Economic Development Authority

AGENDA City of Williamsburg Economic Development Authority Wednesday, January 21, 2026 A meeting of the Economic Development Authority will be held Wednesday, January 21, 2026 in the Stryker Center, Room 127, 412 N. Boundary Street commencing at 3:00 PM. Page I. CALL TO ORDER II. ROLL CALL III. APPROVAL OF MINUTES A. November EDA Minutes 3-7 IV. REVIEW FINANCIAL STATEMENTS A. Financial Statements 8-9 V. CHAIRMAN REPORT A. Resolution for Olyvia Salyer VI. ECONOMIC DEVELOPMENT DEPARTMENT REPORT A. Revenue Sharing Incentive Program Update Total Incentives to Date: $710,780.41 Net New Taxes to City: $1,872,753.45 B. Commercial Vacancy Overview VII. OLD BUSINESS VIII. NEW BUSINESS A. 2026 Business Appreciation Award Timeline 10 - 16 IX. LIAISON REPORT A. Business Roundtable – Ms. Dowdy 17 B. Williamsburg Downtown – Mr. Willey – No Report C. The Edge District – Mr. Willey – No Report D. Tourism Development Grant Review Committee – Mr. Twiddy – No Report E. Williamsburg Public Art Council (WPAC) – Ms. McBeth and Ms. Ramsey 18 Page 1 of 18  F. Eastern Virginia Regional Industrial Facilities Authority (EVRIFA) – Ms. Ramsey – No Report G. Planning Commission – Mr. Tarley – No Report H. City Council – Ms. Ramsey – No Report X. 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 a prospective business where no public announcement has been made. B. Certification of a closed session pursuant to Section 2.2-3712 of the Code of Virginia. XI. NEXT MEETING Wednesday, February 11, 2026, at 3:00 PM in the Stryker Center (412 N Boundary Street). XII. ADJOURN Page 2 of 18  MINUTES City of Williamsburg Economic Development Authority November 12, 2025 A meeting of the Economic Development Authority was held on November 12, 2025, at 3:00 in the Stryker Center, Room 127, 412 N. Boundary Street. I. CALL TO ORDER Chair Dowdy called the meeting to order at 3:02 PM. II. ROLL CALL The following members were present: Chair Odessa Dowdy, Vice Chair Robert (Robby) Willey, Brian Twiddy, and Adria Vanhoozier The following members were absent: Elaine McBeth Staff Attending: Director of Economic Development & Tourism Yuri Matsumoto, Administrative Coordinator Sarah Seward, Legal Counsel Christina Shelton, City Council Liaison Barbara Ramsey, and Planning Commission Liaison John Tarley. III. APPROVAL OF MINUTES A. September EDA Minutes Moved by Vanhoozier, seconded by Twiddy, to approve the September minutes as presented. Carried 4-0-0-1 by a roll call vote: Ayes: Dowdy, Twiddy, Vanhoozier, Willey Nays: None Abstain: None Absent: McBeth IV. REVIEW FINANCIAL STATEMENTS A. Financial Statements Ms. Matsumoto reviewed the financial statements for September and October. Page 3 of 18  In September, the EDA revenue accounts received $500 from a bond application fee paid by Colonial Williamsburg, and earned $611.42 in interest. Expenditures included $1,165.34 for the Business Roundtable, $5.71 in postage for mailing bond documents to Provident Resources Group, and $1,542.50 for the City’s annual contribution to Start Peninsula. Ms. Matsumoto presented the October financial statement expenditures, including $31.50 in postage for mailing Business Retention & Expansion Survey postcards, $210.16 to Dominion Energy for safety lighting at the former DMV site on Capitol Landing Road, and $850 for registration to a deal-making conference in 2026. The report also reflected annual contributions in the amount of $2,000 to the Eastern Virginia Regional Industrial Facility Authority (EVRIFA) and $10,000 to the Kings Creek Center project under the EVRIFA. Ms. Matsumoto also noted that a Small Business Investment Grant in the amount of $7,457.46 was awarded to the Rochambeau Roadside Inn for improvements to their outdoor space. In addition, the October financial statement reflected $622.18 in revenue from interest earnings. V. CHAIRMAN REPORT Ms. Dowdy reported that the Shop Local Boost location will be in Merchants Square. Ms. Dowdy also reported that she attended the Hampton Roads Workforce Council’s 2025 Workforce Innovation Awards on behalf of the EDA. VI. ECONOMIC DEVELOPMENT DEPARTMENT REPORT A. Revenue Sharing Incentive Program Update Total Incentives to Date: $710,780.41 Net New Taxes to City: $1,872,753.45 Ms. Matsumoto reported that the Revenue Sharing Incentive Program stands as reported in the meeting packet. Ms. Matsumoto shared that the Colonial Williamsburg bond closed on November 4, and the EDA received $435,500 in closing fees. The City Manager will be discussing the use of those fees with City Council in December. The Transportation Partnership Opportunity Fund application submitted by the EDA to the state has been approved, resulting in $5 million in funding to assist with the Lafayette Arrival Center project. Ms. Matsumoto noted that negotiations and revisions to the performance agreement with the Virginia Economic Development Authority November 12, 2025 Page 4 of 18  Department of Transportation (VDOT) are underway, with additional information to be provided at a future meeting. B. 2025 Business Retention & Expansion (BRE) Survey Results Ms. Seward presented the 2025 Business Retention & Expansion (BRE) Survey results, noting that the survey was sent to 732 businesses and 28 responses were received. The survey was distributed to businesses across the City of Williamsburg, excluding those in Quarterpath and the Edge District, which were surveyed in the first quarter of 2025. Ms. Seward provided an overview of the survey results, noting: • 12 businesses reported an increase in revenue, seven reported no change in revenue, and nine reported a decrease in revenue. • 50% of respondents reported obstacles to growth and expansion. • Customer service continues to be the most difficult skill set to find in the workforce, a trend previously noted in BRE survey results. • Some respondents requested a grant for exterior improvements, which aligns with the existing Small Business Investment Grant offered by the EDA. VII. OLD BUSINESS VIII. NEW BUSINESS A. Consideration and Action Regarding the EDA FY27 Funding Request for City Budget Presentation Ms. Matsumoto presented the funding request provided in the meeting packet. Moved by Vanhoozier, seconded by Twiddy, to authorize the Chair to sign the FY27 Funding Request letter to the City of Williamsburg Finance Director requesting $110,000. Carried 4-0-0-1 by a roll call vote: Ayes: Dowdy, Twiddy, Vanhoozier, Willey Nays: None Abstain: None Absent: McBeth B. Consideration and Action Regarding Proposed Revisions to the Bike Rack Grant Program Ms. Matsumoto reviewed the proposed revisions to the Bike Rack Grant Program and noted that they will enable a more effective, streamlined review and approval process. Economic Development Authority November 12, 2025 Page 5 of 18  Moved by Dowdy, seconded by Willey, that the EDA approve the proposed revisions to the Bike Rack Grant program guidelines as presented. Carried 4-0-0-1 by a roll call vote: Ayes: Dowdy, Twiddy, Vanhoozier, Willey Nays: None Abstain: None Absent: McBeth C. Consideration and Action Regarding Bike Rack Donations to Three Public Facilities Located in the City of Williamsburg Ms. Matsumoto reported that the EDA has received requests to donate bike racks from its inventory for use at three new facilities located in the City of Williamsburg. Moved by Twiddy, seconded by Vanhoozier, that the EDA approve the donation of up to nine bike racks from the Bike Rack Grant Program to be located at the Williamsburg Police Station, Williamsburg Fire Station, and Greater Williamsburg Sports & Events Center. Carried 4-0-0-1 by a roll call vote: Ayes: Dowdy, Twiddy, Vanhoozier, Willey Nays: None Abstain: None Absent: McBeth IX. LIAISON REPORT A. Business Roundtable – Ms. Dowdy B. Williamsburg Downtown – Mr. Willey C. The Edge District – Mr. Willey D.. Tourism Development Grant Review Committee – No Report E. Williamsburg Public Art Council (WPAC) – Ms. McBeth and Ms. Ramsey F. Eastern Virginia Regional Industrial Facilities Authority (EVRIFA) – Ms. Ramsey – No Report G. Planning Commission – Mr. Tarley – No Report H. City Council – Ms. Ramsey X. NEXT MEETING Wednesday, January 21, 2025, at 3:00 PM in the Stryker Center (412 N Boundary Street). Economic Development Authority November 12, 2025 Page 6 of 18 XI. ADJOURN Chair Dowdy adjourned the meeting at 4:02 PM. Odessa Dowdy, Chair Yuri Matsumoto, Secretary Economic Development Authority November 12, 2025 Page 7 of 18  Economic