EDAAgenda2024April4ECONOMIC DEVELOPMENT AUTHORITY
| THURSDAY, APRIL 4TH |
| 8:00 AM |
COUNTY ADMINISTRATION BUILDING @ FIRST FLOOR CONFERENCE ROOM
107 KENT STREET WINCHESTER, VA
1.Call to Order
2.Approval of Minutes – February 1, 2024|| ACTION
3.Treasurer’s Report || ACTION
4.FredCo Eats | INFORMATION
•Recap on the 2024 Restaurant Week that celebrate Frederick County’s local
restaurants and promote this sector
5.Incentive Policy | ACTION
•Annual review of incentive policy to reflect current business targets and State
discretionary incentive policies
6.Benchmark Analysis (Update from Target Industry analysis – January 2023) |
INFORMATION
•Updated analysis that compares the Frederick County MSA to 28 competing
MSAs on various demographic economic indicators as well as industry and
occupation variables for the EDA Industry Targets’ value propositions
7.Project Announcements of Targeted Industries (Presented in June 23) | INFORMATION
•Update on recent announcements from the EDA Targeted Industries for the past
12 months
8.Grocery Store Attraction || INFORMATION
•Update on progress of contacting grocery stores
9.Such other business as may come before this Authority
MINUTES
ECONOMIC DEVELOPMENT AUTHORITY
| THURSDAY, FEBRUARY 1, 2024 |
A meeting of the Frederick County Economic Development Authority was held on
Thursday, February 1, 2024, at 8:00 a.m. in the County Administration Building, First
Floor Conference Room, 107 North Kent Street, Winchester, Virginia.
PRESENT: Rick Till, Judy McCann-Slaughter, Karen Swecker, Bryan Fairbanks and
Gary Lofton. Due to personal reasons, Stan Crockett participated by phone which
was approved by Board members present.
STAFF: Patrick Barker, Shayla Rickard, Wendy May, and Donna McIlwee, Frederick
County Economic Development Authority; Michael Bryan, EDA Attorney; Rod
Williams, County Attorney; and Jay Tibbs, Deputy County Administrator
MEETING CALLED TO ORDER: Chairman Till called the meeting to order at 8:00 a.m.
PUBLIC HEARING—MODIFICATION OF UP TO $17,000,000 OF REVENUE BONDS FOR THE
BENEFIT OF THE LEGACY AT NORTH AUGUSTA, INC.
Mr. Till opened the Public Hearing, held at the request of The Legacy at North Augusta, Inc.
regarding certain modifications to the Authority’s Residential Care Facility Revenue Bonds
(The Legacy at North Augusta project), Series 2011 (the “Bonds”), originally issued in an
aggregate principal amount of $17,000,000. No one spoke during the Public Hearing,
which was then closed by Mr. Till.
RESOLUTION FOR MODIFICATION OF UP TO $17,000,000 OF REVENUE BONDS FOR THE
BENEFIT OF THE LEGACY AT NORTH AUGUSTA, INC.
Mr. Bryan introduced the Legacy’s Bond Attorney, Mike Graff, and Craig Watson, a
representative from Legacy. He explained the resolution was to modify the bonds as to the
interest rate. There is no obligation placed on the Authority and the Authority is not
indebted on these bonds. The Authority does receive an administrative fee from the
bonds.
EDA Board members were provided a copy of the proposed Resolution prior to this
meeting. On motion of Mr. Fairbanks, seconded by Mr. Lofton, the Resolution was
approved by the following recorded vote:
J. Stanley Crockett Aye
Bryan Fairbanks Aye
Page 2 of 4
Frederick County EDA Meeting Minutes | February 1, 2024
Diane Kearns Aye
Gary Lofton Aye
Judy McCann-Slaughter Aye
Karen Swecker Aye
Rick Till Aye
PARTNER SHOWCASE – FREDERICK COUNTY PLANNING DEPARTMENT
Mr. Barker introduced Wyatt Pearson, Director, and Tyler Klein, Senior Planner, to give an
operational overview of Frederick County’s Planning & Development Department.
Mr. Pearson explained how the department interacts with the EDA.
Mr. Klein presented an overview of the proposed Western Frederick Land Use Plan.
APPROVAL OF MINUTES
The minutes from the January 4, 2024, meeting were presented. On motion duly made by
Mr. Loften and seconded by Ms. McCann-Slaughter, the minutes were approved by the
following recorded vote:
J. Stanley Crockett Aye
Bryan Fairbanks Aye
Diane Kearns Aye
Gary Lofton Aye
Judy McCann-Slaughter Aye
Karen Swecker Aye
Rick Till Aye
TREASURER'S REPORT
Mr. Barker submitted the following report:
Checking Account - Bank of Clarke as of December 31, 2023 - $7043.22
Intrafi Account – Bank of Clarke as of December 31, 2023 - $2,898,763.72
On motion of Ms. McCann-Slaughter, seconded by Mr. Lofton, the Treasurer’s
Report was approved by the following recorded vote:
J. Stanley Crockett Aye
Bryan Fairbanks Aye
Diane Kearns Aye
Gary Lofton Aye
Judy McCann-Slaughter Aye
Page 3 of 4
Frederick County EDA Meeting Minutes | February 1, 2024
Karen Swecker Aye
Rick Till Aye
PERFORMANCE AGREEMENTS VIRGINIA BUSINESS READY SITE PROGRAM
Mr. Barker distributed a draft Performance Agreement between the EDA and VEDP due to two
minor revisions. Mr. Till stated the Performance Agreement with the Peterson Companies is
ready for signature.
Mr. Lofton asked if there were any questions not resolved in this Agreement. Mr. Barker stated
that Section 13, Final Reimbursement, needs to be discussed more with VEDP. All work must
be completed before Peterson can request reimbursement and VEDP makes the final decision if
work is complete.
On motion of Ms. McCann-Slaughter, seconded by Mr. Fairbanks, the Board voted to move
forward with the Performance Agreement by the following recorded vote:
J. Stanley Crockett Aye
Bryan Fairbanks Aye
Diane Kearns Aye
Gary Lofton Aye
Judy McCann-Slaughter Aye
Karen Swecker Aye
Rick Till Aye
VIRGINIA BUSINESS READY SITE PROGRAM APPLICATION
Mr. Barker reported that One Logistics Park’s pre-application for $10,000,000 from the 2024
round of VBRSP Grant funding has been accepted for consideration.
