Economic Development Authority

Minutes City of Radford Economic Development Authority Regular Meeting April 6, 2023 / 12 p.m. City Council Chambers Members Present: Mr. Abram Williams, Mr. Steve Harvey, Mr. Jeff Cumberland, Ms. Caroline Gaskins, Mr. Keith Weltens, Mr. Justin Mosby, Dr. Bruce Chase Staff & Visitors: Ms. Kim Repass, Executive Director Mr. John Cox, Radford University Foundation Mr. Doug Walsh, Radford University Foundation Mr. Abram Williams called the meeting to order at 12:04 p.m. A quorum was established. 1) Old Business o Mr. John Cox and Mr. Doug Walsh from Radford University Foundation attended the EDA meeting to discuss specifics of the new Highlander Hotel and the future financial impact to the City. o Mr. Cox discussed the REDI Program and stated they are asking for the full amount of their real estate property reimbursement. o Mr. Cox explained to the Board in detail the breakdown of the partners. • Preston Hollow has the most capital invested in the project. • Provident Resources is the LLC that owns the hotel • Ballard Construction built the hotel • Cambridge is the management company • The Hotel is a $43 Million investment • 125 sleeping rooms • Bee & Butter is the roof top restaurant • Provisions is the downstairs restaurant that will feature breakfast items, lunch and dinner • Ballroom will seat 300 people (Dinner rounds of 10) • There are 65 total employees to date: o 45 live in the City of Radford o 20 are Students o 25 are not Radford residents Meeting Adjourn Being no further business the meeting was adjourned at 12:50 p.m. Director, Economic Development Director, Tourism