MINUTES OF THE REGULAR ANNUAL MEETING OF THE BOARD OF DIRECTORS OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF SUFFOLK JULY 10, 2024 AT 4:00 P.M. AT THE SUFFOLK MUNICIPAL CENTER BUILDING, 442 WEST WASHINGTON STREET, CONFERENCE ROOM3 MEMBERS PRESENT Mary Snyder, Chair Wesleyl King, Vice-Chair Anthony Harper Karimal Lockwood *arrived at 4:03 p.m. Chris Rice BJV Willie William Webb Simon Stevenson (virtually vial WebEx) MEMBERS ABSENT: STAFF PRESENT: Kevin Hughes, Deputy City Manager Delaney Rhoads, Business Development Analyst Charles Meek, Director of Finance Chris Briardy, Financial Reporting & Compliance Manager Roger Fawcett, City Council Darius Davenport, Crenshaw, Ware & Martin Taylor Cannatelli, Crenshaw, Ware & Martin OTHERS PRESENT: CALL TOORDER Ms. Snyder called the meeting to order at 4:00p p.m. Harper and carried thef following recorded vote: Ms. Snyder discussed with the Board that Mr. Stevenson would bej joining the meeting virtually. Mr. King made a motion that the Board allow! Mr. Stevenson to participate in the meeting via WebEx. The motion was seconded by Mr. Ayes: Nays: Abstain: Motion! Passed OLD BUSINESS Harper, King, Rice, Snyder, Willie (5) None (0) None (0) Minutes. Mr. Rice moved to approve the minutes of the regular meeting of June 12, 2024. The motion was seconded by Mr. Harper and carried the following recorded vote: Ayes: Nays: Abstain: Motion Passed Harper, King, Rice, Snyder (4) None (0) Stevenson, Willie (2) Board of Directors Meeting July 10, 2024 Page 2 Financial Report. Ms. Snyder acknowledged thei inclusion oft thet financial reports fort the period ending May 31, 2024. Mr. Briardy gave al brief overview oft thet financial report to the Board. NEW BUSINESS Commonwealth Opportunity Fund Agreement - Automatic Coating Limited USA. Mr. Hughes discussed the Commonwealth Opportunity Fund Agreement for Automatic Coating Limited. Mr. King made a motion that the Board accept A RESOLUTION AUTHORIZING THE EXECUTION OF A COMMONWEALTH OPPORTUNITY FUND PERFORMANCE, AGREEMENT CONCERNING AUTOMATIC COATING LIMITED USA. The motion was seconded by! Mr. Rice and carried thet following recorded vote: Ayes: Nays: Abstain: Motion Passed Harper, Lockwood, King, Rice, Snyder, Stevenson, Willie (7) None (0) None (0) Small Business Improvement Grant Completion - 126 NN Main St. (Darla's Downtown Boutigue) Mr. Hughes gave the Board an update on the completion of a Smalll Business Improvement Grant Completion for Darla's Downtown Suffolk Marketing Activity Report. Ms. Snyder presented the June 2024 Suffolk Marketing Activity Report. Downtown E-Newsletter, Ms. Snyder presented the. July 2024 Downtown E-Newsletter. Suffolk E-Newsletter. Ms. Snyder presented the, July 2024 Suffolk E-Newsletter. Boutique at' 1261 N. Main St. Motion for Closed Meeting. Mr. Rice moved to reconvene in a closed meeting for the purposes of "A discussion or consideration of acquisition of real properly for a public purpose, or of the disposition of publicly held real property, where discussion in an open meeting would adversely affect the bargaining position or negotiating strategy of the Authority" specifically concerning, Project Cold and Project Tyler at Suffolk Industrial Park pursuant to Virginia Code Section 2.2-3711 (A)(3). The motion was seconded by Mr. King and carried thet following recorded vote: Ayes: Nays: Abstain: Motion Passed Harper, Lockwood, King, Rice, Snyder, Stevenson, Willie (7) None (0) None (0) AResolution of Certification of the Closed Meeting. Mr. Rice moved to approve al resolution of certification of the closed meeting of July 10, 2024, Pursuant tos section 2.2.-3712 of the Code of Virginia (1950), as amended. The motion was seconded by Mr. Willie and carried thef following recorded vote: Ayes: Nays: Abstain: Motion Passed Harper, Lockwood, King, Rice, Snyder, Willie (6) NOTE: *Mr. Stevenson got disconnected from the call None (0) None (0) Board of Directors Meeting July 10, 2024 Page 3 Suffolk Industrial Park- - Project Cold. Mr. Hughes gave the Board an update on pending contracts at Suffolk Industrial Park concerning Project Cold at sites 5and 11. Mr. King madet ther motion that the Board accept Al RESOLUTION TO AUTHORIZE A CONVEYANCE OF PROPERTY OWNED BY THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF SUFFOLKTOI KARIS ACQUISITIONS, LLC FORSITE5 5ANDS SITE 11. The motion was seconded by Mr. Harper and carried thet following recorded vote: Ayes: Nays: Abstain: Motion Passed NON-AGENDA ITEMS Harper, Lockwood, King, Rice, Snyder, Willie (6) NOTE: *Mr. Stevenson got disconnected from the call None (0) None (0) The Point at Harbour View. Mr. Davenport gave an update on the three-pary-agrement between the Board, HRSD, and Gee's Development concerning the HRSD Swift Stations at The Point at Harbour View. The draft agreement is Virtual Participation. Mr. Willie brought up concerns about the privacy and security of virtual participation through Webex and phone lines. Mr. Davenport addressed the concerns, informed the Board oft the bylaws concerning virtual Ms. Snyder reminded the Board that the next meeting will be on Wednesday, August 14, 2024 at 4:00 p.m. at the currently under review byh HRSD. participation including information about FOIA, and discussed closed session privacy rights. Suffolk Municipal Building, 442 West Washington Street, Citly Council Conference Room. Adjourn. There being nof further business, the EDAI meeting was adjourned by Ms. Snyder at 4:37 p.m. Approved: Teste: Wuuyk. Snyder,hair Mary dnyplar Bwl BJWillie, Secreltary-Treasurer