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Home My WebLink About5/15/2025 - MinutesThe Economic Development Authority of Roanoke County Meeting Minutes Thursday, May 15, 2025, the Economic Development Authority met at the Roanoke County Administration Center Members Present Woody Windley, Chair Greg Apostolou Jeremy Carroll Kirtesh Patel Sherry Lawrence Barry Thompson Michael Altizer Todd Ross 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 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 MIKE ALTIZER Megan Baker introduced Michael Altizer, the new EDA Board Member representing the Vinton Magisterial District. A longtime Roanoke Valley resident, Michael brings extensive leadership experience from both the public and private sectors. He retired in 2022 as Fleet Manager for the Western Virginia Water Authority and previously spent over two decades in regional operations management in the auto service industry. He also served on the Roanoke County Board of Supervisors, including terms as Chairman and Vice Chairman, and on the Roanoke County School Board. APPROVAL OF MARCH 6, 2025, MEETING MINUTES On a motion by Barry Thompson to approve minutes of the March 6, 2025, EDA meeting, seconded by Sunny Shah, the motion carried unanimously. FINANCE REPORT 1. Financial Report through April 30, 2025 Paul Workman reviewed the statement of revenue, expenditures and changes in the fund balances ending February 28, March 31, and April 30, 2025. Monthly operating revenue activity includes investment income, bondholder assessment fees, Roanoke County annual contribution, and collections from other localities for the Retail Strategies Study. Year-to- Date operating revenues is $147,220. February through April operating expenditure activity includes $6,621 payment for board salaries, $32,500 for the 3rd and 4th (final) payment for the Retail Study, and $294 for Constant Contact subscription (3 months). Total year-to-date operating expenditures total $247,064. Year-to-date fund balance change due to operations is $(99,844). EDA grants had no activity in February nor April but did distribute $12,950 to William Moore General Dentistry in March. In February, the EDA paid $71,993 to Vineyard Station and $30,680 to E. Cleveland for payments received from Town of Vinton. The EDA also transferred $55,060 from County Capital Broadband for the Waukeshaw Development for taxes collected by the County. There was no activity in March nor April. Broadband projects did not have any activity in February through April. Cash available at the end of April is $2,048,209. There was an inquiry regarding if there were any restrictions on the cash and Mr. Workman replied that there were restrictions on undistributed grant payouts of $57,426 and that the amount reported excludes these restricted amounts. NEW BUSINESS 1. First Amendment to the Hotel Performance Agreement between the Town of Vinton and KARA Roanoke, LLC Jeremy Carroll, counsel for the Town of Vinton, presented the First Amendment to the Hotel Performance Agreement between the Town of Vinton and KARA Roanoke, LLC on behalf of Town Manager Pete Peters. The amendment adds a seventh parcel—recently acquired by KARA Roanoke, LLC—to the existing agreement, which originally included six parcels conveyed by the Town. KARA Roanoke, LLC acquired this additional parcel directly from a private landowner, a transaction that was completed after the execution of the original agreement. Todd Ross made a motion, seconded by Barry Thompson, to authorize the Chairman to approve the First Amendment to the Hotel Performance Agreement between the Town of Vinton and KARA Roanoke, LLC. The motion carried with seven votes in favor. Jeremy Carroll and Kirtesh Patel recused themselves from the vote. BRIEFINGS 1. FY 2026 Budget Assistant County Administrator Doug Blount presented the staff-proposed FY 2026 Economic Development Authority The main budget categories include: • $45,000 for prospecting which includes staff attending marketing conferences and site architecture and engineering; • $150,000 for programs, which includes $50,000 for EDA-owned stormwater ponds and $100,000 for the Business Equipment and Acquisition Program (BEAP) grant; and • $725,000 to support future projects. Mr. Blount also discussed developing financial management policies for the EDA. The presentation was for informational purposes only, with a formal vote scheduled for the June meeting. 2. BEAP Grant Lindsay Webb provided an update on the BEAP Grant. She noted that the inaugural round of the program was well-received, with strong participation across diverse sectors. Based on lessons learned, staff recommends continuing the program with minor adjustments to improve efficiency and impact. Key updates for FY 2026 include: • Adjusting eligibility to require two full-time employees (previously three) • Limiting applicants to one submission per year • Reducing the reimbursement window to six months • Making prior-year recipients ineligible • Introducing a scoring incentive for workshop participation The grant remains reimbursement-based, with a 50% match up to $20,000 for eligible, taxable acquisitions. Staff has requested level funding of $100,000 for the upcoming year. Outreach efforts will expand through social media, newsletters, business visits, and RVTV to increase awareness across Roanoke County. Jeremy Carroll departed the meeting at 10:08 a.m., following the conclusion of the BEAP Grant presentation. 3. Director’s Report Megan Baker provided a written report on recent staff activities, highlighting the upcoming inaugural Virginia’s Blue Ridge Regional Restaurant Week, scheduled for May 31 to June 8. The event aims to showcase local culinary talent and support restaurants across the region. REPORTS AND INQUIRIES Mike Altizer encouraged continued strategic planning and partnership opportunities, requesting future discussion on Explore Park and the region’s new Career and Technical Education (CTE) center. Megan Baker shared that Jason Suhr will attend the next meeting to provide a comprehensive presentation on the CTE center. On behalf of the EDA, Sunny Shah congratulated Megan Baker on her recognition as one of the Top 50 Economic Developers. ADJOURNMENT On a motion by Kirtesh Patel and seconded by Greg Apostolou, and a unanimous vote, the meeting adjourned at 10:24 a.m. Respectfully Submitted, Megan Baker Secretary-Treasurer