MEETING AGENDA FRIDAY, OCTOBER 18, 2024 ROOM 229; 2:00 P.M.  ECONOMICI DEVELOPMENT AUTHORITY OF BOTETOURT COUNTY, VIRGINIA  57 SOUTH CENTER DRIVE, DALEVILLE, VA: 24083  1. Call to Order 2. Public Comment  3. Approval of Minutes from June 21, 2024, and. July2 29, 2024  4. Financial Report:  a. Bank: Statements Ending September 30, 2024  b. Financial Statements Viasat, FirstBank Update  Update: Old Colonial Insurance Incentive Agreement- Luke Campbell 6. The Glebe Outstanding Series 2014A Bonds Issued through EDA- Mike Lockaby  7. Motion to hold a closed session to discuss the acquisition of real property for public uses or the disposition of publicly held real property where discussion in open session would adversely affect the bargaining position or negotiating strategy of the public body; discussion concerning: a prospective business or industry or the expansion of an existing business or industry where no previous announcement has been made oft the business or industry's interest in locating or expanding its facilities in the County in the Amsterdam (including Greenfield), Blue Ridge, Buchanan, Fincastle, and' Valley districts as per Section: 2.2-3711 (A) (3), (5), and (6) oft the Code of Virginia of  1950, as amended. 8. Convene in Closed Session  9. Return to open. session and adopt thet following resolution by roll call or other recorded vote: BE ITI RESOLVED, iti is certified that toi the best of each Authority member's knowledge only public business matters lawfully exempt from open meeting requirements and only such matters as were identified in the motions to goi into closed session were heard, discussed, or considered during the  closed session.  10. Action Items / Old & New Business:  a. Small Business Grants b. Eldor Tax Rebate Applications  11. Adjournment - Next Regular Meeting is scheduled for November 15. 2024    A meeting oft the Botetourt County Economic Development Authority was held on Friday, June 21, 2024,  at 2:00 p.m. at the Botetourt County Administration Center at Greenfield in Room: 229.  Members Present:  Mr.. John Kilby - Chairman Mr.John Griffin- Vice Chairman Mrs. Mary Bess Smith Mr.. Jeff Emry Mr. Gary Larrowe Dr. Mac Scothorn Mr. Ken McFadyen Mr. David Moorman Call to Order and Public Comment none, he movedi to the Financial Report.  Mr. Lyn! Hayth Mr. David Bryan Mr.. John Alderson  Members Absent:  Others In Attendance:  Mr. Mike Lockaby Mr. Luke Campbell Ms. Kim Stewart  Mr. Kilby called the meeting to order and asked if anyone would like to make public comment. Hearing  Financial Report  Bank Statements and Financial Statements as of May 31. 2024  Mr. McFadyen presented the financials for May and stated that the FirstBank account needs to be closed out and the remaining funds in that account moved to the Bank of Botetourt. He also statedi that the May financial statements were directly from the data PBS sent Campbell & Lineberry and that Kris took that and updated and reconciled fromi the previous financials. She does have several questions that staff are working through with her and thei item for LARE has been removed. Both the accounting and banking transitions have been smooth, and both Campbell & Lineberry and Bank of Botetourt staff have been  great to work with. Proposed EDAI FY25 Budget  Mr. McFadyen reviewed the projected EDAI FY25 budget with revenues over expenditures to equal $306,505. He reminded the Authority that with. JMI Industrial, the anticipation is still of them clearing the note in this coming fiscal year and that if the EDA didn't have. JMI Industrial, the projected revenue over expenditures would be closer to $27,000. Mr. McFadyen reviewed the categories of incentive payments, the grants categories. including the broadband grants, and stated that staff has still not been told the outcome of the most recent grant applications for the Arcadia area and the southern part of the County. The governor's office is awaiting making those announcements. He also mentioned the BTEC welding lab grant project that should wrap up soon. Then Mr. McFadyen reviewed the general operating expenses as well as revenues fromi the Viasat lease, the RVBA Co-Location lease, and banking interest. Mr. McFadyen noted that the projected operational expenses are self-funded by the EDA andi that the EDA does not request funding from the County for those expenses. Mr. Kilby called for a motion the Authority approve the proposed EDAI FY25 budget. Mr. Hayth made the motion, seconded by Mr. Griffin,  and with all inf favor and none opposed, the budget was approved.  