MnsqR/oanglagod  Economic DeyelgpmentAuthonty  The Economic Development Authority held a regular meeting on Friday, August 9, 2024, at 1:00 p.m. in the Council Hall, Town Municipal Building, 215 East Main Street, Bedford, VA 24523.  Board members present:  Mr. Jonathan Buttram, Chairman; Mrs. Liz Brown; Ms. Lynn Scott; Mr. Kevin Turner; Mrs. Michelle  Crumpacker; and Mr. Ryan Kirkpatrick Board members absent:  Mr. David Sensenig, Vice-Chairman  Staff present:  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) Meeting Called to Order:  Mr. Theodore Craddock of Caskie & Frost, Attorney of Record for Economic Development Authority  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 Present Mr. Sensenig Mr. Buttram  Present Present Present Present Absent Present  Approval ofMinutes:  Ms. Scott made a motion to approve the July 12, 2024, minutes and Mrs. Crumpacker seconded. The  motion carried 6-0 to approve the minutes as presented.  8/9/24 EDA Minutes Page 1of5    Remarks by Chairman and Members:  Mr. Buttram announced that the Town closed on Winoa and the Authority was the owner as of August 1. He added that the Bedford Regional Water Authority now owns the sewer pump station located at the Mr. Buttram thanked Amit and Om Patel for joining the meeting. They were present to request another  facility. He will continue the discussion under Old Business.  extension request for the hotel. This will be discussed under New Business/Action.  Reports from Town Staff:  As part of the financial update, Ms. Zirkle gave a Financial Summary outlining the budget and grant incentives. She stated that the last tally of what EDA paid out already was $18,000.00 for the grants and then the $40,000 is set for the Tobacco Commission grant. She stated that another $15,000 will be paid out which should be shown in the next report at the quarterly meeting. Mr. Buttram clarified that the $40,000 is off for the incubator, sO that's not in the budget. Mr. Buttram suggested that every quarter the Authority looks at the financial summary report especially the closer it gets to the last quarter. Ms. Zirkle gave the financial report on behalf of Mrs. Cantrell and she stated that the Equity in Pooled Cashi is $821,516.86 on thel Balance Sheet through June. The Authority reviewed the Year-to-Date Budget  report and the Balance Sheet as of. June 2024.  Reports from Attorney:  Mr. Craddock asked if the check for $300,000 for the Winoa property was delivered to the Water Authority. Mr. Buttram confirmed that he received an email from Brian Key that the Water Authority received the check. He also asked Ms. Zirkle ifthere is insurance on the building. Ms. Zirkle replied that  the building is insured with the Town'sp policy.  New Business:  Ms. Zirkle referenced the staff memorandum included in the packet to document the request for an agreement extension in writing as follows. D-Day Omstay, LLC is requesting an extension of the Performance Agreement with the Town Economic Development Authority and Town Council. The original agreement is dated June 15, 2023. The first amended Performance Agreement is dated January 23,2024, and was executed when the Hampton brand provided a new hotel model aftert the developer had begun architectural work. That agreement extended the term ofthe first milestone for building footers by six months and the project completion date by five months. The revised time requested now is for an additional six months from September 30, 2024 tol March 31,2025 for the performance measure ofhaving footers poured. Similarly, the request is also for an additional eight months to change the final Mr. Buttram asked Mr. Patel to give an update to the Authority. Mr. Om Patel and Mr. Amit Patel on behalf ofI D-Day Omstay, LLC were present to explain the reason for their 2nd performance agreement extension request. Mr. Om Patel stated that since the last request they switched from the Hampton Inn design to the Hampton Inn and Suites design and this caused a two-month delay. He stated that they received verbal approval from Hampton Inn and Suites but is waiting on comments to finalize the project drawings. He asked Mr. Buttram ifhe received an email from the representative. Mr. Buttram stated that  performance completion date from December 31, 2025 to August 30, 2026.  8/9/24 EDA Minutes Page 2of5    he has and was told by the representative that the project is progressing and isi in good standing. Mr. Amit Patel stated that Hampton Inn came with ai newj prototype allowing them to upgrade to 25 percent all suites with more rooms. Mr. Patel stated that the primary delays are due to a large amount of fill dirt that is required and the excavation and stabilization process takes time before constructing the footers to avoid severe structural issues. He also wanted to factor in the County Erosion and Sediment Control conditional approval. Mr. Patel explained the reason why the commencement date was extended by one month and the completion date by two months in case future delays are projected. Mr. Om Patel stated that the goal Mr. Buttram stated that since both the County and Town are watching, he added that the Authority needs estimated target dates in writing. He asked for ai motion to give the Chair or Vice Chair authorization to sign the agreement contingent upon submittal oft the written target dates from Mr. Patel. Ms. Zirkle noted the current request for a written time schedule and periodic updates from the developer are similar to The Chair asked for a motion that he is given authorization contingent on receiving the dates. He stated that Town Council must agree with the extension before amending the Performance Agreement. Mr. Patel agreed to provide the dates requested. Mr. Turner made a motion that the Chair has the authorization to approve the extension pending a schedule and regular updates to extend the 2nd Performance Agreement  is to finish as soon as possible by putting in contingencies but there are no guarantees.  