Minutesofthe TownofBedord Economic Development. Authority The Economic Development Authority held a regular meeting on Friday, March 14, 2025, at 1:00 p.m. in the Council Hall, Town Municipal Building, 215 East Main Street, Bedford, VA 24523. Board members present: Mr. Jonathan Buttram, Chairman; Mr. David Sensenig, Vice Chairman; Mrs. Liz Brown; Ms. Lynn Scott; Mr. Kevin Turner; Mr. Ryan Kirkpatrick; and Mrs. Michelle Crumpacker Board members absent: None. Staff present: Mr. Bart Warner, Town Manager; Ms. Mary Zirkle, Director of Planning and Community Development; and Ms. Cathy Johnson, Administrative Assistant Staff absent: Mrs. Anne Cantrell, Director of Finance Other present: Mr. Theodore Craddock ofCaskie & Frost, Attorney of] Record for Economic Development Authority (Zoom), Mr. C.G. Stanley, Town Mayor Other absent: None. Meeting Called to Order: Mr. Buttram called the meeting to order. There was a quorum present for conducting business. The Clerk gave the roll-call: Mr. Turner Present Ms. Scott Present Mr. Kirkpatrick Present Mrs. Brown Present Mrs. Crumpacker Present Mr. Sensenig Present Mr. Buttram Present Approval of Minutes: Mr. Sensenig made a motion to approve the January 10, 2025, minutes and Ms. Scott seconded. The motion carried 7-0 to approve the minutes as presented. 3/14/25 EDA Minutes - Page 1 of 5 Remarks by Chairman and Members: Mr. Buttram gave an update and discussed the future goals for the metal workforce facility. He stated that the Bedford Regional Water Authority was working on the lift station. He added that the Town Electric shut off power to part of the facility. He discussed the need to upgrade the siding and lighting. He discussed that Al Beisser with Bison Printing was interested in renting an area for extra storage space for his business. Mr. Buttram suggested putting together a lease agreement or a rate estimate. His goalist tos still get revenue from a foundry. Ms. Zirkle stated that Pam Armstrong the County Economic Development Director contacted her about a possible lead. Reports from Town Staff: Ms. Zirkle gave the financial report on behalf of Mrs. Cantrell. She stated that as of January 31, 2025, the equity in pooled cash balance was $429,821.03. Ms. Zirkle added that the USDA grant for a Downtown Strategic Plan has been ongoing. This Monday, a group named Retail Strategies will be in Town to scope the area. They will start working one on one with businesses specifically to the downtown area to develop a plan. She wanted to inform the Authority that the downtown strategic plan is underway from the USDA grant that was awarded to the Town. Ms. Zirkle updated the Authority on the Business Center Incubator Grant through the Tobacco Commission. She was not able to get out the RFPthis week as planned. She assured members that she is still able to meet the Tobacco Commission deadline. She mentioned bringing in a consultant for a feasibility study. The goal is supporting a business development center which will be an incubator to launch startup small businesses. Mr. Buttram advised it would be okay to delay it a bit longer noting the need for an incubator for people with home-based businesses wanting to work outside oftheir home. Reports from Attorney: None. New Business: At its January meeting, the Authority discussed the budget amendment related to property purchase but agreed to table the action until its next meeting. The Authority reviewed the FY2025 EDA Current and Revised Budget. Drawing attention to the Fund Rollovers and Appropriation from Town Council dated March 14, 2025, Ms. Zirkle stated the total amendment is $734,259 for the purchase of property. The Chair asked for a motion to approve the amendment. Mr. Sensenig made a motion to adopt the budget amendment as presented and Mrs. Crumpacker seconded. The motion to adopt the FY2025 EDA budget amendment was passed with a 7-0 vote as follows by roll call vote: Mr. Turner Aye Ms. Scott Aye Mr. Kirkpatrick Aye Mrs. Brown Aye Mrs. Crumpacker Aye Mr. Sensenig Aye Mr. Buttram Aye 3/14/25 EDA Minutes - Page 2 of5 Next item of New Business, Mr. Buttram referenced the third request for an agreement extension for the business class hotel. D-Day Omstay, LLC is requesting an extension of the Performance Agreement with the Town Economic Development Authority and Town Council. The original agreement was dated June 15, 2023. The first amended Performance. Agreement was dated January 23, 2024, and was executed when thel Hampton brand provided ai new hotel model after the developer had begun architectural work. That agreement extended the term for building footers by six months and the project completion date by five months. The second amended Performance Agreement was dated August 18, 2024, and was to revise the time for an additional six months from September 30, 2024 to March 31, 2025 for the performance measure ofhaving footers poured, including an additional eight months for final completion from December 31, 2025 to August 30, 2026. Mr. Buttram asked Mr. Patel to present the extension request to the Authority. Mr. Amit Patel and Mr. Om Patel on behalfofD-Day Omstay, LLC were present to explain the reason for their 3rd performance agreement extension request. Mr. Patel gave an overview on the status, challenges, and possible delays. He shared an outline included in the meeting packet summarizing the extension request. He stated that the project was delayed due to excavation issues and the adverse weather conditions. The delay in pouring the footers directly affected the overall start to completion schedules. After factoring weather conditions, soil compacting, installing pipes and lines, and footing, Mr. Patel was requesting an additional six months extension. Mr. Patel discussed the projected timeline for the remaining work and asked the Authority to accommodate the necessary: adjustments. He stated due to thei necessary adjustments that resulted in a six-month total timeline for the completion of the