Development Authority Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Economic Development Authority For the Period Ended November 30, 2025 FY 2024 FY 2025 FY 2026 FY 2026 FY 2026 Variance Year to date Year to date Budget Month to date Year to date to Budget Beginning Fund Balance* $386,714.29 Bond Fees Received $ 7,912.50 $ 7,256.25 $ 6,831.00 $ - $ 500.00 $ 6,331.00 Contribution from City - 110,000.00 110,000.00 110,000.00 110,000.00 - Business Roundtable Revenue 664.09 682.29 2,000.00 115.00 481.30 1,518.70 Interest Earnings 6,545.56 5,725.86 6,000.00 588.21 3,086.41 2,913.59 Xfer from City-Tax Incentives - - 200,000.00 - - 200,000.00 Transfer from EDA Designated Funds - - - - - - Transfer from Reserves - - 42,959.00 - - 42,959.00 Total Operating Revenue $ 15,122.15 $ 123,664.40 $ 367,790.00 $ 110,703.21 $ 114,067.71 $ 253,722.29 Legal Fees $ - $ - $ 2,000.00 $ - $ - $ 2,000.00 Professional Services - Audit - - 3,000.00 - - 3,000.00 Professional Services - Consultants - 540.19 9,300.00 - - 9,300.00 Board Expenses 524.00 48.92 3,000.00 - 95.14 2,904.86 Marketing 569.36 2,986.42 16,500.00 - - 16,500.00 Existing Business Program 618.50 - 20,000.00 165.82 165.82 19,834.18 Business Roundtable 934.68 1,376.25 2,500.00 - 1,959.89 540.11 Postage - - 780.00 33.40 70.51 709.49 Insurance 2,425.00 2,551.00 2,710.00 - 2,710.00 - Rental Property - Capitol Landing 644.07 933.70 5,000.00 210.13 828.73 4,171.27 New Business Recruitment 95.88 7,822.68 37,000.00 - 850.00 36,150.00 Go Virginia Project 12,000.00 12,000.00 12,000.00 - - 12,000.00 Downtown Vibrancy Implementation - 210.00 7,000.00 - - 7,000.00 Regional Entrepreneurship 36,042.50 1,542.50 42,000.00 - 13,542.50 28,457.50 Tax Incentive Payments 23,181.42 - 200,000.00 - - 200,000.00 Contingency - - 5,000.00 - - 5,000.00 Total Operating Expenses $ 77,035.41 $ 30,011.66 $ 367,790.00 $ 409.35 $ 20,222.59 $ 347,567.41 7/1/25 FY 2026 FY 2026 FY 2026 FY 2026 FY 2026 Current Reserve Revenues Revenues Expenses Expenses Commitment Reserve Assigned Unassigned Designated Programs using Reserves Balance Month to Date Year to Date Month to Date Year to Date of Reserves Balance Reserves Reserve Business Grants $ 34,414.27 $ - $ - $ - $ 7,457.46 $ - $ 26,956.81 $ - $ 26,956.81 Wmsbg Celebrates Art 8,702.15 - - - - - 8,702.15 - 8,702.15 Public Art Sculpture Program 7,255.04 - - - - - 7,255.04 - 7,255.04 Downtown Vibrancy - Main Street Implementation - - - - - - - - - Downtown Vibrancy - Downtown Tree Illumination 50,000.00 - - - - - 50,000.00 50,000.00 - Demolition Program 99,000.00 - - 99,000.00 99,000.00 - - - - $ 199,371.46 $ - $ - $ 99,000.00 $ 106,457.46 $ - $ 92,914.00 $ 50,000.00 $ 42,914.00 *Preliminary & unaudited. Ending Fund Balance $ 374,101.95 Unassigned Reserves 281,187.95 Reserve Policy (10% of Annual Budget) 36,779.00 Unassigned Reserves Available $ 244,408.95 Cash $ 197,784.39 LGIP Investments $ 176,317.56 Accounts Receivable $ 50,000.00 Accounts Payable $ (50,000.00) Total Fund Balance $ 374,101.95 Page 8 of 18  Economic Development Authority Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Economic Development Authority For the Period Ended December 31, 2025 FY 2024 FY 2025 FY 2026 FY 2026 FY 2026 Variance Year to date Year to date Budget Month to date Year to date to Budget Beginning Fund Balance* $386,714.29 Bond Fees Received $ 7,912.50 $ 7,256.25 $ 6,831.00 $ - $ 500.00 $ 6,331.00 Contribution from City - 110,000.00 110,000.00 - 110,000.00 - Business Roundtable Revenue 669.09 732.29 2,000.00 389.99 871.29 1,128.71 Interest Earnings 7,866.10 6,741.82 6,000.00 634.63 3,721.04 2,278.96 Xfer from City-Tax Incentives - - 200,000.00 - - 200,000.00 Transfer from EDA Designated Funds - - - - - - Transfer from Reserves - - 42,959.00 - - 42,959.00 Total Operating Revenue $ 16,447.69 $ 124,730.36 $ 367,790.00 $ 1,024.62 $ 115,092.33 $ 252,697.67 Legal Fees $ - $ - $ 2,000.00 $ - $ - $ 2,000.00 Professional Services - Audit - - 3,000.00 - - 3,000.00 Professional Services - Consultants - 540.19 9,300.00 - - 9,300.00 Board Expenses 572.00 65.67 3,000.00 50.30 145.44 2,854.56 Marketing 2,453.90 3,375.24 16,500.00 2,500.00 2,500.00 14,000.00 Existing Business Program 618.50 - 20,000.00 - 165.82 19,834.18 Business Roundtable 1,423.59 1,877.25 