STRATEGY MEASUREMENTS UPDATE
Mr. Barker stated that, to ensure proper implementation, staff will provide quarterly updates
on the plan’s performance measures.
Ms. May, Marketing Manager, reviewed Restaurant Week activities and the upcoming
Agribusiness Conference.
Ms. Rickard, Business Retention Manager, announced the Widget Cup competition would be
held on April 11 at Millwood High School and the Employer Expo on May 8 at Shenandoah
University.
Page 4 of 4
Frederick County EDA Meeting Minutes | February 1, 2024
GROCERY STORE ATTRACTION
Mr. Barker gave an update on his efforts to encourage grocery stores to locate in Frederick
County. Two have shown moderate interest, 4 have long-term market consideration, and 2
have no interest.
SUCH OTHER BUSINESS AS MAY COME BEFORE THIS AUTHORITY
Mr. Barker provided Board members with a recap of key proposed bills in the Virginia
legislature and a full list of proposed bills that VEDA is tracking.
Ms. McCann-Slaughter asked that Board members be made aware of any bills detrimental to
our community or work we are doing so that contact can be made with our legislators.
ADJOURN
There being no further business to come before this Authority, the meeting was adjourned at
8:55 a.m.
________________________________ ____________________________
Richard Till Jay Tibbs
Chairman Secretary
TREASURER'S REPORT SYNOPSIS
ECONOMIC DEVELOPMENT AUTHORITY
January 31, 2024
BANK OF CLARKE COUNTY
Beginning Bank Statement Balance - as of December 31, 2023 $7,043.22
Total Deposits $0.00
Total Disbursements -$1,950.00
BANK STATEMENT BALANCE AS OF January 31, 2024 $5,093.22
BANK OF CLARKE - INTRAFI ACCOUNT
Beginning Bank Statement Balance - as of December 31, 2023 $2,898,763.72
Total Deposits $10,679.24
Total Disbursements $0.00
BANK STATEMENT BALANCE AS OF January 31, 2024 $2,909,442.96
TREASURER'S REPORT
ECONOMIC DEVELOPMENT AUTHORITY
January 31, 2024
BANK OF CLARKE COUNTY
Beginning Bank Statement Balance - as of December 31, 2023 $7,043.22
Deposits
TOTAL DEPOSITS $0.00
Disbursements
1629 1/10/2024 Michael L. Bryan (Legal Fees) -$1,950.00
TOTAL DISBURSEMENTS -$1,950.00
BANK STATEMENT BALANCE AS OF January 31, 2024 $5,093.22
TREASURER'S REPORT
ECONOMIC DEVELOPMENT AUTHORITY
January 31, 2024
BANK OF CLARKE - INTRAFI ACCOUNT
Beginning Bank Statement Balance - as of December 31, 2023 $2,898,763.72
Deposits
1/31/2024 Deposit $10,679.24
TOTAL DEPOSITS $10,679.24
Disbursements
TOTAL DISBURSEMENTS $0.00
BANK STATEMENT BALANCE AS OF January 31, 2024 $2,909,442.96
** $1,907,000 represents proceeds from the sale of the Robinson School properties.
Contact Us
Account
Economic Development Authority of the Co
Date
01/31/2024
Page
1 of 2
IntraFi Cash ServiceSM, or ICS®, Monthly Statement
The following information is a summary of activity in your account(s) for the month of January 2024 and the list of FDIC-insured institution(s) that
hold your deposits as of the date indicated. These deposits have been placed by us, as your agent and custodian, in deposit accounts through
IntraFi Cash Service. Funds in your deposit accounts at the FDIC-insured institutions at which your funds have been placed will be "deposits," as
defined by federal law.
Summary of Accounts
Account ID Deposit Option Interest Rate Opening Balance Ending Balance
Demand 4.33%$2,898,763.72 $2,909,442.96
TOTAL $2,898,763.72 $2,909,442.96
CONTAINS CONFIDENTIAL INFORMATION IntraFi and ICS are registered service marks, and IntraFi Cash Service is a service mark, of IntraFi Network LLC.
Bank of Clarke
PO Box 391
Berryville, VA 22611
Economic Development Authority of the Co
00000
RETURN SERVICE REQUESTED
DETAILED ACCOUNT OVERVIEW
Account ID:
Account Title: Economic Development Authority of the Co
Account Summary - Demand
Statement Period 1/1-1/31/2024 Average Daily Balance $2,899,108.21
Previous Period Ending Balance $2,898,763.72 Interest Rate at End of Statement Period 4.33%
Total Program Deposits 0.00 Annual Percentage Yield Earned 4.42%
Total Program Withdrawals (0.00) YTD Interest Paid 10,679.24
Interest Capitalized 10,679.24
Current Period Ending Balance $2,909,442.96
Account Transaction Detail
Date Activity Type Amount Balance
01/31/2024 Interest Capitalization $10,679.24 $2,909,442.96
Summary of Balances as of January 31, 2024
FDIC-Insured Institution City/State FDIC Cert No.Balance
Axos Bank San Diego, CA $182,512.69
Banc of California Los Angeles, CA 247,911.68
Citizens Bank, National Association Providence, RI 247,911.68
Comerica Bank Dallas, TX 247,813.47
First-Citizens Bank & Trust Company Raleigh, NC 247,911.68
Flagstar Bank, N.A.Hicksville, NY 247,911.68
Merchants Bank of Indiana Carmel, IN 247,911.68
Pinnacle Bank Nashville, TN 247,911.68
Raymond James Bank St. Petersburg, FL 247,911.68
Truist Bank Charlotte, NC 247,911.68
Western Alliance Bank Phoenix, AZ 247,911.68
Zions Bancorporation, N. A.Salt Lake City, UT 247,911.68
Date
01/31/2024
Page
2 of 2
CONTAINS CONFIDENTIAL INFORMATION IntraFi and ICS are registered service marks, and IntraFi Cash Service is a service mark, of IntraFi Network LLC.
