Economic Development Authority

AGENDA City of Williamsburg Economic Development Authority Monday, November 18, 2024 A meeting of the Economic Development Authority will be held Monday, November 18, 2024 in the 401 Lafayette Street Large Conference Room commencing at 3:00 PM. Page I. CALL TO ORDER II. ROLL CALL III. REMOTE PARTICIPATION REQUEST A. Consideration and Approval of Remote Participation Request from EDA 3 Member Harold Philipsen IV. APPROVAL OF MINUTES A. October EDA Minutes 4-7 V. REVIEW FINANCIAL STATEMENTS A. October EDA Financial Statement 8 VI. CHAIRMAN REPORT VII. ECONOMIC DEVELOPMENT DEPARTMENT REPORT A. Revenue Sharing Incentive Program Update Total Incentives to Date: $549,978.06 Net New Taxes to City: $985,193.92 B. Business Retention and Expansion (BRE) Survey Results VIII. OLD BUSINESS IX. LIAISON REPORT A. Business Roundtable – Ms. Vanhoozier 9 B. The Edge District – Mr. Willey – Verbal Report C. Tourism Development Grant Review Committee – Mr. Crawford – No Report D. Williamsburg Public Art Council (WPAC) – Mr. Philipsen and Ms. 10 Ramsey Page 1 of 12  E. Eastern Virginia Regional Industrial Facilities Authority (EVRIFA) – Mr. Philipsen and Ms. Ramsey – No Report F. Planning Commission – Mr. Tarley 11 G. City Council – Ms. Ramsey 12 X. CLOSED SESSION A. Pursuant to subparagraph 29 for the purpose of discussion of the award of a public contract involving the expenditure of public funds, including interviews of bidders or offerors, and discussion of the terms or scope of such contract, where discussion in an open session would adversely affect the bargaining position or negotiating strategy of the public body. XI. NEXT MEETING Wednesday, December 11, 2024, at 3:00 PM in the Stryker Center (412 N Boundary Street). XII. ADJOURN Page 2 of 12  Economic Development Authority Agenda Item Summary Meeting Date: November 13, 2024 Staff Contact: Yuri H. Matsumoto, Economic Development Director Agenda Item Wording: Consideration and Approval of a Remote Participation Request from EDA Member Harold Philipsen Background Information: Pursuant to the code of Virginia Section 2.2-3708 and City Ordinance #24-08, EDA Member Harold Philipsen has requested to participate in the November 13, 2024, EDA meeting remotely. The EDA must approve this request by majority vote prior to Mr. Philipsen joining the meeting. Previous Relevant Action: August 7, 2024 – The EDA approved its FY25 Remote Participation Policy Pursuant to the code of Virginia Section 2.2-3708 and City Ordinance #24-08. July 14, 2021 – The EDA adopted the Electronic Participation Policy consistent with City Council Ordinance #19-16. Staff Recommendation: Staff recommends that the EDA approve the remote participation request from EDA member Harold Philipsen. Sample Motion: I move that the EDA approve the remote participation request from Harold Philipsen for the November 13, 2024, EDA meeting pursuant to the code of Virginia Section 2.2-3708 and City Ordinance #24-08. Page 3 of 12  MINUTES City of Williamsburg Economic Development Authority October 9, 2024 A meeting of the Economic Development Authority was held on October 9, 2024 at 3:00 in the Stryker Center, Room 127, 412 N. Boundary Street. 1. CALL TO ORDER Chair Vanhoozier called the meeting to order at 3:01 PM. 2. ROLL CALL The following members were present: Chair Adria Vanhoozer, Vice-Chair Robert (Robby) Willey, Andrew Crawford, Odessa Dowdy, Natalie Miller-Moore, Harold Philipsen and Olyvia Salyer. The following members were absent: Staff Attending: Economic Development Director Yuri Matsumoto, Administrative Coordinator Sarah Seward, Legal Counsel Christina Shelton, City Council Liaison Barbara Ramsey and Planning Commission Liaison John Tarley. 