2,500.00 637.00 2,596.89 (96.89) Postage - - 780.00 - 70.51 709.49 Insurance 2,425.00 2,551.00 2,710.00 - 2,710.00 - Rental Property - Capitol Landing 807.31 1,122.88 5,000.00 209.79 1,038.52 3,961.48 New Business Recruitment 523.62 7,822.68 37,000.00 - 850.00 36,150.00 Go Virginia Project 12,000.00 12,000.00 12,000.00 - 12,000.00 - Downtown Vibrancy Implementation - 210.00 7,000.00 - - 7,000.00 Regional Entrepreneurship 36,042.50 1,542.50 42,000.00 34,500.00 36,042.50 5,957.50 Tax Incentive Payments 25,836.58 - 200,000.00 - - 200,000.00 Contingency - - 5,000.00 - - 5,000.00 Total Operating Expenses $ 82,703.00 $ 31,107.41 $ 367,790.00 $ 37,897.09 $ 58,119.68 $ 309,670.32 7/1/25 FY 2026 FY 2026 FY 2026 FY 2026 FY 2026 Current Reserve Revenues Revenues Expenses Expenses Commitment Reserve Assigned Unassigned Designated Programs using Reserves Balance Month to Date Year to Date Month to Date Year to Date of Reserves Balance Reserves Reserve Business Grants $ 34,414.27 $ - $ - $ - $ 7,457.46 $ - $ 26,956.81 $ - $ 26,956.81 Wmsbg Celebrates Art 8,702.15 - - - - - 8,702.15 - 8,702.15 Public Art Sculpture Program 7,255.04 - - - - - 7,255.04 - 7,255.04 Downtown Vibrancy - Main Street Implementation - - - - - - - - - Downtown Vibrancy - Downtown Tree Illumination 50,000.00 - - - - - 50,000.00 50,000.00 - Demolition Program 99,000.00 - - - 99,000.00 - - - - $ 199,371.46 $ - $ - $ - $ 106,457.46 $ - $ 92,914.00 $ 50,000.00 $ 42,914.00 *Final Ending Fund Balance $ 337,229.48 Unassigned Reserves 244,315.48 Reserve Policy (10% of Annual Budget) 36,779.00 Unassigned Reserves Available $ 207,536.48 Cash $ 160,277.29 LGIP Investments 176,952.19 Accounts Receivable 50,000.00 Accounts Payable (50,000.00) Total Fund Balance $ 337,229.48 Page 9 of 18  Economic Development Authority Agenda Item Summary Meeting Date: January 21, 2026 Staff Contact: Sarah Seward, Economic Development Specialist Agenda Item Wording: 2026 Business Appreciation Award Timeline Background Information: Annually, the Economic Development Authority recognizes a City business for its hard work and dedication to make the City a better place to live, work and visit. Criteria for nomination include: • Physical presence in the City of Williamsburg • Demonstrated Staying Power (Open for business in the City for at least 5 years) • Employ fewer than 100 persons in the City of Williamsburg • Innovativeness of Product or Service Offered (Illustrations of the creativity and imagination of the nominee) • Responded Positively to Adversity (Examples of problems faced in the business and the strategies used to solve them) • Contributions to Community-Oriented Projects • Exemplary Customer Service (Evidence of customer satisfaction) • Environmental Sensitivity (Attractive grounds and evidence of having implemented environmentally friendly policies) Award Timeline: • February 13 – Nomination form launches online • March 27 – Nomination form closes at 5pm • April 8 – EDA selects winner at its regular monthly meeting • May 14 – Winner is invited to the City Council meeting to be presented with the award by the Mayor Previous Relevant Action: None Staff Recommendation: None Sample Motion: N/A Page 10 of 18  2026 Williamsburg Business Appreciation Award Nomination Form Sponsored by the Williamsburg Economic Development Authority Nominations are currently being accepted to recognize City businesses whose hard work and dedication make the City of Williamsburg a better place to live, work and visit. Any person or business can nominate a City business for the Williamsburg Business Appreciation Award, and self-nominations are accepted. Criteria for award consideration include: A physical presence in the City of Williamsburg Demonstrated Staying Power (Open for business in the City for at least 5 years) Employ fewer than 100 persons in the City of Williamsburg Innovativeness of Product or Service Offered (Illustrations of the creativity and imagination of the nominee) Responded Positively to Adversity (Examples of problems faced in the business and the strategies used to solve them) Contributions to Community-Oriented Projects Exemplary Customer Service (Evidence of customer satisfaction) Environmental Sensitivity (Attractive grounds and evidence of