TREASURER'S REPORT SYNOPSIS
ECONOMIC DEVELOPMENT AUTHORITY
February 29, 2024
BANK OF CLARKE COUNTY
Beginning Bank Statement Balance - as of January 31, 2023 $5,093.22
Total Deposits $25,000.00
Total Disbursements -$4,680.00
BANK STATEMENT BALANCE AS OF February 29, 2024 $25,413.22
BANK OF CLARKE - INTRAFI ACCOUNT
Beginning Bank Statement Balance - as of January 31, 2023 $2,909,442.96
Total Deposits $9,972.43
Total Disbursements -$25,000.00
BANK STATEMENT BALANCE AS OF February 29, 2024 $2,894,415.39
TREASURER'S REPORT
ECONOMIC DEVELOPMENT AUTHORITY
February 29, 2024
BANK OF CLARKE COUNTY
Beginning Bank Statement Balance - as of January 31, 2023 $5,093.22
Deposits
2/12/2024 Transfer from IntraFi into Checking $25,000.00
TOTAL DEPOSITS $25,000.00
Disbursements
1630 2/12/2024 Michael L. Bryan (Legal Fees) -$4,680.00
TOTAL DISBURSEMENTS -$4,680.00
BANK STATEMENT BALANCE AS OF February 29, 2024 $25,413.22
TREASURER'S REPORT
ECONOMIC DEVELOPMENT AUTHORITY
February 29, 2024
BANK OF CLARKE - INTRAFI ACCOUNT
Beginning Bank Statement Balance - as of January 31, 2023 $2,909,442.96
Deposits
2/29/2024 Deposit $9,972.43
TOTAL DEPOSITS $9,972.43
Disbursements
2/12/2024 Transfer into Checking -$25,000.00
TOTAL DISBURSEMENTS -$25,000.00
BANK STATEMENT BALANCE AS OF February 29, 2024 $2,894,415.39
** $1,907,000 represents proceeds from the sale of the Robinson School properties.
Contact Us
Account
Economic Development Authority of the Co
Date
02/29/2024
Page
1 of 2
IntraFi Cash ServiceSM, or ICS®, Monthly Statement
The following information is a summary of activity in your account(s) for the month of February 2024 and the list of FDIC-insured institution(s)
that hold your deposits as of the date indicated. These deposits have been placed by us, as your agent and custodian, in deposit accounts
through IntraFi Cash Service. Funds in your deposit accounts at the FDIC-insured institutions at which your funds have been placed will be
"deposits," as defined by federal law.
Summary of Accounts
Account ID Deposit Option Interest Rate Opening Balance Ending Balance
Demand 4.33%$2,909,442.96 $2,894,415.39
TOTAL $2,909,442.96 $2,894,415.39
CONTAINS CONFIDENTIAL INFORMATION IntraFi and ICS are registered service marks, and IntraFi Cash Service is a service mark, of IntraFi Network LLC.
Bank of Clarke
PO Box 391
Berryville, VA 22611
Economic Development Authority of the Co
AAAAAAAAAAAAAAAAAAAAAA
00000
RETURN SERVICE REQUESTED
DETAILED ACCOUNT OVERVIEW
Account ID:
Account Title: Economic Development Authority of the Co
Account Summary - Demand
Statement Period 2/1-2/29/2024 Average Daily Balance $2,894,269.60
Previous Period Ending Balance $2,909,442.96 Interest Rate at End of Statement Period 4.33%
Total Program Deposits 0.00 Annual Percentage Yield Earned 4.42%
Total Program Withdrawals (25,000.00) YTD Interest Paid 20,651.67
Interest Capitalized 9,972.43
Current Period Ending Balance $2,894,415.39
Account Transaction Detail
Date Activity Type Amount Balance
02/12/2024 Withdrawal ($25,000.00)$2,884,442.96
02/29/2024 Interest Capitalization 9,972.43 2,894,415.39
Summary of Balances as of February 29, 2024
FDIC-Insured Institution City/State FDIC Cert No.Balance
BOKF, National Association Tulsa, OK $247,851.16
Banc of California Los Angeles, CA 247,851.16
Citizens Bank, National Association Providence, RI 247,851.16
Comerica Bank Dallas, TX 443.76
Comerica Bank Dallas, TX 247,381.42
First Foundation Bank Irvine, CA 167,641.69
First-Citizens Bank & Trust Company Raleigh, NC 247,851.16
Flagstar Bank, N.A.Hicksville, NY 247,851.16
Merchants Bank of Indiana Carmel, IN 436.93
Pinnacle Bank Nashville, TN 247,851.16
Raymond James Bank St. Petersburg, FL 247,851.16
Truist Bank Charlotte, NC 247,851.16
Western Alliance Bank Phoenix, AZ 247,851.15
Zions Bancorporation, N. A.Salt Lake City, UT 247,851.16
Date
02/29/2024
Page
2 of 2
CONTAINS CONFIDENTIAL INFORMATION IntraFi and ICS are registered service marks, and IntraFi Cash Service is a service mark, of IntraFi Network LLC.
AAAAAAAAAAAAAAAAAAAAAA
00000
DATE: March 22, 2024
TO: Board of Directors,
Frederick County Economic Development Authority
FROM: Wendy May
Marketing Manager
CC: Jay Tibbs
Deputy County Administrator
RE: Results: FredCo Eats Restaurant Week | Agribusiness Conference
In January 2022, the EDA launched its FredCo Eats brand with the County’s inaugural
FredCo Eats Restaurant Week. While the effort began with Restaurant Week, FredCo Eats
seeks to cultivate and elevate the full scope of the Frederick County, Virginia, food
economy, including agriculture, food manufacturing, and the dining experience. The
following are results from recent events supported through the FredCo Eats brand.
Completed: 3rd Annual FredCo Eats Restaurant Week
Restaurant Week is managed by the EDA and seeks to expand
awareness of Frederick County’s restaurant industry and provide
a mid-winter boost for restaurants, a time when sales
traditionally decline. Frederick County’s restaurant scene is
diverse, including stand-alone restaurants, food trucks, and farms with cafes and markets.
Participation criteria are purposely broad to include as many local eateries as possible.
Participants offered a mix of multi-course menus, meal deals, and promotional discounts,
January 29 – February 4, 2024. The EDA measures the success of Restaurant Week
through a post-event survey of participating eateries where they indicate their overall
satisfaction with the event, if the event increased awareness of their business, and if new
customers were generated.
2024 FredCo Eats Restaurant Week Results
Participating Eateries: 20
Eatery Survey Results (15 respondents)
•Satisfaction Rate: 100%
•Event Increased Awareness: 100%
•Event Generated New Customers: 100%
2025 Restaurant Week: January 27 – February 2, 2025
2025 Areas of Focus: Increased B2B support, Ambassadors
Page 2 of 2
Restaurant Week & Ag Conference | Results | April 2024
Completed: Cultivate Your Agribusiness
Conference
The EDA worked with the Laurel Ridge Small
Business Development Center to launch the
inaugural Cultivate Your Agribusiness Conference on February 21, 2024, at Laurel Ridge
Community College. Nine workshops were offered across three tracks focused on
considerations for starting and growing an agribusiness in the Northern Shenandoah
Valley. The half-day event culminated with a keynote address on the Economic Outlook of
Agriculture and Agribusiness in Virginia and the Northern Shenandoah Valley from Virginia
Secretary of Agriculture, Matthew Lohr. Local agribusinesses connected with resource
providers at the local, state, and federal levels at the conference, directly supporting a
need identified through the EDA’s 2023 survey of Frederick County agribusinesses.
