MEETING AGENDA FRIDAY, DECEMBER 20, 2024 ROOM 229; 2:00 P.M. ECONOMIC DEVELOPMENT AUTHORITY OF BOTETOURT COUNTY,VIRGINIA 57 SOUTH CENTER DRIVE, DALEVILLE, VA: 24083 1. Call to Order 2. Election of Officers 3. Public Comment 4. Approval of Minutes from October 18, 2024. November 6, 2024, and November15,2024 5. Financial Report: a. FY24 Audit Presentation and Approval - Corbin Stone b. Bank Statements Ending November 30, 2024 C. Financial Statements November 2024 6. BTEC Welding Program GO VA Reimbursement #3 7. Eldor Tax Rebate. Application 8. Virginia Telecommunications Initiative (VATI) Economic Development Grant. Agreement with Comcast y. Motion tol 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 concerninga prospective business or industry or the expansion of an existing business or industry where no previous announcement has been made of the business or industry's interest in locating or expanding its facilities int the County; and discussion or consideration of thei investment of public funds where competition or bargaining is involved, ini the. Amsterdam (including Greenfield), Blue Ridge, and Valley districts as per Section 2.2-3711 (A)(3), (5), and (6) oft the Code of Virginia of 1950, as amended. 10. Convene in Closed Session 11. Return to open session and adopt the following resolution by roll call or other recorded vote: BE IT RESOLVED, it is certified that tot the best ofe 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. 12. Action Items / Old & New Business: a. Update on Old Colonial Insurance Incentive Agreement b. Proposed Meeting Schedule for 2025 13. Adjournment - Next Regular Meeting is scheduled for. January 17. 2025 Ar meeting of the Botetourt County Economic Development Authority was held on Friday, October 18, 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 Dr. Mac Scothorn Mr.Jeff Emry Mr.. John Alderson Members Absent: Others In Attendance: Mr. David Bryan Mr. Ken McFadyen 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 Minutes from June 21, 2024, and. July2 29. 2024 Mr. Kilby asked if everyone had reviewed the. June. 21, 2024, and July 29. 2024 meetings minutes. Hearing no comments or questions, Mr. Kilby called for a motion the minutes be approved. Mr. Alderson motioned and Mr. Emry seconded. With all int favor, the minutes were approved. AYES: NAYES: ABSENT: Financial Report Mr. Kilby, Mr. Griffin, Mr. Alderson Mr. Emry, Mrs. Smith None Mr. Bryan, Mr. Hayth ABSTAINING: None Bank Statements and Financial Statements as of September 30, 2024 Mr. McFadyen said the routing has been updated for the Viasat rental payment from FirstBank to Bank of Botetourt, soi thel FirstBank account was closed this month. The October statement for FirstBank will be the final statement, and with some correcting. journal entries on the Financial Statements, the October statements should be closer to being correct. Then, he said the pre-audit and audit are going well. He also informed the EDA that the reimbursement funds from VEDP for the BRSP grant arrived and are in the account. Mrs. Smith offered a motion that the Financial Statements be approved as presented, and Mr. Alderson seconded. With alli in favor, the motion passed. AYES: NAYES: ABSENT: Mr. Kilby, Mr. Griffin, Mr. Alderson Mr. Emry, Mrs. Smith None Mr. Bryan, Mr. Hayth ABSTAINING: None Update: Old Colonial Insurance Incentive Agreement Mr. Campbell said he and Mr. McFadyen met Mrs. Wilson the previous week at the school to see the repairs that have been made. She has repaired all the exit signs, the water fountains, and the glass windows that had been broken. They asked her for receipts and a logbook of hours logged of all volunteers and professionals who have performed repairs, and to ask the professionals to assigna a 1 dollar amount to the hours they volunteered. She did provide some pictures oft things that have been replaced and she said: she will get the logbook information and receipts to staff. Additionally, Mr. Campbell had also been out with Mr. Griffin prior toi this and both he and Mr. McFadyen: said Mrs. Wilson has done a lot of work ini trying to repair and improve the building. The Glebe Outstanding Series 2014A Bonds Issued through EDA Mr. Lockaby explained that one of the services an EDA provides ist the availability to act as a conduit issuer for nonprofit corporations within our jurisdiction. In 2014. the EDA performed: at tax-exempt bond issuance for The Glebe. Iti is redeemable now and they will redeem it, reissue it through a state agency, and resell the bonds. The EDA is being asked to approve the resolution sO the necessary documents can be executed and' The Glebe can