Mnsqvg/bonglagoa  Economic DevelopmentAuthonty  The Economic Development Authority held a regular meeting on Friday, February 9, 2024, at 1:00 pm. in the Council Hall, Town Municipal Building, 215 East Main Street, Bedford, VA 24523.  Board members present:  Mr. Jonathan Buttram, Chairman; Mr. David Sensenig, Vice-Chairman; Ms. Lynn Scott; Mr. Kevin  Turner; and Mr. Ryan Kirkpatrick Board members absent:  Mrs. Liz Brown and Mrs. Michelle Crumpacker  Staff present:  Mr. Bart Warner, Town Manager; Ms. Mary Zirkle, Director of Planning and Community Development;  and Ms. Cathy Johnson, Administrative Assistant  Staff absent:  Mrs. Anne Cantrell, Director of Finance  Other present: (via Zoom) Other absent: None  Mr. Theodore Craddock of Caskie & Frost, Attorney of Record for Economic Development Authority  Meeting Called to Order:  The Chair called the meeting to order. There was a quorum present for conducting business.  The Clerk gave the roll-call:  Mr. Turner Ms. Scott Mr. Kirkpatrick Mrs. Brown Mrs. Crumpacker Absent Mr. Sensenig Mr. Buttram  Present Present Present Absent Present Present  2/9/24 EDAI Minutes Page 1of5    Approval of Minutes:  Ms. Johnson stated that the January 12,2024 minutes should read the next meeting date will be February 9, 2024 and not March 5, 2024 as typed. Ms. Scott made a motion to approve the January 12, 2024, minutes as amended and Mr. Turner seconded. The motion carried 5-0 to approve the minutes as  amended to correct the next meeting date to February 9, 2024.  Remarks by Chairman and Members:  Mr. Buttram stated that he and Mary Zirkle met with Brian Key at the Bedford Regional Water Authority regarding the sewer pump station at Winoa and the water and sewer infrastructure on Burks Hill Road to connect the proposed hotel. He stated that the next meeting will be with John Wagner, Director of Town Electric, to discuss power to the Winoa facility and the pump station. He stated the need to shut-off power to clean the building. He stated that the EDA will not be responsible for paying  for the electric bill for the pump station. Reports from Town Staff:  As discussed at the last meeting, Ms. Zirkle stated that the grant application for the proposed small business incubator center was submitted to the Tobacco Commission by the February 8 deadline. Ms. Zirkle gave the financial report on behalfofMrs. Cantrell. She stated that the Equity in Pooled Cash amount is $811,543.07 and this is what the Authority has on hand. The Authority reviewed the Balance Sheet and the December Year-to-Date Budget Report. Ms. Zirkle stated that the amount will be reduced  when the Winoa closing happens. Reports from Attorney:  Mr. Craddock stated that the Winoa target closing date is March 7,2 2024. He reminded that the Authority authorized the Chair or Vice Chair to sign the closing documents on behalf of the Authority, SO it does Mr. Craddock reminded the Authority that their Conflict of Interest Statement had to be done by February 1. Ms. Zirkle assured that every member had turned in their statement to Debra Anderson. To keep the FOIA training up to date, Mr. Craddock agreed that it was okay for the Authority to view the recorded FOIA training by Mike Lockaby. Staff will provide the link oft the recorded training.  not come back to the Authority.  New Business:  The next item on the agenda was a request for an extension of the Performance Agreement at the former middle school. Mr. Buttram explained the reason for Dave McCormack of Waukeshaw Development to request an extension of! his Performance Agreement dates for the apartment complex completion in "the Ms. Zirkle provided a timeline of construction progress and completion dates for the projects provided by Waukeshaw on. January 9, 2024. She provided a staff memo dated February 2 into the public record. Waukeshaw Development, Inc. is requesting an extension oft the Performance Agreement with  Middle School" building and hotel completion the 'Old Yellow' building.  2/9/24E EDAI Minutes Page 20f5    the Town Council and Town EDA. The First Amended Performance Agreement is dated June 23, 2020 and was executed after the fire of January 2020. This agreement extended the lease term of the property and project. The agreement references a 36-month time frame for project completion from the date of closing. This required the developer to complete the project in Attached is ai timeline of construction progress and completion dates for the projects provided by Waukeshaw on January 9, 2024. The Middle School completion date is shown at December 31, 2024 and the Old Yellow section shows a completion date of March 31, 2025. Both the EDA and Town Council will need to agree to an extension for an amended performance date, ift they  March 2024. Excerpts from the agreement are below.  choose to do SO.  3. Company's Performance Commitments  3.b. Intent of Project. Company represents that the Project cost (including but not limited to construction and related soft costs) is estimated at $10,000,000, though the final actual cost may vary from that estimate as the Project evolves. The uses which the Company shall make of the Property, subject to such variations, consistent with this use, as may be approved upon final  engineering and zoning approval, are: approximately 34 rooms. market rate apartment units. or office space.  - The 'Old Yellow' building will be redeveloped as al boutique hotel, with The Middle School building will be redeveloped with approximately 60 - The cafeteria building will be used as a catering kitchen and classroom - The gymnasium building will be maintained as gymnasium space; the existing classroom space ini the building may be adapted to office space. All uses will be clearly identified within a site plan submitted by the Company that is fully compliant with Section 1002.02 of the Town of  Bedford Land Development Regulations.  3.c. Completion. The Company shall have thirty-six (36) months from closing on the sale oft the Property to substantially complete the Project. "Substantially complete" means that the Old Yellow and Middle School structures are substantially complete and able to obtain a final certificate of occupancy for the entire structures for the uses set forthi in Subsection b., above, in the judgment ofthe Chief Building Official for the Town of Bedford.  Mr. Buttram turned the discussion over to Dave McCormack of Waukeshaw Development, Inc. He was Mr. McCormack stated he wanted to extend the completion dates in the Performance Agreement and there were no other substantial changes to the agreement. He wanted to extend the apartment complex "the Middle School" completion date from March 2024 to. January 1, 2025, and the hotel 'Old Yellow' The Authority stated that the building has to be completed. Mr. McCormack stated at least enough for him to obtain a certificate of occupancy permit. When asked how things are going at the site, Mr. McCormack stated that they are at the rough-in stage. The Authority asked was he able to meet the  present on Zoom to discuss his Performance Agreement extension request.  completion date from March 2024 to April 1,2025.  2/9/24 EDAI Minutes Page 3of5    completion dates if the extension is granted. He stated that he doesn't visualize any obstacles and the work should be done by the extended completion dates January 1, 2025 and April 1, 2025, respectively. Mr. Craddock advised the Authority that Town Council must agree with the same extension dates and The Chair asked for motion. Mr. Sensenig made a motion to amend the Performance Agreement to extend the apartment complex completion date from March 2024 to January 1, 2025 and the hotel to  both Boards agree before amending the Performance Agreement.  April 1,2025, subject to approval by Town Council. Mr. Kirkpatrick seconded.  The Chair asked for a roll-call vote:  Mr. Turner Ms. Scott Mr. Kirkpatrick Mrs. Brown Mrs. Crumpacker Mr. Sensenig Mr. Buttram  Aye Aye Aye Absent Absent Aye Aye  Before Mr. McCormack signed off, he confirmed that he rescheduled a tour of the facility for Town Council and the Economic Development Authority on February 22, 2024, from 2pm - 3:30pm in 30 minutes increments. Ms. Zirkle stated that the Chairman has the signup sheet and she explained that no  more than two members may attend per timeslot sO it will not constitute ai meeting.  At this time, Mr. Warner left the meeting at 1:13 pm.  Old Business:  At its last meeting, the Authority discussed a proposed childçare initiative. Ms. Zirkle stated that Liz Brown on the Authority met with childcare providers and provided some information for the Authority. In Mrs. Brown's absence, Ms. Zirkle provided an email to Liz Brown from Dana with Stepping Stones The Authority discussed that it gave money to churches for capital improvement projects before and it does not have restrictions against religious backed businesses. The Authority discussed the willingness to help businesses with capital investments and what should the incentives cover. The Authority discussed ifthe incentive should address or allow staff salaries and ai maximum age requirement for kids under 18 years of age. The Authority discussed how to define school VS. childcare and pre-school and Mr. Buttram wanted to continue the childcare initiative discussion at the next meeting when Mrs. Brown is present. The Authority agreed to give it another month to continue discussing the draft incentive provided by Mr. Buttram at the last meeting. Ms. Zirkle suggested that the Authority also discuss the initiative at the joint meeting with the County Economic Development Authority to be held on March 5.  with reasons there is the need for grants to help expand daycare facilities in the Town.  after school.  Date ofNext Meeting:  2/9/24 EDAI Minutes Page 4 of5    The Chair confirmed that there will not be two meetings in March. The joint meeting with the County will be on Tuesday, March 5, 2024, starting at 5:00 pm in the County Administrative Building and the next regular meeting will be on Friday, April 12, 2024 at 1:00 pm in the Town Municipal Building. The meeting adjourned at 1:37 pm. The next meeting will be a joint meeting with the County Economic Development Authority on Tuesday, March 5, 2024, at 5:00 pm. The next regular meeting will be April  Adjournment:  12,2024.  Respectfully submitted, Cathy Johnson, Secretary Approved on April 12, 2024  Dlcechelnn  R Mr.. Jonathan Buttram, Shairman  -fwr Jongtan 3vtpar, Chimm  2/9/24 EDAI Minutes Page 50f5