REDERICKSBURG ECONOMIC DEVELOPMENT AUTHORITY 601 Caroline Street, Suite 303 (540) 372-1216 Fredericksburg, VA 22401 (540) 372-6587 Fax ECONOMIC DEVELOPMENT AUTHORITY (EDA) MINUTES Monday, March 10, 2025 8:30 a.m. o Regular Meeting FXBG City Center, Visitor Center Conference Room 601 Caroline St. Fredericksburg, VA 22401 The Economic Development Authority oft the City of Fredericksburg, Virginia met for a regular meeting on Monday, March 10, 2025 at 8:30 a.m. at the Executive Plaza, Visitor Center Conference Room, 601 Caroline St., Fredericksburg, VA 22401. EDA MEMBERS PRESENT. Chair Beth Black presiding, Anita Crossfield, Mitzi Brown, Kevin Hughes, Meredith Schatz, Suzy Stone (via Teams), and Joel Griffin (8:36am). ABSENT. None. ALSO PRESENT. Hyperbole: John Sims; Fredericksburg Arts Commission: Kelly Drake; EDA Assistant: Jordan Seurattan; EDA Counsel: Jackson Key; Department of Economic Development and Tourism: Josh Summits, Director of Economic Development and Tourism; MC Morris, Assistant Director of Tourism; Amy Peregoy, Economic Development Manager. DETERMINATION OF QUORUM. Anita Crossfield. APPROVAL OF AGENDA. MOTION by Mitzi Brown, seconded by Meredith Schatz, the agenda was approved: Ayes (6); Nays (0); Absent from Meeting (1- Griffin). APPROVAL OF MINUTES. MOTION by Kevin Hughes, seconded by Anita Crossfield for the regular meeting minutes from February 10, 2025 were approved: Ayes (6); Nays (0); Absent from Meeting (1- Griffin). TREASURER'S REPOR7. Mr. Hughes reported that revenues for the year total $236,900.59, with a cash and notes receivable balance of$1,868,969.10 and there are no imminent CD maturities to discuss. In preparation for Ms. Peregoy's leave, a $5,000 transfer to the money market account has been approved to cover any necessary checks. Ms. Peregoy has coordinated with the EDT stafft to ensure smooth operations in her absence. NEW BUSINESS. Business Prospect Property Feasibility Study. Mr. Summits presented to the Board that a confidential company is considering relocating its headquarters within the region, with a potential site in the city for about 200 employees. Staffi is competing regionally to attract the company and has been asked to fund a $10,000 feasibility study for an office fit-out. The EDA would own the study, allowing it to market the property ift the company does not move forward. The company, in the IT sector, currently operates in the region but not in the city. Members discussed the need for a comprehensive city-level incentive package to enhance competitiveness in attracting businesses. MOTION by Meredith Schatz, seconded by Mitzi Brown to approve the City's request to allocate $10,000 of EDA funds for a property feasibility study: Ayes (7); Nays (0). COMMITTEE & LIAISON. REPORTS. a. City Relations Committee Ms. Brown noted the next committee meeting is scheduled for April. b. InvestFXBG Loan Committee Ms. Crossfield reported that there are no new applications. One loan is still in default, but all other accounts are in good standing. C. Parking Improvements Mr. Griffin informed members that there would be a meeting in the evening on March 10 with Main Street and the city to discuss parking improvements. The agenda includes revising the 2019 parking assessment, which had conflicting data, and addressing downtown employee parking and the current two-hour restrictions. d. Strategic Investments No update. e. Workforce. Development Ms. Brown gave the floor to Ms. Morris. Ms. Morris shared that the city has been strengthening its relationship with the Career and Technical Education (CTE) program at James Monroe High School. Recently, two career pathway events were held, with the city's recruitment team participating. Ms. Morris added that the Parks, Recreation and Events Department is actively hiring teenagers for various roles, including summer employment and sports officiating. These events provided a valuable opportunity for the city to engage with students and reinforce its commitment to supporting city schools. This collaboration is expected to lay a strong foundation for future workforce development initiatives involving the EDA and ED&T. f. Tourism - Ms. Brown updated the board on the Arts Commission' s pilot programs, including progress on the mural project at Dorothy Hart and the "Arts on the Asphalt" public project near Riverfront Park, which will be reviewed at the upcoming Arts Commission meeting on the March 19. Mr. Griffin raised a question regarding street closures for events, particularly the feasibility of reinstating events such as a St. Patrick's Day Parade and Oktoberfest, in light of potential revisions to city policies that may include increased permit fees and event restrictions. Committee members emphasized the importance of street closures for tourism, as large public events contribute significantly to economic activity in the historic district, and expressed concern that overly restrictive policies could hinder event planning. It was agreed that tourism- related street closures should be tracked as an ongoing item to ensure the committee's input is considered in policy discussions. Members also highlighted the need to boost first-quarter tourism and identified events such as a St. Patrick's Day celebration as potential opportunities, acknowledging that while the EDA is not proposing to organize such events, it