AYES: NAYES: ABSENT:  Mr. Kilby, Mr. Hayth, Mr. Bryan, Mr. Griffin Mr. Emry. Mrs. Smith, Mr. Alderson  None  ABSTAINING: None  1    Proposed RVBA FY25 Budget  Mr. McFadyen then pointed tot the proposed RVBA FY25 budget in the meeting packet and reminded the Authority of Mr. Bandy's presentationi regarding the proposed budget at the May 17th meeting andi that the EDA did not vote on that budget in! May. Mr. Kilby askedi if anyone had questions and Mr. Hayth asked about adding tenants to the data center. Mr. Bandy had mentioned that hei is working on potentially two more racks tol be rented. With not further questions, Mr. Kilby called for a motion the RVBAI FY25 budget be approved. Mr. Griffin motioned and Mr. Hayth seconded. With all int favor and none opposed, the  motion carried. AYES: NAYES: ABSENT:  Mr. Kilby, Mr. Hayth, Mr. Bryan, Mr. Griffin Mr. Emry, Mrs. Smith, Mr. Alderson  None  ABSTAINING: None  Eldor Tax Rebate Application  Mr. McFadyen said the rebate coming tot the EDA for Eldor is late for a variety of reasons. Eldor claimed business personal property that is not eligible for this rebate and they also submitted assets that arei in Michigan as part oft this application. So County staff had to take time with the Commissioner of Revenue and Eldor's finance officer to determine what thet true application amounti ist for real estate and machinery andi tools. Mr. McFadyen provided Eldor's original application with cover memo and corrections noted on the application. After reviewing everything, Eldor's rebate for grant year six, which is tax year 2022, comes to $186,802.35 As of the end of 2022, Eldor had 256 qualifying positions and total capital investments of $85.748,651, whichi is 110% oft thei target amount of capital investment for year six of the performance agreement. Mr. Hayth asked ifity would go toi the Board of Supervisors to approve paying Eldor the rebate, and Mr. McFadyen answered that it would goi to the Supervisors to approve toy pay the rebate to the EDA who will in turn pay Eldor. Mr. Kilby asked if there were any more questions and hearing none, called for amotioni to approve paying Eldor the tax rebate in the amount of $186,802.35. Mr. Hayth made the motion and Mr. Griffin seconded, and with alli inf favor and none opposed, the motion passed.  AYES: NAYES: ABSENT: Closed Session  Mr. Kilby, Mr. Hayth, Mr. Bryan, Mr. Griffin Mr. Emry, Mrs. Smith, Mr. Alderson  None  ABSTAINING: None  Mr. Kilby then called for ar motion to go into Closed Session:  Motion to go into closed session to discuss the acquisition and disposition of real property for purposes of economic development, int the Amsterdam district (including Greenfield) where discussioni in an open meeting would adversely affect the Authority's bargaining position or negotiating strategy, pursuant to Motion to go into closed session to discuss prospective businesses or industries or the expansion of existing businesses or industries, int the. Amsterdam (including Greenfield) and Valley districts where no previous announcement has been made of the businesses' or industries' interest in locating or expanding facilities in the community, pursuant to Section 2.2-3711 (A)(5) of the Code of Virginia of 1950, as Motion to goi into closed session to discuss the investment of public funds where competition or bargaining is involved, in the Amsterdam (including Greenfield) and' Valley districts, where discussion in an open meeting would adversely affect the Authority's financial interest, pursuant to Section 2.2-3711 (A)  Section 2.2-3711 (A)( (3) oft the Code of Virginia of 1950, as amended.  