FREDERICKSBURG ECONOMIC DEV ELOPMENT AUTHORITY 601 Caroline Street, Suite 303 (540) 372-1216 Fredericksburg, VA 22401 (540) 372-6587 Fax ECONOMIC DEVELOPMENT AUTHORITY (EDA) MINUTES Monday, April 14, 2025 8:30 a.m. e Regular Meeting Executive Plaza, 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, April 14, 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 (9:00 am departure), Meredith Schatz, Suzy Stone, and Joel Griffin (8:35am). ABSENT. None. ALSO PRESEN7. Hyperbole: John Sims; RIVERE: Buck Cox and Lori Blunt; Inn at the Old Silk Mill: Ed Whelan; Madeline Fleehart Consulting: Madeline McMahon; EDA Assistant: Jordan Seurattan; EDA Counsel: Jackson Key; Department of Economic Development and Tourism: Josh Summits, Director of Economic Development and Tourism; M.C. Morris, Assistant Director ofTourism; Amy Peregoy, Economic Development Manager; Victoria Matthews, Tourism Stadium and Sports Sales Manager. DETERMINATION OF QUORUM. Anita Crossfield. APPROVAL OF. AGENDA. Chair Black moved that item 8 on the agenda be moved to item 13 to accommodate a guest speaker. MOTION by Mitzi Brown, seconded by Suzy Stone, the agenda was approved: Ayes (6); Nays (0); Absent-Meeting (1- Griffin). RIVERE Ecological Center Update Lori Blunt, a representative from the Rivere Ecological Center, provided an update and reintroduction to the Center for Ecopreneurship, a proposed innovation hub in Fredericksburg focused on solving ecological challenges, particularly related to the Rappahannock River. Inspired by founder Buck Cox's childhood connection to the river and his career in environmental engineering, the Center aims to combine watershed research, education, technology, and ecoculture to promote freshwater stewardship and regional economic development. Plans include both a virtual and physical center, with a focus on sustainability (LEED Building certification), innovation (use of AR/VR immersive experiences), and economic self-sufficiency through ac co-working model. The Center is aligned with the city's Comprehensive Plan and Go Virginia' s goals. Notable collaborators include AccessVR, Virginia Tech, University of Mary Washington, Friends of the Rappahannock, Potomac Tribe, and multiple other regional partners. The project team is supported by a steering committee representing public, private, and academic sectors. The Center will be located at the former Emory Power Plant site in the Creative Makers District, with an expanded vision for broader district revitalization. Thanks in part to financial support and early guidance from the Fredericksburg EDA, the Center secured a GO Virginia Region 6 planning grant to fund a formal economic impact study, stakeholder engagement, and development of a digital platform and fundraising tools. The virtual center is expected to launch by Q4 2025. The primary hurdle moving forward is securing sufficient capital to construct the physical facility. APPROVAL OF MINUTES. MOTION by Suzy Stone, seconded by Meredith Schatz to resubmit the February 10, 2025 minutes with an amendment correcting a clerical error: Ayes (7); Nays (0). MOTION by Mitzi Brown, seconded by Meredith Schatz for the regular meeting minutes from March 10, 2025 were approved: Ayes (7); Nays (0). TREASURER'S REPORT. Mr. Hughes reported, as of the time of the meeting, the Board's total cash balance stood at $379,305.94, with total notes reçeivable at $1,483,244.88, bringing the combined total to $1,862,552.72. He noted that the EDA's strategy of investing in CDs and bonds has protected revenue streams amidst broader economic uncertainty. However, with potential future interest rate cuts by the Federal Reserve, CDyields may decline. Mr. Hughes recommended that the Board include a discussion on reinvestment strategies for maturing CDs in the June meeting agenda. NEW. BUSINESS. Draft Request for Proposals: Sports Tourism Feasibility Study - Josh Summits Mr. Summits discussed a draft Request for Proposals (RFP) related to the city-allocated sports tourism budget, specifically for conducting a feasibility study. The purpose ofthe RFP is to bring in a consultant to assess the city's and region' 's existing sports tourism assets, identify gaps and opportunities, and analyze best practices. A draft RFP has been shared with the city's Parks Department for review. Mr. Summits proposed working with the EDA's Tourism Committee- specifically with Ms. Brown and Ms. Crossfield- - to refine the draft. He plans to distribute the current draft to all board members for input, with the goal of releasing the finalized RFP in May or June. COMMITTEE & LIAISON REPOR7S. a. City Relations Committee Ms. Brown and Ms. Stone reported meeting with the Mayor Devine, Mr. Baroody, Ms. Peregoy, and Mr. Summits the previous week. Key discussion points included the city's progress on a grant to RACSB for a Street Outreach Coordinator, with plans to hire a full-time staff member at a mid-$70,000 salary. They also discussed the sports tourism feasibility study, which is in progress. There was brief mention of exploring