Economic Development Authority

601 Caroline Street, Suite 303 (540) 372-1216 Fredericksburg, VA 22401 (540) 372-6587 Fax Amended Agenda Monday, August 10, 2026 8:30 a.m. ● EDA Regular Meeting FXBG City Center, First Floor Visitor Center Conference Room 601 Caroline St. Fredericksburg, VA 22401 1. Call to Order – Chair Schatz 2. Determination of Quorum 3. Approval of the Agenda 4. Public Comments 5. Virginia’s Innovation Crossroads Regional Rebranding & Marketing – Tom Scott, President 6. Approval of Minutes Regular Meeting Minutes of July 13, 2026 7. Treasurer’s Report EDA Budget Update July 2026 8. Old Business 9. New Business 10. Committee & Liaison Reports a. City Relations Committee – Meredith Schatz b. InvestFXBG Loan Committee – Anita Crossfield & Evan Sullivan c. Parking Improvement – Kevin Hughes & Eugeniy Mikityuk d. Strategic Investments – Evan Sullivan e. Workforce Development – Meredith Schatz f. Tourism – Anita Crossfield & Eugeniy Mikityuk g. Main Street – Meredith Schatz h. Marketing & Promotions – Eugeniy Mikityuk i. Business Relations – Meredith Schatz & Anita Crossfield 11. Staff Report 12. Chair’s Report 13. Board Member Comments 14. Adjournment – Next Meeting, September 14, 2026 NOTE: THIS IS A TENTATIVE AGENDA AND SUBJECT TO ADJUSTMENTS PRIOR TO AUGUST 10, 2026. ANY CITIZEN THAT WANTS TO RECEIVE AN ELECTRONIC AGENDA MAY SIGN UP WITH THE REQUEST TO RECEIVE ECONOMIC DEVELOPMENT AUTHORITY AGENDAS FORM. 601 Caroline Street, Suite 303 (540) 372-1216 Fredericksburg, VA 22401 (540) 372-6587 Fax ECONOMIC DEVELOPMENT AUTHORITY (EDA) MINUTES Monday, July 13, 2026 8:30 a.m. ● Regular Meeting FXBG City Center, First Floor Visitor Center Conference Room 601 Caroline St. Fredericksburg, VA 22401 The Economic Development Authority of the City of Fredericksburg, Virginia met in regular session on Monday, July 13, 2026, at 8:30 a.m. at the FXBG City Center, Visitor Center Conference Room, 601 Caroline St., Fredericksburg, VA 22401. EDA MEMBERS PRESENT. Meredith Schatz, Chair presiding. Anita Crossfield, Kevin Hughes, Eugeniy Mikityuk, and Evan Sullivan. ABSENT. David Fraser and Curry Roberts. ALSO PRESENT. Parrish Snead Franklin Simpson, PLC: Michael Whitaker, Attorney; Synctivate: Madeline McMahon, Marketing and Business Development; Hyperbole: John Sims; Fredericksburg Main Street: Kristen Reed, Assistant Director; EDA Assistant, Jordan Seurattan, Department of Economic Development and Tourism: Josh Summits, Director; Amy Peregoy, Economic Development Manager. DETERMINATION OF QUORUM. Eugeniy Mikityuk. APPROVAL OF AGENDA. MOTION by Kevin Hughes, seconded by Anita Crossfield, to approve the amended agenda: Ayes (5); Nays (0); Absent from Meeting (2 - Fraser, Roberts). PUBLIC COMMENTS. None. APPROVAL OF MINUTES. MOTION by Evan Sullivan seconded by Eugeniy Mikityuk for the special meeting minutes from June 16, 2026 were approved: Ayes (5); Nays (0); Absent from Meeting (2 - Fraser, Roberts). TREASURER'S REPORT. a. Mr. Hughes provided two key updates to members. First, Mr. Hughes reported that two of the Board’s certificates of deposit (CD’s), totaling approximately $540,000, recently matured and have each been  renewed as nine month CD’s. The new maturity date for these two CD’s will be March 16, 2027 and Mr. Hughes noted that all the Board’s CD’s now have 2027 maturity dates. Second, Mr. Hughes highlighted a minor adjustment that was made to the 2027 budget regarding the carry-forward fund balance from fiscal year 2026. The initial figure, $257,044, was revised downward to $245.274 to account for the payment of the Lori Rowe invoice, which was processed as an expense against those funds prior to the start of the current fiscal year. OLD BUSINESS. a. Serve and Stay Fredericksburg Fund Program Discussion – Chair Schatz Chair Schatz reported that the Serve and Stay fund is officially active on the Community Foundation website, and community outreach and education efforts are already underway. Chair Schatz highlighted that the fund’s launch has been bolstered by a $10,000 donation from Greenchip, adding to the initial investments by the EDA and other community partners. Chair Schatz reminded members that the next step in the process is approving the framework by which Serve and Stay applications will be received, evaluated, and selected. The details of the application evaluation framework were shared with members at a previous meeting. Mr. Hughes added, at the GO Virginia Region 6 strategy work session hosted by the Secretary of Commerce and Trade, he spoke with a gentleman named Chris McNamara from the Strategic Housing Office who noted that finding a way to work with local Economic Development Authority boards to address affordable housing is among his office’s primary objectives. Given that, Mr. Hughes suggested that the board meet with