amended.  (6) of the Code of Virginia of 1950, as amended.  2    Mr. Hayth madei the motion and Mr. Bryan seconded. And with all in favor and none opposed, the motion  carried. AYES: NAYES: ABSENT:  Mr. Kilby. Mr. Hayth, Mr. Bryan, Mr. Griffin Mr. Emry, Mrs. Smith, Mr. Alderson  None  ABSTAINING None  Return to Open Session Mr. Kilby read thet following resolution:  BE IT RESOLVED, iti is certified that to the best of each Authority member's knowledge, only public business matters lawfully exempt from open meeting requirements and only such matters as were identified in the motions to go into Closed Session were heard, discussed, or considered during the  Closed Session.  The EDA then returned to Open Session with Roll Call:  AYES: NAYES: ABSENT:  Mr. Kilby, *Mr. Hayth, Mr. Bryan, Mr. Griffin Mr. Emry, Mrs. Smith, Mr. Alderson  None  ABSTAINING: *Mr. Hayth  *Mr. Hayth excused himself from a portion of closed session due to a potential conflict of interest regarding employment with Bank of Botetourt wherein Bank of Botetourt may have an interest in a  transaction discussed during closed session. Action Items / Old & New Business  Eldor Commonwealth Opportunity Fund Grant Update  Mr. McFadyen reviewed the terms of Eldor's Commonwealth Opportunity Fund grant and stated that as of the end of May of this year, Eldor had met the: 350 job creation requirement. They had 365j jobs ont their payroll report with wages that qualified. Eldor's next quarterly payroll report should reflect this and the final $200,000 incentive payment to Eldor should take place sometime this summer. The Commonwealth Opportunity Fund Grant can be closed out after the final disbursement.  FY24 Small Business Grants Update  Mr. Campbell gave the Authority an overview oft the Small Business Grants program for FY24 and said the application period opened in June and will close. July 12. Nine businesses have submitted applications at this time and Mr. Campbell said that depending on how many qualified applications are received by the deadline, awards could goi to between 10-20 recipients. The County and the Roanoke Regional Small Business Development Center are marketing the grant. Mr. Larrowe suggested sharing the marketing to  the Roanoke Regional Chamber for even greater exposure. BTEC- GO Virginia Welding Lab Project Update pay request to the EDA at the. July meeting.  Mr. McFadyen reviewed the terms oft the GO Virginia Welding Lab Grant and updated the Authority on the progress made thus far. He anticipated that the project will be closing soon and that staff will bringa  3    Adjournment  Hearing no further discussion, questions, or comments, Mr. Kilby called for ar motion to adjourn. Mr. Griffin motioned and Mr. Hayth seconded, and with alli in favor and none opposed, the meeting adjourned.  AYES: NAYES: ABSENT:  Mr. Kilby, Mr. Hayth, Mr. Bryan, Mr. Griffin Mr. Emry, Mrs. Smith, Mr. Alderson  None  ABSTAINING: None  4    Ar meeting oft the Botetourt County Economic Development Authority was held on Monday, July 29, 2024, at 2:00 p.m. at the Botetourt County Administration Center at Greenfield in Room 229.  Members Present:  Mr.John Kilby Chairman Mr.John Griffin - Vice Chairman Mrs. Mary Bess Smith Mr. Lyn Hayth Mr. Gary Larrowe Mr. Mike Lockaby Mr. Ken McFadyen  Mr.John Alderson Mr. David Bryan Mr.Jeff Emry  Members Absent: Others In Attendance:  Mr. Luke Campbell Ms. Kim Stewart  Call to Order and Public Comment none, he moved to the approval of minutes.  Mr. Kilby called the meeting to order and asked if anyone wished to make public comment. Hearing  Approval of Meeting Minutes of March 7. 2024. and March 15. 2024  Mr. Kilby asked if everyone had reviewed the March 7, 2024. and March 15. 