2024 Cultivate Your Agribusiness Results
•Goal: 100 participants
•Actual: 113 participants
•Highly Satisfied or Satisfied with Overall Event: 100% (70 respondents)
•Direction Moving Forward: Hold annually in February
Next Event: Thursday, February 20, 2025, at Laurel Ridge Community College
2025 Areas of Focus: Individual consultation opportunities for participants, sponsorship
FredCoEats.com is the central hub for information related to the EDA’s FredCo Eats brand
and efforts supported under its umbrella.
#
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JANUARY 29 - FEBRUARY 4, 2024
Enjoy multi-course menus, promotional discounts, and meal deals
at participating Frederick County restaurants!
Content features at FredCoEats.com will showcase local cuisines, our favorite
neighborhood hangouts, creative chefs, and restaurant families.
Join us this winter as we taste our way through Frederick County’s eateries!
Get all the details FredCoEats.com
A SHOWCASE OF FREDERICK COUNTY RESTAURANTS
Dine-inTake-out&
Special restaurant week
menus and pricing!
FredCo Eats Passport
Promotion: Collect stamps on
your Restaurant Week Passport
for a chance to win prizes!
FredCoEats.com
CULT IVAT E
YOUR AGRIBUSINESS CONFERENCE
08:45 AM Cost Sharing Opportunities
& Best Practices
Allyson Ponn Lord Fairfax Soil & Water Conservation District
Jeanette Smith USDA Farm Service Agency
Brent Barriteau Natural Resources Conservation Service
09:45 AM Marketing & Financial
Assistance
Heather Wheeler Virginia Department of Agriculture
and Consumer Services
10:45 AM Strategizing Your Business
Christine Kriz Laurel Ridge Small Business
Development Center
FEB 212024
8AM - 1PM
FINANCIAL BEST PRACTICES PROTECTING YOUR BUSINESS AGRITOURISM
08:45 AM Depreciation of Equipment &Tax Considerations
David Henning YHB - Yount, Hyde & Barbour
09:45 AM Structuring Your Business &
Estate Planning
Kevin McKannan Glenloch Legal
10:45 AM Insurance Considerations
Jason Wisecarver Horizon Farm Credit
08:45 AM Virginia Tourism Corporation
Opportunities
Kelli Weaver Virginia Tourism Corporation
09:45 AM Local Tourism Initiatives
Justin Kerns Winchester-Frederick County
Convention & Visitors Bureau
Jenna French Shenandoah County Tourism &
Economic Development
10:45 AM Your Business as a
Destination
Katie Mercer Town of Woodstock
Amber Smoot Town of New Market
08:00 AM Check In & Networking (Corron Event Center)
08:30 AM Welcome (Corron Event Center)
11:45 AM Lunch / Networking (Corron Event Center)
12:15 PM Keynote The Economic Outlook of Agriculture in Virginia & the Northern Shenandoah Valley
Matthew Lohr Virginia Secretary of Agriculture and Forestry (Corron Event Center)
AGENDA�
LaurelRidgeSBDC.org
DATE: March 29, 2024
TO: Board of Directors,
Frederick County Economic Development Authority
FROM: Patrick Barker, CEcD
Executive Director
CC: Jay Tibbs
Deputy County Administrator
RE: Incentive Policy | Update
The Incentive Policy governs all aspects of the local economic development incentive grant
process (i.e., who qualifies, what is the process for approval, who conducts the audit of a
company’s performance and who reviews performance agreements). Staff recommends the
EDA Board review this document annually.
The most significant revision is related to the Agricultural & Forestry Industry Development
Fund. The minimum requirements for this program are inserted for consistency and clarity
purposes. Details related to necessary wage levels to qualify have been updated. Other
revisions are intended for clarity purposes.
Staff is seeking EDA approval of the document.
SAMPLE LEDIG Performance Agreement FINAL 1
LOCAL ECONOMIC DEVELOPMENT INCENTIVE GRANT
PERFORMANCE AGREEMENT
This PERFORMANCE AGREEMENT made and entered this X day of X 202X by and
among the COUNTY OF FREDERICK, VIRGINIA (the “Locality”), LEGAL NAME
(“Company”), and the ECONOMIC DEVELOPMENT AUTHORITY OF THE COUNTY
OF FREDERICK, VIRGINIA (the “Authority”), a political subdivision of the Commonwealth.
WITNESSETH:
WHEREAS, the Locality wishes to make a Local Economic Development Incentive Grant
in the amount of $VALUE (the “LEDIG”) through the Authority to Company for the purpose of
inducing Company to expand, equip, improve, and operate its production operations located in
the Locality (the “Facility”), thereby making a significant Capital Investment, and creating and
Maintaining a significant number of New Jobs, as such capitalized terms are hereinafter defined;
WHEREAS, the Locality is willing to provide the funds to the Authority with the
expectation that the Authority will provide the funds to or for the use of Company, provided that
Company promises to meet certain criteria relating to Capital Investment and New Jobs;
WHEREAS, the Locality, the Authority and Company desire to set forth their
understanding and agreement as to the payout of the LEDIG, the use of the proceeds of the
LEDIG, the obligations of Company regarding Capital Investment and New Jobs, and the
repayment by Company of all or part of the LEDIG under certain circumstances;
WHEREAS, the expansion, equipping, improvement, and operation of the Facility will
entail a capital expenditure by or on behalf of Company of approximately $VALUE of which
approximately $VALUE will be invested in machinery and tools, and approximately $VALUE
WHEREAS, the expansion, equipping, improvement, and operation of the Facility will
further entail the creation and Maintenance of VALUE New Jobs at the Facility; and
WHEREAS, the stimulation of the additional tax revenue and economic activity to be
generated by the Capital Investment and the New Jobs constitutes a valid public purpose for the
expenditure of public funds and is the animating purpose for payment of LEDIG to Company:
SAMPLE LEDIG Performance Agreement FINAL 2
NOW, THEREFORE, in consideration of the foregoing, the mutual benefits, promises
and undertakings of the parties to this Agreement, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties covenant and agree as
follows.