3. APPROVAL OF MINUTES A. September EDA Minutes Moved by Salyer, seconded by Crawford, to approve as presented. Carried 7-0-0- by a roll call vote: Ayes: Crawford, Dowdy, Miller-Moore, Philipsen, Salyer, Willey, and Vanhoozier Nays: None Abstain: None Absent: None 4. REVIEW FINANCIAL STATEMENTS A. September EDA Financial Statement Ms. Matsumoto reviewed the financial statement provided in the meeting packet, noting that there was approximately $1,200.00 in interest earnings. There was a $900.00 marketing expense, and $186.00 paid to Dominion Energy for safety lighting at the former DMV property on Capital Landing Road. No grants were administered. Page 4 of 12 5. CHAIRMAN REPORT A. Commercial Vacancy Overview – Downtown Ms. Seward reviewed a list of 11 available properties for lease Downtown. 6. ECONOMIC DEVELOPMENT DEPARTMENT REPORT A. Revenue Sharing Incentive Program Update Total Incentives to Date: $549,978.06 Net New Taxes to City: $985,193.92 Ms. Matsumoto reported that the revenue sharing incentive program stands as updated in the meeting packet. Ms. Matsumoto shared that she recently had a virtual meeting with the Hampton Roads office of the Local Initiatives Support Corporation (LISC) and expressed her gratitude to Ms. Dowdy for facilitating the introduction. During the meeting, they discussed how LISC is engaging with other economic development organizations and addressing Williamsburg's specific needs as the City approaches the upcoming budget season. Ms. Matsumoto reported that she recently visited a prospect in Charleston, South Carolina and they are interested in exploring a similar concept in the Williamsburg Transportation Center. The space in the Transportation Center is being considered for conversion into a leasable commercial space. Should the CIP request be approved, Ms. Matsumoto will reach out to the EDA for assistance in researching on how other communities have implemented similar initiatives. 7. OLD BUSINESS 8. NEW BUSINESS 9. LIAISON REPORT A. Business Roundtable – Ms. Vanhoozier Ms. Vanhoozier reported that Edward Harris, CEO of Visit Williamsburg, will be the November Business Roundtable speaker, and the Economic Outlook Business Roundtable will take place in the spring of 2025. B. The Edge District – Mr. Willey – No Report C. Tourism Development Grant Review Committee – Mr. Crawford – No Report Economic Development Authority October 9, 2024 Page 5 of 12  D. Williamsburg Public Art Council (WPAC) – Mr. Philipsen and Ms. Ramsey Ms. Ramsey reported that the Poet Laureate program will open for applications on October 14 and close December 8. Ms. Ramsey shared that the Midtown Row Fall Festival will be November 2 from 1:00 PM – 5:00 PM. The WPAC has partnered with the Muscarelle Museum of Art for a community art project. E. Eastern Virginia Regional Industrial Facilities Authority (EVRIFA) – Mr. Philipsen and Ms. Ramsey – No Report F. Planning Commission – John Tarley – No Report G. City Council – Ms. Ramsey Ms. Ramsey reported that while the City Council's agenda is extensive, many of the items are driven by actions from the General Assembly. Ms. Ramsey shared that Nicole Trifone will be presented the Excellence in Service award. 