Mr. McNamara to discuss opportunities for collaboration around the new Serve and Stay program. MOTION by Eugeniy Mikityuk seconded by Kevin Hughes to authorize the Review Committee to award granting or funding to candidates for the Serve and Stay Program based on the objective criteria: Ayes (5); Nays (0); Absent from Meeting (2 - Fraser, Roberts). NEW BUSINESS. None. COMMITTEE & LIAISON REPORTS. a. City Relations Committee – Chair Schatz reported the City Relations Committee will meet in September. b. InvestFXBG Loan Committee – Mr. Sullivan reported two new applications are being reviewed. c. Parking Improvements – None. d. Strategic Investments – None. e. Workforce Development – None. f. Tourism – Mr. Mikityuk reported that he met with Ms. Black, Chair of the 300th Anniversary Blue Ribbon Steering Committee, and Ms. Morris to discuss opportunities for collaboration between the Steering Committee and the EDA in preparation for the City of Fredericksburg’s 300th Anniversary. g. Main Street – None. h. Marketing and Promotions – Mr. Mikityuk requested that members share any ideas they may have for topics for UMW Marketing students’ upcoming project in collaboration with the EDA. i. Business Relations – None. STAFF REPORT. Mr. Summits noted that the updated Loan Programs are live and accompanying updated Loan Program one pagers will be ready for distribution shortly. CHAIR’S REPORT. Chair Schatz noted that two new members, Curry Roberts, former President and CEO of the Fredericksburg Regional Alliance, and David Fraser, owner of Fraser Wood Elements, have been selected to join the Fredericksburg EDA and will begin their work in August. Members will revisit Committee assignments in August to account for the two new members. Chair Schatz initiated a discussion regarding the region's new medical school, which recently received its initial seed funding from the General Assembly. Chair Schatz proposed that the Fredericksburg EDA could leverage its community profile data and local real estate expertise to assist with the school’s development needs, including anticipated facility construction and efforts to attract science and technology-based headquarters to the area. Following this, it was agreed that a meeting would be arranged between hospital and medical school leadership and EDA members to better understand the project's infrastructure requirements and explore how the EDA may provide strategic support. MEMBER COMMENTS. Vice Chair, Ms. Crossfield – No update. Treasurer, Mr. Hughes – Mr. Hughes provided more detail about his experience at the GO Virginia Region 6 work session. He noted that the three main topics were the importance of regionalism, the new medical school, and regional interest in a new CTE facility. Mr. Mikityuk – No update. Mr. Sullivan – Mr. Sullivan expressed excitement about the successful launch of the Serve and Stay program. ADJOURNMENT. There being no further business to come before the Economic Development Authority at this time, Chair Schatz declared the meeting officially adjourned at 8:49 a.m. ________________________________ Eugeniy Mikityuk, Secretary  FY2027 (7.1.2026-6.30.2027) EDA Budget Year-to-Date as of July 31, 2026 FY27 Income Budget Collected/ Committed Remaining Bond Issuance Fees $ 29,500.00 $ - $ 29,500.00 Interest Income Anticipated FY2026 $ 35,000.00 $ 2,458.84 $ 32,541.16 Baseball Insurance Premium $ 5,000.00 $ 5,000.00 $ - InvestFXBG Income (Principal + Interest) $ 18,000.00 $ 2,291.52 $ 15,708.48 Sports Tourism Fund $ 150,000.00 $ 150,000.00 $ - Visitor Center Owner-Financing $ 22,800.00 $ 1,903.57 $ 20,896.43 Pass-Through Economic Incentive Funding $ - $ 50,000.00 $ (50,000.00) Fund Balance Carryforward from FY2026 $ 249,419.02 $ - $ 249,419.02 Total Income $ 509,719.02 $ 211,653.93 $ 298,065.09 Operating Expenses Legal $ 14,000.00 $ 797.50 $ 13,202.50 Professional Services $ 10,000.00 $ 702.50 $ 9,297.50 Meetings/Events $ 6,000.00 $ - $ 6,000.00 Audit/Accounting $ 2,500.00 $ - $ 2,500.00 Education/Training/Advocacy $ 2,000.00 $ - $ 2,000.00 Insurance $ 2,800.00 $ 2,692.00 $ 108.00 Sports Tourism Fund $ 150,000.00 $ 3,375.00 $ 146,625.00 Invest FXBG Loan Program $ 20,000.00 $ - $ 20,000.00 Grant Program $ 5,000.00 $ - $ 5,000.00 Marketing & Promotion $ 15,000.00 $ - $ 15,000.00 SUBTOTAL $ 227,300.00 $ 7,567.00 $ 219,733.00 Funding General Opportunity Fund $ 25,000.00 $ - $ 25,000.00 Other Funding Window Wonderland $ 3,000.00 $ - $ 3,000.00 Rivers Region Entrepreneurial Ecosystem (Yr. 3 of 3) $ 5,000.00 $ - $ 5,000.00 Pass-Through Economic Incentive Disbursement $ - Fund Balance Carryforward from FY2026 $ 249,419.02 $ - $ 249,419.02 Total General Funding (incl. the Opportunity Fund) $ 282,419.02 $ - $ 282,419.02 Total Expenditures $ 509,719.02 $ 7,567.00 $ 502,152.02 Revenue over Expenditures $ - $ 204,086.93