move forward. Mr. Lockaby confirmed Mrs. Smith's thinking that the bond will come completely off the EDA's books. Mr. Kilby called for a motion that the EDA approve signing oft the resolution and Mr. Alderson made the motion. Mr. Griffin seconded, and with alli in favor and none opposed, the motion passed. AYES: NAYES: ABSENT: Closed Session Mr. Kilby, Mr. Griffin, Mr. Alderson Mr. Emry, Mrs. Smith None Mr. Bryan, Mr. Hayth ABSTAINING: None Mr. Kilby then called for a motion to go into Closed Session: 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 concerninga prospective business or industry or the expansion of an existing business or industry where no previous announcement has been made of the business or industry's interest in locating or expanding its facilities int 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. Mr. Griffin made the motiona and Mrs. Smith seconded. And with alli in favor and none opposed, the motion carried. AYES: NAYES: ABSENT: Mr. Kilby, Mr. Griffin, Mr. Alderson Mr. Emry, Mrs. Smith None Mr. Bryan, Mr. Hayth ABSTAINING: None Return to Open Session Mr. Kilby read the following resolution: BE ITF RESOLVED, it 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 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: Mr. Kilby, Mr. Griffin, Mr. Alderson Mr. Emry, Mrs. Smith None 2 ABSENT: Mr. Bryan, Mr. Hayth ABSTAINING: None Mr. Kilby called for a resolution authorizing the execution: and delivery of documents providing for the exercise of an option to purchase real estate, to designate agents fori taking certain actions relating to the real estate, and to execute an option related thereto. Mr. Alderson providedi the motion, seconded by Mr. Emry, and with all int favor and none opposed, the motion carried. AYES: NAYES: ABSENT: Mr. Kilby, Mr. Griffin, Mr. Alderson Mr Emry, Mrs. Smith None Mr. Bryan, Mr. Hayth ABSTAINING: None Action Items / Old & New Business Ridge will be ont the November agenda. Mr. McFadyen told the Authority that the Comcast broadband agreement for 62 homes in Blue Mr. McFadyen gave an update on the Small Business grants and said that out oft the 39 applications, there are 171 finalists. There is $32,000 available for these grants and award recommendations are down to $35.000. This will bei finished up and brought before the Authority at the November meeting. Staff will look for the businesses to finish out their spending fori the reimbursements by He then said the Eldor state incentive final close-out letter has arrived, sO the EDA can disburse the final COF Grant installment to Eldor once funds arrive from the County. He suggested the EDA could go ahead and approve the $200,000 disbursement at this meeting, pending receipt oft the County funds. Het then said thet tax rebates are still inj process and staff will have an amended 2022 application and the current 2023 application to present possibly in November. Mr. Kilby called fora motion the EDA approve the disbursement of $200,000 to Eldor pending receipt of County funds. Mr. Griffin made the motion and Mrs. Smith seconded, and with alli in favor, the motion passed. June: 30 SO that the spending is in this fiscal year. AYES: NAYES: ABSENT: Mr. Kilby, Mr. Griffin, Mr. Alderson Mr. Emry, Mrs. Smith None Mr. Bryan, Mr. Hayth ABSTAINING: None Then Mr. Kilby and Mr. Larrowe gave an update ont the recent CEDS meeting that they attended with Mr. McFadyen and Mr. Campbell. VDOT has several upcoming plans, including to change certain intersections from 4-phase lights to 3-phase lights. Mr. Kilby mentioned regional workforce was discussed also said that Mr. McFadyen is nowi the Botetourt representative on the: sub-committee. Hearing noi further discussion, questions, or comments, Mr. Kilby called for ar motion to adjourn. Mr. Griffin motioned and Mr. Alderson: seconded, and with alli in favor and none opposed, the meeting Adjournment adjourned. AYES: NAYES: ABSENT: Mr. Kilby, Mr. Griffin, Mr. Alderson Mr. Emry, Mrs. Smith None Mr. Bryan, Mr. Hayth ABSTAINING: None 3 A called meeting of the Botetourt County Economic Development Authority was held on Wednesday, November 6, 2024, at 2:00 p.m. att the Botetourt County Administration Center at Greenfield in Room: 229. Members Present: Mr.. John Kilby Chairman Mr. Lyn Hayth Mrs. Mary Bess Smith Mr.. Jeff Emry Mr. Gary Larrowe Mr. Mike Lockaby Mr. David Moorman Mr.. John Griffin - Vice Chair Mr. David Bryan Mr.. John. Alderson Members Absent: Others In Attendance: Mr. Ken McFadyen Mr. Luke Campbell Ms. Kim Stewart Call to Order and Public Comment none, he moved tot the next order of business. Mr. Kilby called the meeting to order and asked if