10. CLOSED SESSION A. Closed session pursuant to Section 2.2-3711 of the Code of Virginia pursuant to subparagraph 5 for the purpose of discussing prospective businesses where no public announcement has been made. Moved by Crawford, seconded by Miller-Moore, to go into closed session pursuant to Section 2.2-3711 of the Code of Virginia: Pursuant to subparagraph 5 for the purpose of discussing 52 prospective businesses or expansion of existing business where no public announcement has been made. Carried 7-0-0- by a roll call vote: Ayes: Crawford, Dowdy, Miller-Moore, Philipsen, Salyer, Willey, and Vanhoozier Nays: None Abstain: None Absent: None Certification of Closed Session B. Moved by Crawford, seconded by Miller-Moore, to approve the certification of a closed session pursuant to Section 2.2-3712 of the Code of Virginia. Economic Development Authority October 9, 2024 Page 6 of 12  Carried 6-0-0-1 by a roll call vote: Ayes: Crawford, Dowdy, Miller-Moore, Philipsen, Willey, and Vanhoozier Nays: None Abstain: None Absent: Salyer 11. NEXT MEETING Wednesday, October 9, 2024, at 3:00 PM in the Stryker Center (412 N Boundary Street). 12. ADJOURN Chair Vanhoozier adjourned the meeting at 3:47 PM. Adria Vanhoozier, Chair Yuri Matsumoto, Secretary Economic Development Authority October 9, 2024 Page 7 of 12  Economic Development Authority Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Economic Development Authority For the Period ended October 31, 2024 FY 2023 FY 2024 FY 2025 FY 2025 FY 2025 Variance Year to date Year to date Budget Month to date Year to date to Budget Beginning Fund Balance $452,734.08 Bond Fees Received $8,550.00 $7,912.50 $6,083.00 $7,256.25 $7,256.25 ($1,173.25) Contribution from City $110,000.00 $110,000.00 $110,000.00 $0.00 $110,000.00 $0.00 Business Roundtable Revenue $1,830.89 $1,203.65 $2,000.00 $0.00 $401.46 $1,598.54 Existing Business Program $3,643.20 $0.00 $0.00 $0.00 $0.00 $0.00 Rental Income - Capitol Landing $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Interest Earnings $10,285.98 $15,424.98 $10,000.00 $1,132.00 $4,715.34 $5,284.66 Xfer from City-Tax Incentives $19,611.94 $69,239.92 $220,000.00 $0.00 $0.00 $220,000.00 Transfer from EDA Designated Funds $0.00 $0.00 $37,297.00 $0.00 $0.00 $37,297.00 Transfer from Reserves $0.00 $0.00 $0.00 $0.00 $0.00 Total Operating Revenue $153,922.01 $203,781.05 $385,380.00 $8,388.25 $122,373.05 $263,006.95 Legal Fees $0.00 $0.00 $2,000.00 $0.00 $0.00 $2,000.00 Professional Services - Audit $2,200.00 $0.00 $9,300.00 $0.00 $0.00 $9,300.00 Professional Services - Consultants $5,000.00 $0.00 $3,000.00 $0.00 $540.19 $2,459.81 Board Expenses $211.19 $630.37 $3,000.00 $0.00 $24.00 $2,976.00 Marketing $4,430.74 $3,410.23 $16,500.00 $0.00 $2,986.42 $13,513.58 Existing Business Program $16,179.96 $14,200.24 $19,750.00 $0.00 $0.00 $19,750.00 Business Roundtable $3,466.03 $2,692.39 $2,500.00 $850.51 $1,376.25 $1,123.75 Postage $5.77 $0.00 $780.00 $0.00 $0.00 $780.00 Insurance $2,209.00 $2,425.00 $2,550.00 $0.00 $2,551.00 ($1.00) Rental Property - Capitol Landing $2,110.85 $1,892.98 $3,000.00 $191.03 $742.75 $2,257.25 New Business Recruitment $2,393.58 $16,702.54 $37,000.00 $2,680.27 $4,680.27 $32,319.73 Go Virginia Project $12,000.00 $12,000.00 $12,000.00 $12,000.00 $12,000.00 $0.00 Downtown Vibrancy Implementation $0.00 $0.00 $7,000.00 $0.00 $0.00 $7,000.00 Regional Entrepreneurship $41,042.50 $41,042.50 $42,000.00 $1,542.50 $1,542.50 $40,457.50 Tax Incentive Payments $63,015.28 $25,836.58 $220,000.00 $0.00 $0.00 $220,000.00 Contingency $0.00 $0.00 $5,000.00 $0.00 $0.00 $5,000.00 $0.00 Total Operating Expenses $154,264.90 $120,832.83 $385,380.00 $17,264.31 $26,443.38 $358,936.62 7/1/24 FY 2025 FY 2025 FY 2025 FY 2025 Current Reserve Revenues Revenues Expenses Expenses Reserve Assigned Unassigned Designated Programs using Reserves Balance Month to Date Year to Date Month to Date Year to Date Balance Reserves Reserve Business Grants $44,619.65 $0.00 $0.00 $2,705.38 $2,705.38 $41,914.27 $0.00 $41,914.27 Wmsbg Celebrates Art $8,702.15 $0.00 $0.00 $0.00 $0.00 $8,702.15 $0.00 $8,702.15 Public Art Sculpture Program $7,255.04 $0.00 $0.00 $0.00 $0.00 $7,255.04 $0.00 $7,255.04 Downtown Vibrancy - Main Street Implementation $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Downtown Vibrancy - Downtown Tree Illumination $50,000.00 $0.00 $0.00 $0.00 $0.00 $50,000.00 $50,000.00 $0.00 Demolition Program $135,348.13 $0.00 $0.00 $0.00 $0.00 $135,348.13 $0.00 $135,348.13 $245,924.97 $0.00 $0.00 $2,705.38 $2,705.38 $243,219.59 $50,000.00 $193,219.59 Ending Fund Balance $545,958.37 Undesignated Reserves $302,738.78 Reserve Policy(10% of Annual Budget) $38,538.00 Undesignated Reserves Available $264,200.78 Cash $218,340.36 LGIP Investments $284,214.67 Accounts Receivable FY24 Accruals $186,107.35 Accounts Payable FY24 Accruals ($142,704.01) Total Fund Balance $545,958.37 Page 8 of 12 Business Roundtable – Adria Vanhoozier Visit www.yeswilliamsburg.com/roundtable for the 2024 Business Roundtable schedule and registration information. Roundtable Speaker Schedule: • November 12, 2024 o Topic: Tourism Update o Speaker: Edward Harris, Chief Executive Officer for Visit Williamsburg • March 2025 o Topic: Economic Outlook o Speaker: Renee Haltom, Vice President and Regional Executive at the Federal Reserve Bank of Richmond • May 2025 o Topic: Small Business Spotlight o Speaker: In celebration of Small Business Month, business owners that have opened over the prior 12-month period will be invited to speak and introduce their business Page 9 of 12 Williamsburg Public Art Council – Barbara Ramsey & Harold Philipsen On Saturday, November 2, the Williamsburg Public Art Council partnered with the Muscarelle Museum of Art for a community art project at Midtown Row’s 2nd annual Fall Festival. Participants were invited to paint someone they admire on small canvases that would come together to form a “quilt of portraits.” Over 150 canvases were painted. The WPAC is facilitating the City’s inaugural Williamsburg Poet Laureate Program. Applications will be accepted through December 8. Details can be found online: williamsburg.smapply.io/prog/williamsburg-poet. Page 10 of 12 Planning Commission Liaison Report – John Tarley, Jr., Planning Commissioner The Planning Commission heard a request on behalf of Broad Street Realty Midtown Current, LLC (BSR) to convert vacant retail space in Building #1 of Midtown Row located at 221 Monticello Avenue to five apartments: • Two 4-bedroom units • Three 3-bedrooms units A motion to deny the request failed 3-2. There was no motion to approve. It will go to City Council for a decision at their November 14 business meeting. Page 11 of 12 City Council – Barbara Ramsey Included on the agenda for the City Council Work Session scheduled for Tuesday, November 12th: • A presentation from AVAdventure regarding the events they were contracted to produce in 2024 • A presentation on the Legislative Agenda • A presentation for the 2025-2026 GIOs Included on the agenda for the City Council business meeting on Thursday, November 14th: • One public hearing regarding the conversion of retail/commercial spaces in Midtown Row to 5 residential apartments • One Tourism Promotion Contingency Fund grant application from Colonial Williamsburg to offset the cost of producing the third and final Common Cause to All conference which brings to Williamsburg museum and locality staff that are involved in planning for America 250 – Yuri Matsumoto • Emergency Operations Plan Update – Fire Chief Larry Snyder • Trespass Ordinance – Chris Shelton • Paving and Striping Bid Award, which includes crosswalks – Jack Reed • Capitol Landing Road Stream Restoration Bid Award - Jack Reed • Adoption of GIOs Page 12 of 12