Section 1. Definitions.
For the purposes of this Agreement, the following terms shall have the following
definitions:
“Capital Investment” means a capital expenditure by or on behalf of Company in taxable
real property, taxable tangible personal property, or both, at the Facility, excluding existing real
property improvements. The purchase or lease of furniture, fixtures, machinery and equipment,
including under an operating lease, by or on behalf of Company will qualify as Capital
Investment. The Capital Investment must be in addition to the capital improvements at the
Facility as of DATE. The total expected capital expenditure of $VALUE is referred to in this
Agreement as the “Capital Investment.”
“Maintain” means that the New Jobs will continue without interruption from the date of
creation through the Performance Date. Positions for the New Jobs will be treated as Maintained
during periods in which such positions are not filled due to (i) temporary reductions in Company’s
employment levels (so long as there is active recruitment for open positions), (ii) strikes, and (iii)
other temporary work stoppages.
“New Job” means new permanent full-time employment of an indefinite duration at the
Facility for which the standard fringe benefits are provided by Company for the employee, and
for which Company pays an average annual wage of at least $VALUE (W-2 wages, including
without limitation, any annual Partners In Performance (“PIP”) bonus). Each New Job must
require a minimum of either (i) 35 hours of an employee’s time per week for the entire normal
year of Company’s operations, which “normal year” must consist of at least 48 weeks, or (ii)
1,680 hours per year. Seasonal or temporary positions, positions created when a job function is
shifted from an existing location in the Commonwealth, and positions with construction
contractors, vendors, suppliers and similar multiplier or spin-off jobs shall not qualify as New
Jobs. The New Jobs must be in addition to the VALUE full-time jobs at the Facility as of DATE
“Performance Date” means DATE. The Performance Date shall not be subject to
extension.
“Targets” means Company’s obligations to make Capital Investments at the Facility of
at least $VALUE and to create and Maintain at least VALUE New Jobs at the Facility, all as of
the Performance Date.
“Virginia Code” means the Code of Virginia of 1950, as amended.
SAMPLE LEDIG Performance Agreement FINAL 3
Section 2. Targets; Statutory Criteria.
(a) Targets: Company will expand, equip, improve, and operate the Facility in the
Locality, make Capital Investments at the Facility of at least $VALUE, and create and Maintain
at least VALUE New Jobs at the Facility, all as of the Performance Date.
(b) Prevailing Wage: The average annual wage of the New Jobs of at least $VALUE.
Section 3. Disbursement of the LEDIG; Use of Proceeds
(a) Disbursement of the LEDIG: As an inducement to Company to achieve the
Targets at the Facility and provided that Company is not in default under the terms of this
Agreement, the Locality will disburse $VALUE of LEDIG proceeds through the Authority to
Company in one installment as follows:
(i) An installment of $VALUE will be paid by the Locality to the Authority and by the
Authority to Company after DATE, but no later than DATE.
Section 4. Repayment Obligation.
(a) Allocation of LEDIG Proceeds: For purposes of repayment under subsection (c),
the LEDIG is to be allocated as 50% for Company’s Capital Investment Target $VALUE for the
LEDIG) and 50% for Company’s New Jobs Target $VALUE for the LEDIG).
(b) If Company has met at least 90% of both of the Targets as of the Performance
Date, then and thereafter Company is no longer obligated to repay any portion of the LEDIG. If
Company has not met at least 90% of either or both of its Targets as of the Performance Date,
Company shall repay to the Authority that part of the LEDIG that is proportional to the Target or
Targets for which there is a shortfall. For example, if at the Performance Date, the Capital
Investment is only $VALUE (reflecting achievement of 75% of the Capital Investment Target),
and only VALUE New Jobs have been created and Maintained (reflecting achievement of 75%
of the New Jobs Target), Company shall repay to the Authority 25% of the moneys allocated to
the Capital Investment Target ($VALUE of the LEDIG) and 25% of the moneys allocated to the
New Jobs Target ($VALUE of the LEDIG), for a total repayment of $VALUE. Among other
things, in the event that Company should at any time file any amended tax return indicating,
among other things, that Company did not meet the Capital Investment and/or the New Jobs
Target, Company shall be obligated to repay all or a portion of LEDIG, according to the formula
set forth herein. Company’s repayment obligation hereunder shall survive the Performance Date
to the extent that the Locality subsequently receives information to the effect that Company did
not meet the Targets.
(c) Determination of Inability to Comply: If the Locality shall determine at any time
prior to the Performance Date (a “Determination Date”) that Company is unable or unwilling to
SAMPLE LEDIG Performance Agreement FINAL 4
meet and Maintain its Targets by and through the Performance Date, and if the Locality or the
Authority shall have promptly notified Company of such determination, Company must repay to
the Authority all of the proceeds of the LEDIG previously disbursed to Company. Such a
determination will be based on such circumstances as a filing by or on behalf of Company under
the U.S. Bankruptcy Code, the liquidation of Company, an abandonment of the Facility by
Company or other similar significant event that demonstrates that Company will be unable or is
unwilling to satisfy the Targets for LEDIG. Upon such determination, then and in that event, the
LEDIG proceeds previously disbursed to Company will be required to be repaid as set forth in
subsection 4(d).
(d) Repayment: In the event that Company is obligated to repay the LEDIG, or any
portion thereof, as called for under the terms of this Agreement, Company shall pay such sums
within 30 days after notification of the amount of the sums to be repaid by Company. Such
determination of liability shall be made promptly as of the Performance Date or the Determination
Date, or promptly upon receipt of the Progress Report, as hereinafter defined, or other information
confirming lack of achievement of the Targets as of the Performance Date, whichever shall first
occur.
Any LEDIG repayment shall be made as follows:
(i) LEDIG: Any LEDIG moneys repaid by Company to the Authority
hereunder shall be repaid by the Authority to the Locality within 30 days after the
repayment by Company to the Authority. In the event that Company fails or refuses to
repay any of the LEDIG moneys as called for in this Section 4, such sums shall be assessed
interest at the rate of 8.00% per annum until repaid in full by Company.
The Locality and the Authority shall use their best efforts to recover any proceeds of the
LEDIG due, including judicial proceedings for any breach of this Agreement by Company.