anyone wished to make public comment. Hearing Authorization to Transfer Funds into Authority General Account Mr. McFadyen reminded the Authority that money had been transferred into an account ofa a special purpose LLC created by the Authority for the acquisition of real estate and that the acquisition did not come to fruition. The funds are unused and unobligated by the LLC, and sot the Authority may use them for other purposes. Accordingly, Mr. McFadyen recommended that the Authority authorize the LLC to transfer the funds back toi the Authority's general fund and authorize the Chair and Executive Director to take such actions as may be necessary to move them from the account oft the LLCtot the general fund of the Authority. Mr. Kilby called for a motion to this effect. Mr. Alderson provided the motion and Mr. Griffin seconded. With all int favor and none opposed, the motion passed. AYES: NAYES: ABSENT: Mr. Kilby, Mr. Griffin, Mr. Bryan, Mr. Hayth, Mrs. Smith, Mr. Alderson None Mr. Emry ABSTAINING: None Authorization to Execute Documents to Relocate Open Space Easement in Greenfield and Request Next, Mr. McFadyen directed attention to a plat showing an existing open space easement fori the Botetourt Center at Greenfield. Staff is recommending: the EDA to authorize the execution of documents necessary to relocate the open space easement in Greenfield and to request approval by the Board of Supervisors to relocate the open space easement. Mr. Hayth made the motion, seconded by Mrs. Smith. With all in favor and none opposed, the motion passed. Board of Supervisors to Approve Relocation AYES: NAYES: ABSENT: Mr. Kilby, Mr. Griffin, Mr. Bryan, Mr. Hayth, Mrs. Smith, Mr. Alderson None Mr. Emry ABSTAINING: None 1 Authorization to File Application for Abandonment of al Paper Street in EastPark Mr. McFadyen: stated that an easement was dedicated to the Board of Supervisors when EastPark Commerce Center was established in 1994 and there is a need for the EDA to petition the Board of Supervisors to abandon Paper Street on the plat connecting Eastpark Drive with property adjacent tol EastPark. This request would include the creation of a deed, a plat, and other documents that are necessary to accomplish the abandonment and conveyance oft this right-of-way to the Economic Development Authority. Mr. Hayth made the motion which was seconded by Mr. Bryan, and with all inf favor and none opposed, the motion was approved. AYES: NAYES: ABSENT: Adjournment adjourned. AYES: NAYES: ABSENT: Mr. Kilby, Mr. Griffin, Mr. Bryan, Mr. Hayth, Mrs. Smith, Mr. Alderson None Mr. Emry ABSTAINING: None Hearing noi further discussion, questions, or comments, Mr. Kilby called for a motion to adjourn. Mr. Alderson motioned and Mr. Griffin seconded, and with all in favor and none opposed, the meeting Mr. Kilby, Mr. Griffin, Mr. Bryan, Mr. Hayth, Mrs. Smith, Mr. Alderson None Mr. Emry ABSTAINING: None 2 A called meeting of the Botetourt County Economic Development Authority was held onl Friday, November 15, 2024, at 2:00 p.m. at the Botetourt County Administration Center at Greenfield in Room 229. Members Present: Mr.. John Kilby Chairman Mr. Lyn Hayth Mrs. Mary Bess Smith Mr. Jeff Emry Mr.. John Alderson Mr. David Bryan Members Absent: Others In Attendance: Mr: Griffin - Vice Chair Mr. Ken McFadyen Mr. Luke Campbell Ms. Kim Stewart Mr. GaryLarrowe (2:16) Mr. Mike Lockaby Mr. David Moorman (2:16) Dr. Mac Scothorn Call to Order and Public Comment none, he moved tot the next order of business. Mr. Kilby called the meeting to order and asked if anyone wished to make public comment. Hearing Approval of Minutes from August 16, 2024. and September 20, 2024 Mr. Kilby asked if everyone had reviewed the August 16, 2024. and September 20, 2024. meetings minutes. Hearing no comments or questions, Mr. Kilby called for a motion the minutes be approved. Mr. Alderson motioned and Mr. Hayth seconded. With all int favor, the minutes were approved. AYES: NAYES: ABSENT: Financial Report Mr. Kilby, Mr. Bryan, Mr. Hayth, Mrs. Smith, Mr. Alderson None Mr. Emry, Mr. Griffin ABSTAINING: None Mr. McFadyen gave the financial report and noted that staff will ask the accountant about the amount for Line: 1020 "Due from County" that he believes has to do with the audit. Overall, the lines on the P&L are consistent, and the fiscal year to date is positive on the P&L balance. Next, Mr. Campbell provided an update on the Small Business Grants. He said that of the 39 businesses that applied, staff selected 161 that they felt were the: strongest and that were eligible for agrant award.. A brief summary of the awardees' intended uses fori the grants was