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HomeMy WebLinkAbout3/6/2025 - MinutesThe Economic Development Authority of Roanoke County Meeting Minutes Thursday, March 6, 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 Sherry Lawrence Barry Thompson Megan Baker, Secretary-Treasurer Doug Barber, Counsel Guests 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 Michael Warsaw, Portfolio Director, Retail Strategies Jimmy Pritchett, Retail Development Associate, Retail Strategies Pete Peters, Town Manager, Town of Vinton CALL TO ORDER Chairman Woody Windley called the meeting to order at 9:00 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. INTRODUCTION OF NEW MEMBER SHERRY LAWRENCE Megan Baker introduced new Sherry Lawrence, the new EDA Board Member for the Catawba Magisterial District. Sherry serves as Poe & Cronk’s Chief Financial Officer and has been a part owner of the firm since June 2015. She also serves on the Roanoke Valley Chamber of Commerce Board of Directors and has previously served on the Roanoke County Budget and Fiscal Affairs Committee. APPROVAL OF JANUARY 16, 2025, MEETING MINUTES On a motion by Mike Cagle to approve minutes of the January 16, 2024, EDA meeting, seconded by Kirtesh Patel, the motion carried unanimously. FINANCE REPORT 1. Financial Report through January 2025 Paul Workman reviewed the statement of revenue, expenditures and changes in the fund balances ending January 31, 2025. Monthly operating revenue activity includes Investment Income of $9,958. Year-to-Date operating revenues is $75,096. January operating expenditure activity includes a $1,722 payment for board salaries. Total year-to-date expenditures total $207,649. Year-to-date fund balance change due to operations is $(132,553). EDA grants did have grant payments related to the BEAP grant of $19,550 in January bringing the total spent to $31,030. In January the EDA paid $50,000 to Vineyard Station and $29,756 to E. Cleveland for payments received from TOV. The EDA also paid $58,766 to Waukeshaw Development for taxes collected and received by TOV and the County (55,060 was transferred from Capital-C428 in Feb). Broadband projects did not have any activity in January. Cash available at the end of January is $2,073,250. NEW BUSINESS 1. Assign EDA Performance Agreement with KARA HOSPITALITY, LLC to KARA ROANOKE, LLC Pete Peters presented the reassignment of the EDA Performance Agreement from KARA HOSPITALITY, LLC to KARA ROANOKE, LLC. Barry Thompson motioned, and Mike Cagle seconded a motion to authorize the Chairman to approve the assignment of EDA Performance Agreement with KARA HOSPITALITY, LLC to KARA ROANONKE, LLC. The motion passed by a vote of 6. Jeremy Carroll recused himself from the vote. 2. Resolutions Recognizing Kyle Richardson and Don Sowder Megan Baker recognized Kyle Richardson and Don Sowder for their service to the EDA. Jeremy Carroll motioned, and Barry Thompson seconded a motion to approve the resolutions recognizing Mr. Kyle Richardson and Mr. Don Sowder. The motion passed unanimously. BRIEFINGS 1. Retail Study Michael Warsaw and Jimmy Pritchett presented on the Roanoke Region’s retail study, conducted by Retail Strategies, a national firm that partners with communities to grow their retail base and enhance economic development. The firm focuses on connecting retailers with available real estate and supporting both attraction and retention efforts. Mr. Warsaw provided an overview of how retail recruitment impacts local economies and outlined the key factors retailers consider when selecting new locations. These factors include population demographics, daytime population, existing retail mix, and real estate availability. In the first year of the partnership, Retail Strategies: • Held 55 conversations with national and regional retailers • Identified 7 potential retail sites across the region • Represented the region at 4 national trade shows to generate retail interest 2. Director’s Report Megan provided an overview of her recent activities, including highlights from the IEDC Leadership Conference she attended in January. She also shared details about the inaugural Virginia’s Blue Ridge Regional Restaurant Week, scheduled to take place from May 31 to June 8, which will showcase the region’s culinary talent and support local businesses. Additionally, Megan noted that County Administration and Economic Development staff recently met with Carilion’s Innovation team to discuss potential collaboration and emerging opportunities. ADJOURNMENT On a motion by Kirtesh Patel and seconded by Mike Cagle, and a unanimous vote, the meeting adjourned at 10:31 a.m. Respectfully Submitted, Megan Baker Secretary-Treasurer