MINUTES OF THE REGULAR ANNUAL MEETING OF THE BOARD OF DIRECTORS OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF SUFFOLK DECEMBER 11, 2024 AT 4:00 P.M. AT THE SUFFOLK MUNICIPAL CENTER BUILDING, 442 WEST WASHINGTON STREET, CONFERENCE ROOM: 3 MEMBERS PRESENT Mary Snyder, Chair Wesley King, Vice-Chair Anthony Harper Karima Lockwood BJ Willie, Secretary Treasurer Chris Rice Simon Stevenson William Webb MEMBERS ABSENT: STAFF PRESENT: Kevin Hughes, Deputy City Manager Deanna Trimyer, Assistant Director of Economic Development Terry Smith, Senior Business Development Manager Sheena Idlette, Economic Development Associate Erin Dears, Business Development Manager Charles Meek, Director of Finance Wendy Warfel, Assistant Director of Finance Chris Briardy, Financial Reporting and Compliance Manager Darius Davenport, Crenshaw, Ware & Martin Laura Harden, Director, Cherry Bekaert Shelby Brown, Manager, Cherry Bekaert OTHERS PRESENT: CALL TOORDER Ms. Snyder called the meeting to order at 4:06 p.m. Mr. Hughes welcomed Erin Dears toi the EDA Board Meeting as the new Business Development Manager. Ms. Snyder discussed with the Board a need to amend the agenda toi include closed session. Mr. King made ar motion that the Board accept the amendment. The motion was seconded by Mr. Willie and carried the following recorded vote: Ayes: Nays: Abstain: Motion Passed OLDBUSINESS Harper, King, Lockwood, Snyder, Willie (5) None (0) None (0) Minutes. Mr. Willie moved to approve the minutes of the regular meeting of November 13, 2024. The motion was seconded by Mr. Harper and carried thet following recorded vote: Ayes: Nays: Abstain: Motion Passed Harper, King, Lockwood, Snyder, Willie (5) None (0) None (0) Board of Directors Meeting December 11, 2024 Page 2 Financial Report. Ms. Snyder acknowledged the inclusion of the financial reports for the period ending October 31, 2024. Mr. Briardy gave al brief overview of the financial report to the Board. NEW BUSINESS year 2024. EDA Financial Audit, June30,20241 Ms. Harden and! Ms. Brown presented the EDA. Audit Executive Summary forf fiscal Virginia Business Ready Site Program (VBRSP) Ms. Smith briefed the board on the VBRSP grant with regards to Project Port 460. Ms. Smith reminded the Board that this grant is designed to enhance Economic Development infrastructure and attract business investments. Mrs. Lockwood moved to approve A RESOLUTION OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF SUFFOLK (THE EDA) TO SUPPORT A GRANT APPLICATION FOR VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP AUTHORITY'S (VEDP) VIRGINIA BUSINESS SITE READINESS PROGRAM (VBRSP). The motion was seconded by Mr. Willie and carriedi thet following recorded vote: Ayes: Nays: Abstain: Motion Passed Harper, King, Lockwood, Snyder, Willie (5) None (0) None (0) Point at Harbour' View Fourth Amendment Declaration of Covenants and Restrictions Mr. Hughes briefedi the Board on ap proposed Fourth. Amendment to the Covenants and Restrictions for Thel Point at Harbour View. Mr. Willie moved to approve A RESOLUTION OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF SUFFOLK TO APPROVE THE FOURTH AMENDMENT TO THE DECLARATION OF COVENANTS AND RESTRICTIONS FOR TAXI PARCEL NUMBER 304218200. The motion was seconded by Mr. King and carried thet following recorded vote: Ayes: Nays: Abstain: Motion Passed Harper, King, Lockwood, Snyder, Willie (5) None (0) None (0) Accept & Appropriate Funds - MS International - Ms. Smith provided the Board with a summary of Project Stone and requested approval to accept and appropriate funds for the company's EDIP Grant. Mrs. Lockwood moved to approve A RESOLUTION TO ACCEPT AND APPROPRIATE INCENTIVE FUNDS TO MS INTERNATIONAL, WESTPORT VANO, LLC. The motion was seconded by Mr. Willie and carried the following recorded vote: Ayes: Nays: Abstain: Motion Passed Harper, King, Lockwood, Snyder, Willie (5) None (0) None (0) Draft EDA Business Card - Mrs. Trimyer presented the Board with a second draft of the EDA business card. The Board selected one out of three drafts presented. Mrs. Trimyer will place an order for business cards. Hampton Roads Alliance Monthly Newsletter. November 2024 Hampton Roads Alliance Monthly Newsletter was not included in December EDA packet. Board of Directors Meeting December 11, 2024 Page 3 Suffolk Marketing Activity Report. Ms. Snyder presented the November 2024 Suffolk Marketing Activity Report. Downtown E-Newsletter. Ms. Snyder presented the December 2024 Downtown E-Newsletter. Suffolk E-Newsletter. Ms. Snyder presented the December 2024 Suffolk E-Newsletter. Motion for Closed Meeting Mr. King moved to reconvene in a closed meeting for the purpose of' "A discussion or consideration of acquisition of real property for a public purpose, or of the disposition of publicly held real properly, where discussion in an open meeting would adversely affect the bargaining position or negotiating strategy of the Authority" specifically concerning, Project Karis at Suffolk Industrial Park pursuant to Virginia Code Section 2.2-3711 (A)(3). The motion was seconded by Mr. Willie and carried the following recorded vote: Ayes: Nays: Abstain: Motion Passed Harper, King, Lockwood, Snyder, Willie (5) None (0) None (0) AResolution of Certification oft the Closed! Meeting Mrs. Lockwood moved to approve ar resolution of certification of the closed meeting of December 11, 2024 Pursuant to section 2.2-3712 of the code of Virginia (1950), as amended. The motion was seconded by Mr. Harper and carried thet following recorded vote: Ayes: Nays: Abstain: Motion Passed Harper, King, Lockwood, Snyder, Willie (5) None (0) None (0) Ms. Snyder reminded the Board that the next meeting will be on Wednesday, January 8, 2025 at 4:00 p.m. at the Suffolk Municipal Building, 442 West Washington Street, City Council Conference Room. Adjourn. There being no further business, the EDA meeting was adjourned by Ms. Snyder at 5:09 p.m. Approved: akA fhyl Teste: Secretary-Treasurer M