supports discussions on the criteria for permitting them. g. Main Street Ms. Brown reported that Main Street held a full-day retreat with several new board members, where they identified 2025 priorities and strategic goals, including board growth, increased funding, new sponsorship opportunities, and enhanced organizational visibility. Ms. Schatz gave an update on efforts to formalize an internship program between Mary Washington University, Germanna Community College, and downtown businesses, particularly Main Street businesses. A meeting is scheduled with Dr. Kim Young from Mary Washington to establish the process for posting. job opportunities on the university's Handshake platform, with the goal of making internships available to students by summer or fall semester. h. Marketing and Promotions - Mr. Griffin reported that the marketing and promotion team is working with Chris Allen from Main Street to enhance summer tourism in Fredericksburg through video content targeting D.C. and Richmond audiences. Fredericksburg was recently recognized by USA Today as a top ten small city for breweries, and local influencers are actively promoting businesses in the area. Ms. Morris reported Lori Rowe's team is preparing for a major media event featuring travel writers and influencers, which aligns with ongoing promotional efforts. A recent tour highlighting African American history featured prominent figures and received strong media coverage. The city's promotional content is shared weekly via EDT's newsletter and website. Members discussed the struggles ofthe brewery industry and the importance of national recognition for local businesses. Additionally, a delegation from Fredericksburg's German Sister City is visiting, including the Lord Mayor and Fire Chief, with opportunities for cultural and business exchange. i. Business Relations No update. STAFF REPORT. Mr. Summits provided several updates, including a preview oft the FY26 budget scheduled for Tuesday evening. He expressed appreciation for those who attended the public hearing for the TOD on February 25, noting the discussion was extensive. A substantial update on the Dominion study for transmission infrastructure extension is expected following council action on Tuesday night. Additionally, a draft document related to the complaint update discussed with Mike Craig is now available online, with a public work session scheduled for March 26 and public hearings anticipated in April and May. Mr. Summits will circulate the link for review, highlighting section nine as particularly relevant. CHAIR'S. REPORT. None. BOARD MEMBER COMMENTS. Mr. Griffin reported that the Fredericksburg Convention Center lost the National Junior ROTC Initiative, a major program previously funded by the Marine Corps. This resulted in the loss of 895 hotel room bookings and a significant impact on Main Street businesses, with an estimated $200,000 economic loss. Mr. Griffin suggested that the city track the fiscal impact of federal decisions, such as layoffs and program cancellations, to better understand regional economic trends. With unemployment currently below 3% but potentially rising above 7% due to federal changes, he emphasized the importance of comparing Fredericksburg's economic standing to the rest ofthe state and region. He also recommended inviting Curry Roberts, President of Fredericksburg Regional Alliance (FRA) to discuss economic tracking efforts. Ms. Schatz raised the idea of leveraging the railway overlay district and train station area to promote tourism, particularly for visitors arriving by train. Chair Black added that in the quarterly Main Street meeting, discussions focused on the impact of federal workforce changes and strategies to attract and incentivize federal workers to visit Fredericksburg. Main Street is planning a larger campaign highlighting free events such as Riverfront Park activities and the Sounds of Summer series. Ms. Schatz suggested that this group should be involved in any city initiatives related to the train station area, as it could significantly contribute to economic development. Mr. Hughes raised two ideas to the Board. First, he suggested that the EDA explore ways to support the region's large federal workforce, potentially through events such as a brewery happy hour for federal employees, given the significant percentage of government workers in the area. He highlighted a study by the Federal Reserve Bank of Richmond, which found that Stafford and King George counties rank among the highest in the country for federal workforce employment, emphasizing the need to prioritize federal worker engagement and retention. Second, Mr. Hughes discussed the potential benefits ofa Sports and Entertainment Authority, citing Henrico County's successful model, which has driven economic growth through sports facilities, hotel development, and high-profile events such as the AC-10 conference tournament and the Dominion Energy Classic golf event. While acknowledging Fredericksburg's different assets and constraints, he suggested that the city evaluate whether a similar structure could enhance local economic development. ADJOURNMENT: There being no further business to come before the Economic Development Authority at this time, Chair Beth Black declared the meeting officially adjourned at 9:13 a.mr Anita Crossfield, Secretary