Charlottesville Economic Development Authority

MEETING AGENDA CHARLOTTESVILLE ECONOMIC DEVELOPMENT AUTHORITY Tuesday, July 14, 2026 – 4:00 p.m. @ CitySpace, 100 5th St. NE 1) CALL TO ORDER AND WELCOME 2) PUBLIC COMMENT 3) CONSENT AGENDA a) Minutes from June 9, 2026, meeting b) Treasurer Reports from May 2026 4) NEW BUSINESS a) Update on Economic Development Strategic Plan - Goal 3: Pathways for Opportunity & Charlottesville Talent Network 5) OTHER BUSINESS AND ANNOUNCEMENTS a) Joint Meeting City & County EDAs – September 15th 6) ADJOURNMENT Individuals with disabilities who require assistance or special arrangements to participate in the public meeting may call the ADA Coordinator at (434) 970-3182 or submit a request via email to ada@charlottesville.gov. The City of Charlottesville requests that you provide a 48-hour notice so that proper arrangements may be made.  Charlottesville Economic Development Authority (CEDA) Meeting Minutes – June 9, 2026 Members Present Staff Present Not Present Steve Johnson Chris Engel Denise Herndon Addison Barnhardt Keith Groomes Quinton Harrell James Cauthen Trish Carpenter Jay O’Donnell Gareth Gaston A meeting of the Charlottesville Economic Development Authority occurred on Tuesday, June 9th, 2026, at CitySpace. The Chair, Mr. Barnhardt, called the meeting to order at 4:05 PM. Mr. Barnhardt, the Chair, asked if there was any public comment, no public comments noted. Mr. Barnhardt shared with the board members present that starting July 1 st he will be on the Habitat for Humanity Board and wanted all members to know he may have recuse himself if future items come before CEDA related to Habitat’s work. Mr. Barnhardt asked the Board members if there were any comments or questions regarding the April 14, 2026, meeting minutes or the financial reports for March and April 2026. It was noted that CABL Fund was misspelled on the financial reports. There being no further comments or questions, the Chair asked for a motion to approve the Consent Agenda, motion moved by Mr. Johnson, second by Mr. Gaston, all in favor. Motion passed. First order of business was an update on Goal 1: Equitable Entrepreneurship from the Economic Development Strategic Plan. Keith Groomes, Entrepreneurship Program Specialist provided an update to the Board on equitable entrepreneurship and shared achievements and program participation stats. The board engaged Mr. Groomes in a series of questions related to his work and the presentation. Next, Mr. Engel updated the Board on the active Performance Agreements and Leases that are being managed by the Authority. Three Performance Agreements have concluded – Waterhouse LLC, 459 Locust Owner Charlottesville LLC and COH LLC. Friendship Court Phase 1 is active and currently in repayment. Friendship Court Phase 2 is active and is under construction. Friendship Court Phase 3 is under development now and expected to be considered by the Authority and City Council this fall. 501 Cherry LLC is active and awaiting construction in 2026. Mr. Engel then reviewed the leases starting with the S&P Global lease which will expire in 2033. He noted that the building upfit credits are running out which will cause an increase in the monthly in 2027. This also may cause the tenant to seek to adjust or renegotiate the lease based on current needs. The Pavilion lease expires in 2034 and renewal discussions are expected to start in the next year or two following completion of the loan payments. The Authority is also managing the Rivanna River Co., lease on city property at the 0 E. High Street. RRC are great tenants as they pay on time and offer summer and winter activities while working around challenges that are currently present at the location. And finally, CEDA serves as the lessee for the York Place restroom lease on the mall which provides public restrooms for visitors. Initial funding for this has been provided by ARP funding which will be exhausted and a new funding source will be needed. The board had numerous questions and clarifications regarding the agreements and leases which were answered. Mr. Johnson raised the issue of the status of the Jefferson School Foundation loan which has a due date