MEETING AGENDA FRIDAY, JANUARY17,2025 ROOM: 229; 2:00 P.M. ECONOMIC DEVELOPMENT AUTHORITY OF BOTETOURT COUNTY, VIRGINIA 57SOUTH CENTER DRIVE, DALEVILLE, VA: 24083 1. Call to Order 2. Public Comment 3. Approval of Minutes from December 20, 2024 4. Financial Report: a. - Approval of FY24 Audit Presentation from December 2024 b.A Approval of Bank Statements Ending November 30, 2024, and December 31, 2024 A Approval of Financial Statements November 2024 and December: 2024 Approval of BTEC Welding Program GO' VAI Reimbursement #3 6. 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 concerninga prospective business ori industry ort 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 oft thei investment of public funds where competition or bargaining isi involved, in the Amsterdam (including Greenfield), Blue Ridge, and Valley districts as per Section 2.2-3711 (A)(3), (5). and (6) of the Code of Virginia of 1950, as amended. 7. Convene in Closed Session 8. Return to open session and adopt thei following resolution by roll call or other recorded vote: BE IT RESOLVED, it 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 9. Action Items / Old & New Business, including Approval of Old Colonial Insurance Funds Payment to 10. Continue Meeting Friday, January 24. 2025. at 2:00 p.m. in Room 229 ati the Botetourt County closed session. Six Forty Group Administrative Building AI meeting oft the Botetourt County Economic Development Authority was held on Friday, December 20, 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 Mr.J Jeff Emry Mr.John Alderson Mr. Gary Larrowe Mr. Ken McFadyen Mr. Mike Lockaby (remote) Mr. Lyn Hayth Mrs. Mary Bess Smith Mr. David Bryan Members Absent: Others In Attendance: Mr. Corbin Stone - Robinson, Farmer, Cox Associates Mr. Luke Campbell Call to Order Election of Officers. Election of Officers Mr. Kilby called the meeting to order and turned the meeting over to Mr. McFadyen who proceeded toi the Mr. McFadyen opened the floor for nominations for EDA chairman. Mr. Hayth nominated Mr. Kilby and Mr. Emry seconded the nomination. Hearing no more nominations, Mr. McFadyen closed the floor1 for nominations. With all in favor and none opposed, Mr. Kitby was re-elected chairman of the EDA. AYES: NAYES: None ABSENT: Mr. Alderson Mr. Kilby, Mr. Hayth, Mrs. Smith, Mr. Griffin, Mr. Emry, Mr. Bryan ABSTAINING: None Mr. Kilby then opened the floor for nominations for EDA vice chairman. Mr. Hayth nominated Mr. Griffin and Mr. Emry seconded the nomination. With all ini favor, and none opposed, Mr. Griffin was re-elected vice chairman of the EDA. AYES: NAYES: None ABSENT: Mr. Alderson Mr. Kilby, Mr. Hayth, Mrs. Smith, Mr. Griffin, Mr. Emry, Mr. Bryan ABSTAINING: None Mr. Kilby then opened the floor for nominations for EDA secretary. Mr. Emry nominated Ms. Stewart and Mr. Hayth seconded the nomination. With alli in favor, and none opposed, Ms. Stewart was re-elected secretary for the EDA. AYES: NAYES: None ABSENT: Mr. Alderson Mr. Kilby, Mr. Hayth, Mrs. Smith, Mr. Griffin, Mr. Emry, Mr. Bryan ABSTAINING: None Next, Mr. Kilby opened the floor for nominations for EDA treasurer. Mr. Hayth nominated Mr. Larrowe and Mr. Emry seconded the nomination. With alli ini favor, and none opposed, Mr. Larrowe was re-elected treasurer of the EDA. AYES: Mr. Kilby, Mr. Hayth, Mrs. Smith, Mr. Griffin, Mr. Emry, Mr. Bryan 1 NAYES: None ABSENT: Mr.Alderson ABSTAINING: None Approval of Meeting Minutes of October: 18. 2024. November 6. 2024. and November: 15.2 2024 Mr. Kilby asked if everyone had reviewed the minutes from the October 18, 2024. November 6, 2024. and November 15. 2024. meetings and called for a motion for approval. Mr. Emry motioned and Mr. Griffin seconded, and with alli in favor, the minutes were approved. AYES: NAYES: None ABSENT: Mr. Alderson FY24 Audit Presentation Mr. Kilby, Mr. Hayth, Mrs. Smith, Mr. Griffin, Mr. Emry, Mr. Bryan ABSTAINING: None The FY24 Audit was presented by Mr. Corbin Stone with Robinson, Farmer, Cox, Associates. Mr. Stone explained again, like last year, that EDAS are unique entities when it comes to accounting andi therefore iti is not unusual tol have multiple. journal entries. Mr. Kilby asked fore explanation of the loss on the disposal of the modular buildings. Mr. Stone explained that the modular buildings had been assets, and one! has been sold and the otheri is being used for Recreation. Sot the auditors depreciated those through the remainder of the 2024 fiscal year and showed them as al loss ont the audit. Mr. Stone thought the audit went al little better than the previous fiscal year and said some of thei issues that continue to come upi relate to delays with Lumos and Eldor that the EDA does not ultimately have a way to control. Review of Financial Statements for November 2024 The EDA reviewed the financial statements for November 2024 and Mr. McFadyen mentioned that staff had some follow-up questions for the detail to the various lines for the November financials, which Campbell & Lineberry provided, including the breakdown of the "Due to County" line. BTEC