potential entertainment partnerships. Will McIntosh was named as the next representative on the committee. b. InvestFXBG Loan Committee No update. C. Parking Improvements No update. d. Strategic Investments No update. e. Workforce Development - Ms. Schatz reported that efforts continue to build a partnership with Germanna Community College and the University ofMary Washington to develop an undergraduate internship program that connects students with small businesses in 22401. Although the next planning meeting has been delayed, it has been rescheduled for the upcoming Monday. Once finalized, implementation- particularly with UMW--is expected to move quickly, with a potential launch in time for the fall semester. . Tourism - Ms. Brown and Ms. Stone reported that there were no new updates to add to the tourism-related initiatives at this time. However, Ms. Matthews provided a Sports and Tourism update, highlighting her participation in the Sports Events and Tourism Association' 's Annual Meeting, Sports ETA. During the event, Ms. Matthews secured 31 appointments with sports rights holders from various sports, including boxing, fishing, and gymnastics. Ms. Schatz then provided updates regarding two public art initiatives: the Mural Subcommittee and Public Art on the Asphalt. The Mural Subcommittee plans to install an initial mural at Dorothy Hart Center, with a call for local or regional artists to be made this summer. The Public Art on the Asphalt project, which previously successfully addressed traffic calming, is looking to continue with a new installation near Riverfront Park, with further updates expected this summer. g. Main Street - No update. h. Marketing and Promotions - Chair Black reported on the success oft the marketing initiatives funded by the new line item. As of April 10th, since the start of LRC's contract in October 2024, the city has been featured in 11 published outlets, generating nearly 25 million total impressions with a value of approximately $230,000. There is still remaining budget in the line item, which will be used for future promotional efforts. i Business Relations - No update. STAFF REPORT. Mr. Summits provided updates on the GoVirginia Region 6 Economic Development Summit on April 22nd. He also flagged the upcoming Spring Economic Development Breakfast on May 27th at the. Jepson Alumni Center, with further details to be shared soon. Additionally, Mr. Summits outlined several grant opportunities, including the Virginia Economic Development Partnership's Brownfields program, the Virginia Department of Housing and Community Development's Community Business Launch Grant, and Main Street America's T-Mobile grant. Mr. Summits proposed working with the Strategic Investments Committee to explore these grants and related projects. Ms. Morris shared updates on several marketing and tourism initiatives. A new visitor guide, created in- house, was distributed. Ms. Morris also introduced the upcoming launch of Visit Widget, a GIS-based mapping app for local tourism, which includes the Civil Rights Trail. A Zip Trip event with Fox 5 will be held on July 25th at Riverfront Park, with participating businesses invited. Finally, Ms. Morris reminded everyone ofthe Business Appreciation Celebration on June 18th, which will coincide with Main Street's Summer Solstice. Ms. Matthews provided a reminder about the Tourism Summit on May 1st at the Fredericksburg Convention Center, inviting all businesses in the city to participate. CHAIR'S REPORT. None. BOARD MEMBER COMMENTS. None OLD BUSINESS. a. Dominion Energy Engineering Letter ofAuthorization Josh Summits Mr. Summits provided an update regarding the $225,000 allocated for new large-scale development opportunities, including a $200,000 allocation for Dominion Energy's Letter of Authorization study. With the formal enactment ofthe Technology Overlay District (TOD) ordinance by the City Council in March, private entities are now able to work directly with Dominion Energy for energy routing to development sites. As a result, the EDA's involvement in funding the Letter of Authorization is no longer necessary, and no funds have been invoiced by Dominion. The remaining funds will stay within the Opportunity Fund. b. FRA Letter and Funding Increase - Josh Summits Mr. Summits also updated the board on two studies funded by the Fredericksburg Regional Alliance (FRA) to assess environmental and fiscal impacts for potential data center development. Initially estimated at $21,000, the expanded scope of the environmental study led to an increase in costs, bringing the total for both studies to $41,800. The FRA submitted ai request for an additional $5,949.01 to cover the 50% match for the studies. MOTION by Suzy Stone, seconded by Anita Crossfield to approve the requested increase in funds to $20,949.01: Ayes (7); Nays (0). ADJOURMMENT: There being no further business to come before the Economic Development Authority at this time, Chair Beth Black declared the meeting officially adjourned at 9:17 a.m. Anita Crossfield, Secretary