of July 31, 2027, unless extended or forgiven. Action by the Authority will be need by the end of 2026 on this item. Mr. Engel indicated that the City Manager’s Office is currently engaged with the foundation on several items including this one. Mr. Engel thanked Mr. Barnhardt for being a judge at this year’s Piedmont Pitch. Mr. Engel gave a rundown of all the scheduled events for July 3 rd in honor of the Downtown Mall 50th Anniversary and encouraged all to come down and enjoy the festivities. The Authority will meet as scheduled in July with no planned meeting in August. There will be a joint EDA meeting with the County scheduled for September 15, 2026. There being no further business, Mr. Barnhardt asked for a motion to adjourn the meeting, so moved by Mr. Johnson, second by Mr. Cauthen, all present in favor. The Chair adjourned the meeting at 5:23 PM. Chris Engel, Secretary Date Approved by CEDA  CHARLOTTESVILLE ECONOMIC DEVELOPMENT AUTHORITY TREASURER'S REPORT FOR PERIOD MAY 31, 2026 REVENUE & EXPENDITURE DETAIL May Budget YTD* Variance REVENUES EDA Admin Fees $ 16,500.00 $ 57,000.00 $ 40,500.00 S&PG Rent Payment $ 20,000.00 $ 240,000.00 $ 220,000.00 $ (20,000.00) Charlottesville Pavilion Rent $ 100.00 $ 700.00 $ 600.00 Charlottesville Pavilion Loan Payment-$2.4 $ 170,886.00 $ 137,840.56 $ (33,045.44) Charlottesville Pavilion - Ticket Surcharge Remittance $ - $ 16,634.00 $ 16,634.00 Charlottesville Pavilion - Maintenance Fund Deposit $ - $ 8,559.00 $ 8,559.00 Interest Earned on CEDA Cash Deposits $ - $ - Performance Agreements $ 250,000.00 $ 130,738.86 $ (119,261.14) State AFID Grant $ - $ - Reserves $ 26,016.00 $ (26,016.00) TOTAL REVENUES $ 20,000.00 $ 703,502.00 $ 571,472.42 $ (132,029.58) EXPENDITURES Project Reserves $ - $ - Contribution to the City for Administration $ 100,000.00 $ 100,000.00 $ - Education and Training $ 2,000.00 $ 2,000.00 Marketing $ 25,000.00 $ 15,995.00 $ 9,005.00 Legal Fees $ 2,295.00 $ 15,000.00 $ 4,545.00 $ 10,455.00 Research $ 4,201.45 $ 10,000.00 $ 9,110.32 $ 889.68 Supplies $ 1,500.00 $ 1,500.00 Rent to City for Pavilion $ 1.00 $ 1.00 Rent to City for SP&G Building $ 1.00 $ 1.00 ACE Program $ 18,000.00 $ 281.42 $ 17,718.58 Cville Match $ 50,000.00 $ 18,750.00 $ 31,250.00 GO Hire $ 50,000.00 $ 10,897.98 $ 39,102.02 GO VA Match $ 150,000.00 $ 95,000.00 $ 55,000.00 Recovery Programming $ 20,000.00 $ 20,000.00 Performance Agreements $ 250,000.00 $ 250,000.00 State/AFID Grants $ 28,500.03 $ 22,288.28 Audit Fees/Adjustment $ 12,000.00 $ 12,539.00 $ (539.00) TOTAL EXPENDITURES $ 6,496.45 $ 703,502.00 $ 295,618.75 $ 458,671.56 Notes: - Charlottesville Pavilion is required to make semi-annual loan payments in the amount of $85,442.28. That amount is being paid using the ticket surcharge money. If ticket surcharge collections are not enough to cover the loan payment, Charlottesville Pavilion remits a check to CEDA for the difference. - Rent to the City for S&PG Building has been prepaid for the duration of the lease. 1  CHARLOTTESVILLE ECONOMIC DEVELOPMENT AUTHORITY TREASURER'S REPORT FOR PERIOD ENDING MAY 31, 2026 SUMMARY INFORMATION S&PG RENT PAYMENT FY19 $ 260,000.00 FY20 $ 220,000.00 FY21 $ 260,000.00 FY22 $ 240,000.00 FY23 $ 260,000.00 FY24 $ 240,000.00 FY25 $ 240,000.00 7/1/2025 $ 20,000.00 $ 220,000.00 8/1/2025 $ 20,000.00 9/1/2025 $ 40,000.00 10/1/2025 $ 20,000.00 11/1/2025 $ 20,000.00 12/1/2025 $ 20,000.00 1/1/2026 $ 20,000.00 2/1/2026 $ 20,000.00 3/1/2026 $ 20,000.00 4/1/2026 5/1/2026 $ 20,000.00 6/1/2026 TOTAL CURRENT FISCAL YR $ 220,000.00 BEGINNING CASH BALANCE $ 3,013,865.64 Plus Revenues $ 20,000.00 Minus Expenditures $ (6,496.45) ENDING CASH BALANCE - 5/31/2026 $ 3,027,369.19 WORKING CASH BALANCE Cash Balance 5/31/2026 $ 3,028,169.19 Reserved for COF Local Match $ (200,000.00) Reserved for Pavilion Maintenance Fund $ (127,483.99) Reserved for S&PG Maintenance Fund $ (560,000.00) Reserved for S&PG Security Deposit $ (65,895.00) Reserved for 700 Jefferson St. Security Deposit $ (31,000.00) Reserved for 1520 E. High St. $ (24,000.00) CEDA Opportunity Fund $ (500,000.00) CABL Fund $ (500,000.00) WORKING CASH BALANCE -5/31/26 $ 1,019,790.20 * FISCAL YEAR RUNS FROM JULY 1, 2025 TO JUNE 30, 2026 2