Town Council'srequest: for the Middle School project.  for the hotel subject to approval by Town Council. Mr. Kirkpatrick seconded.  The Chair asked forar roll-call vote:  Mr. Turner Ms. Scott Mr. Kirkpatrick Mrs. Brown Mrs. Crumpacker Mr. Sensenig Mr. Buttram  Aye Aye Aye Aye Aye Absent Aye  Next item of New Business, Ms. Zirkle discussed the Tobacco Commission Grant Agreement for Incubator Study and highlighted the need for an incubator in Town. She stated that the grant award is $40,000 for the study with equal match required from the EDA. She advised the Authority they would need to make a motion to authorize the Chair to sign the grant agreement for the incubator study. The Chair asked for a motion. Mrs. Brown made ai motion to authorize the Chair to sign and execute the  grant agreement on behalf ofthe Authority. Ms. Scott seconded.  The Chair asked foraroll-call vote:  Mr. Turner Ms. Scott Mr. Kirkpatrick Mrs. Brown Mrs. Crumpacker Mr. Sensenig Mr. Buttram  Aye Aye Aye Aye Aye Absent Aye  8/9/24 EDAI Minutes Page 3of5    Old Business:  The Authority was elated that the Winoa facility closed on August 1, 2024. Since the last meeting, Mr. Buttram reiterated his priorities were bids from companies. He wanted tor meet with. John Wagner, Director ofTown Electric, to discuss shutting off power to part of the Winoa facility. He also wanted to reconnect security cameras and increase security by adding key pad locks and additional cameras on1 the facility. Mr. Buttram still expressed ideas of developing the back-bay area into a foundry and putting together an information packet. He talked about the need to contact Norfolk Southern Railway about the rail spur. Mr. Buttram reiterated his plans to shut off the water, have electrical power only for security lights, start Ms. Zirkle stated that she released RFPs for cleanup of the building and the GoVirginia grant, which will be to create ai masterplan. Ms. Zirkle explained that there is al lot of underground fiber line throughout the facility. Mr. Buttram added that the Town hired Shane Murphy as an on-call maintenance assistant because he was familiar with the layout of the building. Ms. Zirkle stated that she has the job contract for Next item ofOld Business, the Authority continued its discussion from May about outside agency policy for non-profit organizations. Mr. Buttram shared key points he came up with for a grant program for non- profit organizations toj promote economic development. Ms. Zirkle stated that Town Council has allotted $20,000 but the Authority needs aj policy on how to consider which applicants get funding. Mr. Buttram stated that the scope shall bei to promote the Economic Development Authority's objectives. Mrs. Brown wanted to know if the Tribute Center was approved for funding. Ms. Zirkle shared the list provided by Town Council and how the organizations were funded in the past. She explained the difference between outside agency funding and sponsorship, stating that approved sponsorship comes out of the marketing account. Mrs. Crumpacker asked what does the current application looks like that the agencies use and Ms. Zirkle noted those are in her office. The Authority discussed dividing up the funds at the September meeting. The Authority determined to use the standard application used by Town Council and divvy up the $20,000 among those submitted this year requesting funds. Ms. Zirkle wanted the organizations to explain the use of funds. Mr. Buttram wanted a new policy by next year. Ms. Zirkle wanted to clarify that the organization named on the list is a function of government? She wanted to have that discussion with The Chair asked for a motion. Mr. Kirkpatrick made a motion to accept the non-profit organizations grant program outline discussed at the meeting as a structure to create the future policy. Mrs. Brown seconded.  working on grants, clean the facility, and show it.  Mr. Murphy for the Chair's signature after the meeting.  Administration.  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 Aye Aye Absent Aye  Before the meeting was adjourned, Ms. Zirkle stated that each member was provided the final copy oft the  signed Bylaws for their records.  8/9/24 EDA Minutes Page 4of5    Adjournment:  The meeting adjourned at 2:08 pm. The next meeting will be on Friday, September 13, 2024, at 1:00 pm.  Respectfully submitted, Cathy Johnson, Secretary Approved on October 11, 2024.  Buttram, Chairman  hAb  8/9/24 EDAI Minutes Page 50 of5