Welding Program GO VA Reimbursement #3 Mr. McFadyen summarized that the third and final reimbursement request will be submitted to GO' Virginia in the coming weeks. Staff will bringt the paperwork, to include the invoices submitted, to the. January 2025 EDA meeting for review and approval to pay The Botetourt Education Foundation pending receipt of funds from GO Virginia. Eldor Tax Rebate Application Mr. Campbell presented thel Eldor 2022 calendar year tax rebate application that has beeni inj process. He reminded the EDA that on. June 21 oft this year, the EDA approved thei first 2022 tax year application int the amount of $186,802.35. However, Eldor came back and said they received. an additional machinery levy for 2022 and asked for staff to amend that 2022 rebate, requesting ai total of $228,829.47. Staff met witht the Botetourt Commissioner of the Revenue as well as Treasurer, and they have determined that the actual amount due is less than what Eldor requested. Mr. McFadyen explained that Eldor has had some staff changes and the new finance officer is still learning the rebate application process. The difference of what has been paid to Eldor already and the new amount duel based on the additional tax levyi is $19.546.90. Mr. Kilby called for a motion to approve payment to Eldor oft the difference and Mr. Griffin made the motion. Mr. Emry seconded, and with all in favor and none opposed, the motion carried. AYES: NAYES: None ABSENT: Mr. Alderson Mr. Kilby, Mr. Hayth, Mrs. Smith, Mr. Griffin, Mr. Emry, Mr. Bryan ABSTAINING: None 2 Virginia Telecommunications Initiative (VATI) Economic Development Grant Agreement with Comcast Mr. McFadyen presented the VATI/Comcast agreement, which was approved by the Board of Supervisors earlier ini the week, as well as the State agreement between the Board of Supervisors and the Commonwealth. This is the local grant agreement that is among the Board of Supervisors, the EDA, and Comcast. This document was prepared by both Mr. Lockaby and Comcast's attorneys in Philadelphia. The EDA received a' Virginia Telecommunications Initiative Grant for $395.411 tol bring broadband to 62 addresses in Blue Ridge. Comcast is matching it at $232,2251 for at total project cost of $627,636. Staffi is planning to issue al Notice to Proceed to Comcast for. January: 1, 2025. Staffi is anticipating two years for the project completion, and believes that it will take less time to complete, but with make-ready-work permit delays with Appalachian Power and railroads, thei timetable is being padded. Mrs. Smith motioned that the EDA approve the agreement as presented. Mr. Hayth seconded, and with alli in favor and none opposed, ther motion was approved. AYES: NAYES: None ABSENT: Mr. Alderson Closed Session Mr. Kilby, Mr. Hayth, Mrs. Smith, Mr. Griffin, Mr. Emry, Mr. Bryan ABSTAINING: None Mr. Kilby then called for ar 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 concerning a 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 the investment of public funds where competition or bargaining is involved, in the Amsterdam (including Greenfield), Blue Ridge, and Valley districts as per Mr. Griffin made the motion, which was seconded by Mr. Emry. With all in favor and none opposed, the Section 2.2-3711 (A) (3),(5), and (6) of the Code of Virginia of 1950, as amended. motion passed. AYES: NAYES: None ABSENT: Mr. Alderson Return to Open Session Mr. Kilby read thei following resolution: Mr. Kilby, Mr. Hayth, Mrs. Smith, Mr. Griffin, Mr. Emry, Mr. Bryan ABSTAINING: None BEI IT RESOLVED, it is certified that tot the best of each. Authority member's knowledge, only public business matters lawfully exempt from open meeting requirements and onlys such matters as werei 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: None ABSENT: Mr. Alderson Mr. Kilby, Mr. Hayth, Mrs. Smith, Mr. Griffin, Mr. Emry, Mr. Bryan ABSTAINING: None 3 Mr. Hayth then made ar motion that the EDA authorize the invitation for an RFPI to bid for harvesting of timber onp property currently identified as Greenfield and any property recently or currently purchased inside Greenfield except for restrictions related to water runoff or water shed. Mrs. Smith seconded the motion. With all in favor and none opposed, the motion passed. AYES: NAYES: None ABSENT: Mr. Alderson Action Items/Old & New Business Mr. Kilby, Mr. Hayth, Mrs. Smith, Mr. Griffin, Mr. Emry, Mr. Bryan ABSTAINING: None Update on Old Colonial Insurance Incentive Agreement Mr. McFadyen said that the Six Forty Group has turned ina all of the proofs of payment that they will have against the $21,000 insurance claim and that Mr. Campbell will have numbers fori the EDA at the. January 2025 EDA meeting. Adiournment was adjourned. AYES: NAYES: None ABSENT: Mr. Alderson Hearing no further questions or comments and having no other business presented, Mr. Kilby called fora motion to adjourn. Mr. Hayth motioned, which was seconded by Mr. Emry, and with all in favor, the meeting Mr. Kilby, Mr. Hayth, Mrs. Smith, Mr. Griffin, Mr. Emry, Mr. Bryan ABSTAINING: None 4