included fori the EDA to review. This information came from the applications as well as from phone interviews staff had with the applicants. Grant recipients include businesses from each of the magisterial districts. The department created a grant agreement in 2020 fori the covid grants, which is essentially an economic development incentive grant agreement, and the same basic template will be modified to fit these grant agreements. The grant awards are for a specific purpose tol help the businesses grow, not toj just give money out. Sot the businesses were asked toi identify specific goals and objectives for the grant that would help the business grow andi that can also serve as metrics to evaluate the success of the grant. Mr. Kilby called for a motion the Authority approve awarding the 1 selected businesses the 2024 Small Business Grant awards as outlined and Mr. Alderson made the motion. Mrs. Smith seconded, and with alli ini favor and none opposed, the motion passed. AYES: NAYES: ABSENT: Closed Session Mr. Kilby, Mr. Bryan, Mr. Hayth, Mrs. Smith, Mr. Alderson None Mr. Emry, Mr. Griffin ABSTAINING: None Mr. Kilby then called for a motion to go into Closed Session: 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 oft the public body; discussion concerning a prospective business ori industry or the expansion of an existing business or industry where no previous announcement has been made of the business or industry's interest inl locating or expanding its facilities int the County; and discussion or consideration oft the investment of public funds where competition or bargaining isi involved, in the Amsterdam (including Greenfield), Blue Ridge, Buchanan, and' Valley districts as per Section 2.2-3711 (A) (3), (5), and (6) oft the Code of Virginia of 1950, as amended. Mrs. Smith made the motion and Mr. Hayth seconded. And with alli in favor and none opposed, the motion carried. AYES: NAYES: ABSENT: Mr. Kilby, Mr. Bryan, Mr. Hayth, Mrs. Smith, Mr. Alderson None Mr. Emry, Mr. Griffin ABSTAINING: None Return to Open Session Mr. Kilby read the following resolution: BEI ITI RESOLVED, it 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 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. Bryan, Mr. Hayth, Mrs. Smith, Mr. Alderson None Mr. Emry, Mr. Griffin ABSTAININGNone Mr. Kilby called for a motion the EDA approve al letter of intent to Graham & Co. to purchase a29- acre lot in Loti 1B int the Botetourt Center at Greenfield. Mr. Alderson motioned and Mr. Bryan seconded. With all ini favor and none opposed, the motion was approved. AYES: NAYES: ABSENT: Mr. Kilby, Mr. Bryan, Mr. Hayth, Mrs. Smith, Mr. Alderson None Mr. Emry, Mr. Griffin ABSTAINING: None 2 Mr. Kilby then called for a motion the EDA approve the purchase ofa a 62.79-acre piece of property adjacent to Greenfield. Mr. Hayth motioned and Mr. Bryan seconded, and with all in favor and none opposed, the motion carried. AYES: NAYES: ABSENT: Mr. Kilby, Mr. Bryan, Mr. Hayth, Mrs. Smith, Mr. Alderson None Mr. Emry, Mr. Griffin ABSTAINING: None Action Items /C Old & New Business Mr. McFadyen reminded the Authority that staff has been working on revising the 2022 tax rebate application that Eldor requested be amended after they received additional tax levies fort the tax year 2022, and staff has not started ont the current 2023 tax year rebate application for Eldor. Hei then said that Mr. Campbell has received some documentation of repairs done for the Old Colonial Insurance Incentive Agreement. Not all the information is complete ati this time, but Mrs. Wilson has been providing data of volunteer hours that have gone into the repairs. Staff has begun Finally, regarding the second broadband project with Lumos that is serving 1901 addresses, Mr. McFadyen said that Lumos is consistently having problems getting make-ready work done with Appalachian Power and with the railroads. Lumos has asked the: state for another extension which the state is alright with, sO staff will be processing an extension to. June 30, 2025. Fort the new broadband project with Comcast, the Authority will receive grant agreements next month fori that project, and staff is currently coordinating with Comcast and DHCD now on those agreements. Hearing no further discussion, questions, or comments, Mr. Kilby called for a motion to adjourn. Mr. Hayth motioned and Mrs. Smith seconded, and with all in favor and none opposed, the meeting receiving some oft the invoices related to repairs, but not all oft them yet. Adjournment adjourned. AYES: NAYES: ABSENT: Mr. Kilby, Mr. Bryan, Mr. Hayth, Mrs. Smith, Mr. Alderson None Mr. Emry, Mr Griffin ABSTAINING: None 3