(e) Attorney’s Fees with Respect to Repayment: In the event that Company fails to
comply with the repayment obligations set forth in this Section 4, the Locality and the Authority
shall be entitled to recover their reasonable attorney’s fees and costs incurred in connection with
such default by Company, whether or not judicial proceedings are instituted to collect such funds.
Section 5. Company Reporting.
Commencing on DATE, and on July 1 of each year thereafter, Company shall provide, at
Company’s expense, an annual report on the progress of achievement of the Targets (“Progress
Report”). Such Progress Report shall indicate the amount of Capital Investment, the number of
New Jobs, the average annual wage paid to the New Jobs (W-2 wages, including PIP), and the
standard fringe benefits provided to those New Jobs through the prior December 1. Such Progress
Report also shall include an affirmative statement signed by an authorized Company Officer or
Director that the information provided in the report is true and correct and certifies the status of
its efforts to achieve the Targets.
SAMPLE LEDIG Performance Agreement FINAL 5
Company shall provide other reports on the progress of achievement of the Targets at such
other times as the Locality or the Authority may reasonably require.
Company hereby authorizes the Locality, including the Locality’s Commissioner of the
Revenue and Treasurer, to provide for review by the Locality of Company’s real estate tax,
business personal property tax and machinery and tools tax information. Such information shall
be marked and considered confidential and proprietary and shall be used solely for verifying
satisfaction of the Capital Investment Target. If the Locality, the Office of the Commissioner of
the Revenue, or the Office of the Treasurer should require additional documentation or consents
from Company to access such information, Company shall promptly provide, at Company’s
expense, such additional documentation or consents as the Locality or the Authority may request.
In addition to the verification data described above, the Locality and the Authority may
request such other documentation or audits as may be required to properly verify Capital
Investment.
With each Progress Report, Company shall provide for review by the Locality copies of
Company’s quarterly payroll tax filings with the Virginia Employment Commission covering the
period from DATE through the Performance Date. Company will denote on those filings which
of the employees met the definition of New Jobs to confirm satisfaction with the New Jobs Target.
Such information shall be marked and considered confidential and proprietary and shall be used
by solely for verifying satisfaction of the New Jobs Target.
In addition to the verification data described above, the Locality and the Authority may
request such other documentation or audits as may be required to properly verify New Jobs.
Section 6. Notices.
Formal notices and communications between the Parties shall be given either by (i)
personal service, (ii) delivery by a reputable document delivery service that provides a receipt
showing date and time of delivery, (iii) mailing utilizing a certified or first class mail postage
prepaid service of the United States Postal Service that provides a receipt showing date and time
of delivery, or (iv) delivery by facsimile or electronic mail (email) with transmittal confirmation
and confirmation of delivery, addressed as noted below. Notices and communications personally
delivered or delivered by document delivery service shall be deemed effective upon receipt.
Notices and communications mailed shall be deemed effective on the second business day
following deposit in the United States mail. Notices and communications delivered by facsimile
or email shall be deemed effective the next business day, not less than 24 hours, following the
date of transmittal and confirmation of delivery to the intended recipient. Such written notices
and communications shall be addressed to:
SAMPLE LEDIG Performance Agreement FINAL 6
if to Company, to: with a copy to:
Company
Address
City, State, Zip
Facsimile: __________________
Email: email
Attention: Name
Company
Address
City, State, Zip
Facsimile: __________________
Email: email
Attention: Name
if to the Locality, to: with a copy to:
County of Frederick, Virginia
107 North Kent Street
Winchester, Virginia 22601
Facsimile: 540-667-0370
Email: rmichael.bollhoefer@fcva.us
Attention: County Administrator
County of Frederick, Virginia
107 North Kent Street, 3rd Floor
Winchester, Virginia 22601
Facsimile: 540-667-0370
Email: rwillia@fcva.us
Attention: County Attorney
if to the Authority, to: with a copy to:
Economic Development Authority of the
County of Frederick, Virginia
107 North Kent Street
Winchester, Virginia 22601
Facsimile: 540-722-0604
Email:
Attention: Chair
Economic Development Authority of the
County of Frederick, Virginia
107 North Kent Street
Winchester, Virginia 22601
Facsimile: 540-722-0604
Email: pbarker@yesfrederickva.com
Attention: Executive Director
Section 7. Miscellaneous.
(a) Entire Agreement; Amendments: This Agreement constitutes the entire agreement
among the parties hereto as to the LEDIG and may not be amended or modified, except in writing,
signed by each of the parties hereto. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns. Company may not assign
its rights and obligations under this Agreement without the prior written consent of the Locality
and the Authority.
(b) Governing Law; Venue: This Agreement is made, and is intended to be performed,
in the Commonwealth of Virginia and shall be construed and enforced by the laws of the
Commonwealth of Virginia. Jurisdiction and venue for any litigation regarding this Agreement
shall lie in the Circuit Court of the County of Frederick, Virginia, and such litigation shall be
brought only in such court.
(c) Counterparts: This Agreement may be executed in one or more counterparts, each
of which shall be an original, and all of which together shall be one and the same instrument.
SAMPLE LEDIG Performance Agreement FINAL 7
(d) Severability: If any provision of this Agreement is determined to be
unenforceable, invalid or illegal, then the enforceability, validity and legality of the remaining
provisions will not in any way be affected or impaired, and such provision will be deemed to be
restated to reflect the original intentions of the parties as nearly as possible in accordance with
applicable law.
(e) Time: Time is of the essence as to all matters set forth in this Performance
Agreement.
(f) Attorney Fees: Except as noted in Section 4(e), attorney’s fees shall be paid by
the party incurring such fees.
(g) Interpretation: Should any provision of this Agreement require judicial
interpretation, it is agreed that the Court interpreting the same shall not apply the presumption
that the terms of any such provision shall be more strictly construed against one party or the other
by reason of the rule of construction that a document is to be construed most strictly against the
party who itself or through its counsel prepared the same, it being agreed that counsel for the
Locality, Company and the Authority have participated in the preparation and review of this
Agreement
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
SAMPLE LEDIG Performance Agreement FINAL 8
IN WITNESS WHEREOF, the parties hereto have executed this Performance
Agreement as of the date first written above.