2024 meetings minutes. Having no comments or questions presented, Mr. Kilby called for a motion the minutes be approved. Mr. Emry motioned and Mr. Griffin seconded. With all in favor, the minutes were  approved. AYES: NAYES: ABSENT: Financial Report  Mr. Kilby, Mr. Emry, Mr. Bryan, Mr. Griffin, Mrs. Smith, Mr. Alderson  None Mr. Hayth  ABSTAINING: None  Bank Statements and Financial Statements as of June 30.2024  Mr. McFadyen presented the financials for. June and stated that there would be additional journal entries to correct and close out the FY24 financials. Mr. Kilby requested Line 1020 Due to the County be researched and Mrs. Smith requested a spelling correction ont the bank's statement. Noi further comments or questions being presented, Mr. Kilby called for a motion thei financial statements and bank statements be approved. Mrs. Smith motioned and Mr. Emry seconded, and with all in favor  and none opposed, the statements were approved.  AYES: NAYES: ABSENT:  Mr. Kilby, Mr. Emry, Mr. Bryan, Mr. Griffin, Mrs. Smith, Mr. Alderson  None Mr. Hayth  ABSTAINING: None  Request to Transfer GO Virginia Grant Funds to Botetourt County Education Foundation for BTEC Mr. McFadyen summarized the GO' Virginia BTEC Welding Booth grant project and said that DHCD had approved the second reimbursement request andi that' VA Tech, the administrator oft the grant, was waiting to receive the reimbursement funds from DHCD to send to the EDA for the recipient.  Welding Lab Reimbursement #2  1    Reimbursement off funds for the second request relates to new electrical service, construction for electrical service, air purification and cryogenic installation for welding booths, and welding booth curtains. The Botetourt Education Foundation paid for all of the services related to the second reimbursement request and will receive $88,518.23 from DHCD. The documentation provided for the. Authority's review included a local match of $51.986.91. Mr. McFadyen added that around $60,000 of funding is left oni the grant and that BTEC and the Education Foundation will be coming up with an additional $60,000 in grant expenditures to present before the grant is closed out. He also said that the Education Foundation has asked if the! EDA would be open to pursuing another GO Virginia grant for other programs at BTEC. Mr. Kilby called for a motion that the EDA approve the disbursement oft the second reimbursement request as presented, pending receipt oft funds from Virginia Tech. Mr. Aldersonmotioned and Mr. Griffin seconded, and with all in favor and none  opposed, the motion carried.  AYES: NAYES: ABSENT:  Mr. Kilby, Mr. Emry, Mr. Bryan, Mr. Griffin, Mrs. Smith, Mr. Alderson  None Mr. Hayth  ABSTAINING: None  Viasat Memorandum of Lease Agreement  Mr. McFadyen called attention to the Viasat Memorandum of Lease Agreement. He said that in 2020 the EDA entered into a ground lease agreement with Viasat to locate a satellite receiver and related equipment on the property directly out the back window of Room 229 of the Botetourt Administration Center. Viasat has requested the EDA: sign a Memorandum ofl Lease. Agreement to record that al lease exists between the EDA and' Viasat but that it is not a recording of the lease. Mr. Lockaby said al Memorandum of Lease simply makes notice to the public that al lease exists ona specific location. So if the Botetourt Administration Center were to ever be: sold, the future owner would be made aware that al lease exists oni the property and that they aret tol honor that lease. Furthermore, ift the EDA tried tol lease the space to someone else, that someone else would be notified that al lease already exists with Viasat and that space cannot bel leased to someone else. Mr. McFadyen reviewed the lease with' Viasat and said that aj percentage increase in the lease willt take effect this calendar year. Mr. Kilby called fora a motion the EDA: approve the Memorandum ofl Lease Agreement and authorize the chairman to: sign the agreement. Mrs. Smith motioned and Mr. Alderson seconded, and with alli ini favor and none opposed, the motion was approved.  