having implemented environmentally friendly policies) YOUR INFORMATION Please enter your information below as the person nominating the business. * Name: * Phone Number: * Email: Page 11 of 18 BUSINESS INFORMATION Please enter the information below for the business that you are nominating. * Business Name: * Business Address: * Business Website: * Business Contact Name: * Business Email Address: * Type of Business: * Brief Description of Business: * Why do you think this business should be nominated for the 2025 Business Appreciation Award? * Please provide examples of the business's exceptional service to its customers: Page 12 of 18 * Please provide examples of the business’s community contributions and/or environmental sensitivity (for example, aid to community projects/events and efforts to make business activities environmentally sustainable): Submittal deadline is Friday, March 27, 2026. The award is scheduled to be presented at the May 14, 2026, Williamsburg City Council meeting. For more information, please contact: 757-220-6116 | eda@williamsburgva.gov www.yeswilliamsburg.com/businessaward Page 13 of 18  2026 Williamsburg Business Appreciation Award Nominee Form Sponsored by the Williamsburg Economic Development Authority Your business has been nominated for the Williamsburg Business Appreciation Award. Please complete the form below to complete your entry. Criteria for award consideration include: A physical presence in the City of Williamsburg Demonstrated Staying Power (Open for business in the City for at least 5 years) Employ fewer than 100 persons in the City of Williamsburg Innovativeness of Product or Service Offered (Illustrations of the creativity and imagination of the nominee) Responded Positively to Adversity (Examples of problems faced in the business and the strategies used to solve them) Contributions to Community-Oriented Projects Exemplary Customer Service (Evidence of customer satisfaction) Environmental Sensitivity (Attractive grounds and evidence of having implemented environmentally friendly policies) BUSINESS INFORMATION * Business Name: * Business Address: * Business Phone Number: * Business Website: Page 14 of 18 * Business Contact Name: * Business Email Address: * Number of Employees in the City of Williamsburg: * Length of Time in City of Williamsburg: * Brief Description of Business: * Please provide examples of exceptional customer service: * Please provide examples of product or service innovations: * Please provide examples of the business’s community contributions and/or environmental sensitivity (for example, aid to community projects/events and efforts to make business activities environmentally sustainable): * Please provide examples of employee retention and satisfaction: * Please describe how the business has demonstrated exemplary problem solving in the face of business challenges (during COVID-19 or otherwise): Page 15 of 18 The Winning Award is scheduled to be presented at the 2 pm, May 14, 2026 meeting of the Williamsburg City Council. For more information, please contact: 757-220-6104 | eda@williamsburgva.gov www.yeswilliamsburg.com/businessaward Page 16 of 18 Business Roundtable – Odessa Dowdy Visit www.yeswilliamsburg.com/roundtable for the 2026 Business Roundtable schedule and registration information. Roundtable Speaker Schedule: • February 11, 2026 o Topic: Economic Outlook o Speaker: Renee Haltom, Vice President and Regional Executive at the Federal Reserve Bank of Richmond • May 12, 2026 o Topic: Small Business Spotlight o Speaker: In celebration of Small Business Month, five business owners who have opened over the prior 12-month period will be invited to speak and introduce their business. • August 12, 2026 o Topic: City Project Update o Speaker: City Manager Andrew O. Trivette • November 10, 2026 o Topic: Tourism Update o Edward Harris, President & CEO of Visit Williamsburg Page 17 of 18 Williamsburg Public Art Council (WPAC) – Elaine McBeth and Barbara Ramsey At its November meeting, the Williamsburg Public Art Council discussed the following: The WPAC reviewed the communication and narrative components of its projects and gave its overall initiative a name: Williamsburg Public Art Council – Art Lives Here. Page 18 of 18