. Secretary and Treasurer Woody Windley nominated Megan Baker to serve as Secretary and Treasurer, which was seconded by Michael Cagle. Mrs. Baker was elected by the following recorded vote: AYES: Apostolou, Cagle, Carroll, Patel, Richardson, Ross, Shah, Sowder, Windley 2. Meeting Schedule Megan Baker proposed a meeting schedule for 2025, with meetings set for the first Thursday of every month at 9:00 a.m. On a motion by Greg Apostolou, seconded by Michael Cagle, the Authority voted unanimously to approve the proposed 2025 meeting schedule. At approximately 11:30 am, following the conclusion of the vote on the Meeting Schedule, Chairman Woody Windley departed the meeting due to a pre-determined scheduling conflict. Vice-Chairman Michael Cagle subsequently assumed responsibility for chairing the remainder of the meeting. BRIEFINGS 1. Woodworth Core Hotel Study for Starkey Road Mr. Tim Dick presented the results of a market analysis for a proposed 200-room upscale hotel in Roanoke County at the corner of Electric and Starkey Roads. The study focused on supply and demand, competitive positioning, and financial projections, incorporating site inspections, interviews with industry professionals, and historical data. The Tanglewood/419 area was identified as a prime location for development due to its amenities, accessibility, and demand potential. Administration emphasized the importance of the study in supporting the state’s brownfield grant for the project and attracting higher-value developers, brands, and retailers. ADJOURNMENT Due to time constraints, the following agenda items were not addressed: the Director’s Report and Report and Inquiries. These items will be carried forward to the next meeting agenda for discussion On a motion by Kirtesh Patel and seconded by Sunny Shah, and a unanimous vote, the meeting adjourned at 12:35 p.m. Respectfully Submitted, Megan Baker Secretary-Treasurer