COUNTY OF FREDERICK, VIRGINIA
By
Name: Jos Ludwig
Title: Chair, Board of Supervisors of
the County of Frederick, Virginia
Date: _______________________________
ECONOMIC DEVELOPMENT AUTHORITY
OF THE COUNTY OF FREDERICK,
VIRGINIA
By
Name: Rick Till
Title: Chair, Economic Development
Authority of the County of Frederick, Virginia
Date: _______________________________
COMPANY
By
Name:
Title:
Date: _________________________
FREDERICK COUNTY, VIRGINIA BUSINESS INCENTIVE GUIDELINES
April 2024 DRAFT
ELIGIBLE BUSINESSES
At the discretion of the Frederick County Board of Supervisors, qualified businesses that are
locating to or expanding within Frederick County, Virginia may be offered incentives outlined in
these guidelines. Industries within targeted sectors (list follows) will receive priority
consideration.
Corporate Services Advanced Manufacturing
• Administrative Services • Boiler, Tank, and Shipping
Containers
• Management of Companies and
Enterprises
• Cement/Concrete
• Professional, Scientific, and Technical
Services
• Control Instruments
• Information Technology • Electric Vehicle and components
• Computer Systems Design and Related
Services
• Lime/Gypsum
• Data Processing, Hosting, and Related
Services
• Metals
• Petroleum/Coal
Finance & Insurance • Plastics
• Depository Credit Intermediation • Printing
• Non depository Credit Intermediation • Wood
BioScience Food & Beverage
• Medical and Diagnostic Laboratories • Animal
• Pharmaceutical and Medicine
Manufacturing
• Dairy
• Scientific Research and Development
Services
• Fruit and vegetable
• Grain
Page 2 of 5
Frederick County Incentive Policy
DRAFT MARCH 29, 2024
QUALIFICATIONS
Businesses Moving to or Expanding in Frederick County, Virginia
Frederick County may elect to match the discretionary incentives offered by Virginia, including
the Commonwealth Development Opportunity Fund, Agriculture & Forestry Industries
Development Fund (AFID) and Virginia Investment Performance Grant), or provide cash
appropriations as authorized by Virginia Code § 15.2- 953 or other applicable law.
Minimum Requirements
• The company should create a minimum of 5 full time new jobs over a 36 month period
which provides an average annual wage for the new jobs of at least equal to the
prevailing average annual wage in the locality, excluding fringe benefits. The average
annual wage for Frederick County, VA as of 3rd Quarter 2003 is $57,965 .
• The company must make a minimum $5 million investment in buildings, land and
equipment over a 36-month period.
• The company must produce “value-added agricultural or forestal products. (AFID only)
• The company must commit to purchasing at least 30% of the agricultural or forestry
products to which the facility is adding value will be grown within Virginia. (AFID only)
• Frederick County must be competing with another jurisdiction for the company’s final
location decision.
• A company, in one of the targeted industries, will be given priority.
Incentive Guidelines
The types of incentives available to businesses moving to or expanding in Frederick County will
be limited to:
• Public infrastructure improvements, such as roads, sidewalks, parking facilities, etc.
• Cash appropriations as authorized by Virginia Code § 15.2-953 or other applicable law.
A performance agreement is executed between the County and State (if applicable) and the
Company outlining the agreed-upon job creation, capital investment, and purchase of Virginia-
grown agricultural or forestry products (if applicable).
Public announcement of the project is coordinated with the Governor’s Office and/or the
County.
Frederick County Companies Expanding Within Frederick County
Page 3 of 5
Frederick County Incentive Policy
DRAFT MARCH 29, 2024
Frederick County may elect to match the discretionary incentives offered by Virginia, including
the Commonwealth Development Opportunity Fund, Agriculture & Forestry Industries
Development Fund (AFID) and Virginia Investment Performance Grant, or provide cash
appropriations as authorized by Virginia Code § 15.2- 953 or other applicable law.
Minimum Requirements
• The company must make a minimum $2.5 million investment in buildings, land and
equipment.
• If full-time jobs are created by the company, they should pay a minimum entry-level
wage rate per hour of at least 120% of the Federal Minimum Wage or the Virginia
Minimum Wage as defined in the Virginia Minimum Wage Act § 40.1-28.8, whichever is
higher, and qualifying for benefits are eligible for funding. Based on this, the full-time
jobs should pay at least $ 12.00an hour.
• The company must produce “value-added agricultural or forestal products. (AFID only)
• The company must commit to purchasing at least 30% of the agricultural or forestry
products to which the facility is adding value will be grown within Virginia. (AFID only)
• Frederick County must be competing with another jurisdiction for the company’s final
location decision.
• A company, must be in one of the targeted industries, will be given priority.
Incentive Guidelines
The types of incentives available to companies expanding within Frederick County will be
limited to:
• Public infrastructure improvements, such as roads, sidewalks, parking facilities, etc.
• A match of the Virginia Jobs Investment Program grant.
• Cash appropriations as authorized by Virginia Code § 15.2-953 or other applicable law.
A performance agreement is executed between the County and State (if applicable) and the
Company outlining the agreed-upon job creation, capital investment, and purchase of Virginia-
grown agricultural or forestry products (if applicable).
Public announcement of the project is coordinated with the Governor’s Office and/or the
County.
Page 4 of 5
Frederick County Incentive Policy
DRAFT MARCH 29, 2024
PROCESS
Project Review and Audit Committee
All projects requesting discretionary incentives from Frederick County are reviewed by the
Project Review and Audit Committee. Committee members include the EDA Director, County
Attorney, County Administrator and Deputy County Administrator. The following are the
responsibilities of the committee:
• Review all elements of the project
• Consider strategic, competitive and financial implications
• Evaluate ROI analysis
• Approve proposed conditions (examples follow) for release of Local Economic
Development Incentive Grant (LEDIG)
o Portion of funds released upon Certificate of Occupancy issuance and/or certain
number of jobs hired and/or capital investment
o Per job basis as employees ramp up
o Upon start of construction
• Determine whether to proceed to executive session with Board of Supervisors
• Approve project offer letters upon concurrence from Board of Supervisors in executive
session
• Conduct yearly audits of open performance agreements
Performance Agreement
Every project receiving a LEDIG must have a performance agreement. An example of a
performance agreement is included. At a minimum, the performance agreement must contain
the following:
• Definition of key aspects like capital investment, new jobs, performance date and target
• Process in which specific dates when grants will be distributed and how grants will be
repaid, if necessary
• Reporting procedure of company to targets
The following individuals will review and provide comments, within 5 business days when
possible, to any performance agreement
• Company or Company’s counsel
• EDA Director
• EDA Counsel
• Frederick County Attorney
• Deputy County Administrator
• VEDP Counsel (if applicable)
• State Attorney General (if applicable)
Page 5 of 5
Frederick County Incentive Policy
DRAFT MARCH 29, 2024
Upon completion of review and comment by the above, the performance agreement will be
additionally circulated for seven business days to the EDA Chairman, the representative of the
Board of Supervisors and the Frederick County Treasurer’s Office. After which, the
performance agreement will be submitted to the Board of Supervisors for final approval at least
seven (7) business days prior to the next Board of Supervisors meeting at which the proposed
agreement is to be considered. Final approval of the Performance Agreement is by the
Frederick County Board of Supervisors and the EDA Board of Directors.