AYES: NAYES: ABSENT:  Mr. Kilby, Mr. Emry, Mr. Bryan, Mr. Griffin, Mrs. Smith, Mr. Alderson  None Mr. Hayth  ABSTAINING: None  Virginia Telecommunications Initiative (VATI) Updates  Mr. McFadyen provided a final close-out letter to the EDA of thei first' VATI project and then updated them ont the progress of VATI #2. Lumos has requested a second extension, which would be from the end of August tot the end oft the year, due to needing additional permits from Appalachian Power tol locate: structures on AEP poles. They still do not have that work complete, and this is a problem across the state that DHCD is aware of. Mr. McFadyen also provided an update ont the grant applications that were: submitted in December with Comcast for the Blue Ridge area and with Lumos fori the area north of Buchanan in Arcadia. The Blue Ridge application was selected for funding and will bet for 62 addresses. The. Arcadia application was not selected for funding. DHCD has requested that Botetourt County work with a provider on an additional funding program called  2    BEAD, whichi is at federally funded program, to serve the approximately 450 addresses in Arcadia. Staff will work with Lumos next calendar yeari to apply for a BEAD grant to serve the. Arcadia area.  Closed Session  Mr. Kilby then called for ar motion to goi into Closed Session:  Motion to go into closed sessioni to discuss the acquisition and disposition of real property for purposes of economic development, ini the Amsterdam district (including Greenfield) where discussion in an open meeting would adversely affect the Authority's bargaining position or negotiating strategy, pursuant to Section 2.2-3711 (A)(3) of the Code of Virginia of 1950, as amended. Motion to go into closed session to discuss prospective businesses or industries or the expansion of existing businesses or industries, in the. Amsterdam (including Greenfield) and Valley districts where no previous announcement has been made ofi the businesses' ori industries' interest in locating or expanding facilities in the community, pursuant to Section 2.2-3711 (A)( (5) of the Code of Virginia of Motion to go into closed session to discuss the investment of public funds where competitionor bargaining is involved, ini the Amsterdam (including Greenfield) and' Valley districts, where discussion in an open meeting would adversely affect the Authority's financial interest, pursuant to Mr. Griffin made the motion and Mrs. Smith seconded. And with all int favor and none opposed, the  1950, as amended.  Sectiona 2.2-3711 (A) (6) oft the Code of Virginia of 1950, as amended.  motion carried. AYES: NAYES: ABSENT:  Mr. Kilby, Mr. Emry, Mr. Bryan, Mr. Griffin, Mrs. Smith, Mr. Alderson  None Mr. Hayth  ABSTAINING: None  Return to Open Session Mr. Kilby readi the following resolution:  BE IT RESOLVED, it is certified that to the best of each. Authority members knowledge, only public business matters lawfully exempt from open meeting requirements and only such matters as were identified int the motions to go into Closed Session were heard, discussed, or considered during the  Closed Session.  The EDA then returned to Open Session with Roll Call:  AYES: NAYES: ABSENT:  Mr. Kilby, Mr. Emry, Mr. Bryan, Mr. Griffin, Mrs. Smith, Mr. Alderson  None Mr. Hayth  ABSTAINING: None  Action Items / Old & New Business FY24 Small Business Grants Update  Mr. Campbell said that 40 small businesses as well as some farms ini the county have submitted grant applications and staff is now reviewing those applications. The plan is to bring to the EDAI in August the names of the awardees and request approval to disburse the grant funds.  3    Adjournment adjourned. AYES: NAYES: ABSENT:  Hearing noi further discussion, questions, or comments, Mr. Kilby called for a motion to adjourn. Mr Bryan motioned and Mr. Emry seconded, and with all in favor and none opposed, the meeting  Mr. Kilby, Mr. Emry, Mr. Bryan, Mr. Griffin, Mrs. Smith, Mr. Alderson  None Mr. Hayth  ABSTAINING: None  4