footings, he is requesting a six- month extension to accommodate current and future delays. The Authority discussed and questioned potential concerns regarding construction delays. Mr. Patel stated that the contractor they selected had built up to 45 hotels and is currently finishing by May the new Hampton Inn model in Daleville. The contractor plans to move onto the job site and start work in June. Mr. Patel expects that the hotel will be completed by 14 to 16 months and he wishes to have the hotel opened in 2026. Some on the Authority agreed that was a reasonable schedule of completion. The Chair asked for a motion to approve the performance amendment. Mr. Sensenig motioned to approve. Mr. Craddock advised the Authority to have the motion to include a recommendation that Town Council has to also approve the extension before amending the Performance Agreement. Mr. Sensenig restated the motion to approve the amendment and include the recommendation that Town Council does the same. The motion was made to approve the 3rd Performance Agreement for the hotel subject to approval by Town Council. Ms. Scott seconded the motion. The Chair asked fora roll-call vote: Mr. Turner Aye Ms. Scott Aye Mr. Kirkpatrick Aye Mrs. Brown Aye Mrs. Crumpacker Aye Mr. Sensenig Aye Mr. Buttram Aye Ms. Zirkle clarified that the request for electrical cost assistance for the hotel will go before Town Council. Last item of New Business, Mr. Warner gave a presentation explaining action taken by Town Council on March 11, 2025. Mr. Dave McCormack with Waukeshaw Development, Inc. requested an additional economic development incentive to help cover the costs related to the electrical meter requirements for the property. Mr. Warner explained that the electrical connection from the transformer to the building will be performed by the Town. Beyond that activity, the developer would like to put meters inside the building, which Town staffis not able to do with current staff and that timing ofthe installation. He added that John Wagner, Electric Department Director, will work with the developer's S electrical contractor and the funds would be provided by the Town for that contract work. 3/14/25 EDA Minutes - Page 3 of 5 Mr. Warner concluded that on Tuesday night the Town Council approved giving the EDA the authority to grant the $47,000.00 expenditure for the contractor. This is a budget amendment which would transfer $47,000 to the Economic Development Authority for the expenditure increase to cover the cost quoted. Mr. Warner stated that the money will be paid out of the Town's operative expenditures but will be recovered fairly quickly when the project is up and running. Contingent on the EDA approval, staff recommended approving the incentive to Waukeshaw DeyelopmentMiddle School project for electric cost assistance. Mr. Warner stated that he had the quote to sign. Mr. Buttram asked to be clear this is a pass through? Ms. Zirkle stated that the Authority would see another budget amendment in a future meeting for action. The Chair asked for a motion. Mr. Sensenig started to ask for clarification before making a motion. Ms. Zirkle interjected that it is just a motion to pass the fund through for the electrical project. Mr. Sensenig stated SO the motion is to make a grant to Waukeshaw for $47,000 for the propose of electrical hookup. When asked was that the motion, he said SO moved. Mr. Sensenig made a motion for an economic development incentive to Waukeshaw Development for $47,000 for the propose of project costs related to the electrical meter requirements for the property. Mr. Turner seconded. The Chair asked for a roll-call vote: Mr. Turner Aye Ms. Scott Aye Mr. Kirkpatrick Aye Mrs. Brown Aye Mrs. Crumpacker Aye Mr. Sensenig Aye Mr. Buttram Aye Old Business: Ms. Zirkle gave a presentation handout dated March 14, 2025, and introduced Ms. Penny Whiteheart joining on Zoom for the Metal Workforce Center Feasibility Plan. Ms. Whiteheart with Creative Economic Development Consulting began by mentioning the consultation is through the GO Virginia Grant and gave a presentation about the Metal Workforce Training Center. The information presented was given to an Advisory Committee Meeting held on February 26, 2025. She explained the work performed about metals manufacturing, manufacturing firms in the Commonwealth, industry engagement and feedback, and education & workforce engagement. She highlighted case studies and best practices that they are researching for the project, including the Institute for Advanced Learning & Research in Danville, Virginia. After concluding with the next steps, the. Authority had questions. Ms. Whiteheart stated that Bedford is 85% higher than expected for metal-related industry located in the region through a location quotient figure. Mr. Kirkpatrick asked was this the same vision the Town hopes to see? Mr. Buttram stated that organizing with a school is a big hurdle. Ms. Zirkle was not aware of how community colleges work together in the same place, which explained the consultant's s involvement. Ms. Whiteheart concluded that there is room for more manufacturing input and asked the Authority to share it with her or Ms. Zirkle. Mr. Buttram wanted to put the word out this month that the workforce site is "shovel ready". Prior to adjourning, Ms. Zirkle reminded the Authority of the joint Town/County EDA annual meeting starting at 5:00 pm on Tuesday, April 1, 2025, in the Ground Floor Training Room at the County Administration Building. Mr. Buttram concluded by announcing the next regular EDA meeting is scheduled on Friday, April 11, 2025, at 1:00 pm. Ms. Zirkle added that she will have childcare incentives for the Authority at the April 11 meeting. Adjournment: The next meeting dates were announced and the meeting adjourned at 2:07 p.m. 3/14/25 EDA Minutes Page 4 of5 5 Respectfully submitted, Cathy Johnson, Secretary Approved on May 9, 2025. / - 15 Mr. Jonaghan Buttram, Chairman 3/14/25 EDAI Minutes Page 5 of5