DATE: March 29, 2024
TO: Board of Directors,
Frederick County Economic Development Authority
FROM: Patrick Barker, CEcD
Executive Director
CC: Jay Tibbs
Deputy County Administrator
RE: Target Industry Analysis Update | Value Proposition Update 2024
As the Board might recall from our Target Industry Analysis update, value propositions were
created for each targeted industry segment (Corporate Services, Information Technology,
Finance & Insurance, Bioscience, Advanced Manufacturing and Food & Beverage). (A value
proposition refers to the value Frederick County promises to deliver to companies in each
target industry sector should they choose to locate in Frederick County, which is part of
Frederick County's overall marketing strategy.) Each value proposition provides a declaration of
intent or a statement that introduces Frederick County’s brand to businesses and site
consultants by telling them Frederick County deserves their business. This statement is
intended to convey to the potential business that a particular asset(s) and/or offering(s) by
Frederick County will add more value or provide a better solution than competing localities.
Regular updates to the value proposition are necessary to maintain relevancy. The initial work
was completed in December 2022. Chmura Economics was contracted again to compare the
Frederick County MSA to 28 competing MSAs (full list provided below) on various demographic
economic indicators as well as industry and occupation variables (full list is provided below) for
the EDA Industry Targets.
Listing of MSAs
1. Binghamton, NY MSA
2. Blacksburg-Christiansburg-Radford, VA MSA
3. Chambersburg, PA MSA
4. Charleston-North Charleston, SC MSA
5. Charlotte-Concord-Gastonia, NC-SC MSA
6. Cincinnati, OH-KY-IN MSA
7. Columbia, SC MSA
8. Columbus, OH MSA
Page 2 of 10 Target Industry Analysis Update | Value Proposition Update 2024
9. Dayton-Kettering-Beavercreek, OH MSA
10. Fayetteville, NC MSA
11. Florence, SC MSA
12. Hagerstown-Martinsburg, MD-WV MSA
13. Harrisburg-Carlisle, PA MSA
14. Harrisonburg, VA MSA
15. Kingsport-Bristol, TN-VA MSA
16. Mansfield, OH MSA
17. Raleigh-Cary, NC MSA
18. Richmond, VA MSA
19. Roanoke, VA MSA
20. Scranton--Wilkes-Barre, PA MSA
21. Springfield, OH MSA
22. Staunton-Stuarts Draft, VA MSA
23. Sumter, SC MSA
24. Syracuse, NY MSA
25. Washington-Arlington-Alexandria, DC-VA-MD-WV MSA
26. Watertown-Fort Drum, NY MSA
27. Winchester, VA-WV MSA
28. Winston-Salem, NC MSA
Comparison Data
Demographic
Population
Population Growth 2010 – 2022
Forecasted Population Growth 2022-2032
Population ages 25-44
Forecasted Population ages 25-44
Education Attainment (Ages 25-64)
No High School Degree
High School Degree
Some Collage, No Degree
Associates’ Degree
Bachelor’s Degree
Postgraduate Degree
Page 3 of 10 Target Industry Analysis Update | Value Proposition Update 2024
Labor
Labor Force Participation Rate
Veterans age (18-64)
Veterans Labor Force Participation Rate
Cost of labor (All industries)
Unemployment Rate
Net Domestic Migration Rate
Industry (All and Industry Targets)
Empl (4Q Mov Avg)
Avg Ann Wages per Worker
LQ (4Q Mov Avg)
10 Year % Change in Empl 2012Q1-2022Q1
10 Year Forecast Growth Rate 2022Q1-2032Q1
Occupation (Selective occupations of Industry Targets)
Empl (Place of Work)
Unempl Rate
LQ (4Q Mov Avg)
10 Hist Empl % Change 2012Q1-2022Q1
10 Year Forecast Growth Rate 2022Q1-2032Q1
Annual Mean Wage
The following is a sample of areas where the analysis placed Winchester/Frederick County MSA
in the top third of the benchmarked locations. It should be noted, Winchester/Frederick
County MSA was one of the smaller MSAs analyzed. It is the 7th smallest as far as population
and employment totals.
• Net domestic migration rate
• All Industries - 10 Year Change
• All Industries - 10 Year Forecast Growth Rate 2022Q1-2032Q1
• Forecast population growth ages 25-44
• Forecast population growth 2022-2032
• Labor force participation rate
• Veterans Labor force participation rate
Conversely, the following is a sample of areas where the analysis placed Winchester/Frederick
County MSA in the bottom of the benchmarked locations
• Educational Attainment, Age 25-64 - Associate's Degree
• Educational Attainment, Age 25-64 - Bachelor's Degree
• Information Technology Industry LQ
• Medical and Clinical Laboratory Technicians - 10 Hist Empl % Change 2013Q2-2023Q2
Page 4 of 10 Target Industry Analysis Update | Value Proposition Update 2024
Utilizing this analysis, staff proposes modifying each industry target’s value proposition as
shown below.
Corporate Services | Value Propositions
• Largest employment of Management of Companies and Enterprises in
Northern Shenandoah Valley
• One of the highest projected 10-year growth rates for core Corporate
Services occupations (Managers, Customer Service Representatives,
Accountants and Auditors, Management Analysts)*
• Region’s 10-year population growth rate expected to one of the highest*
• Region projected to have one of the fastest 10 year growth rates for key
talent age cohort (25-44)*
• Region’s labor force participation rate, particularly for veterans ages 25-44,
is one of the highest*
• Region’s projected to boast one of the highest 10-year net domestic
migration rates*
• Virginia’s education ranked No.1 by CNBC
• Virginia’s high education ranked No. 2 by SmartAsset
• Virginia’s Talent Accelerator Program
• Virginia has the largest and most highly educated veterans workforce
• Market-leading Career Pathways program is a four-tiered workforce
development initiative poised to groom next-gen talent.
• Virginia has one of the strongest corporate services talent pipelines in the
Mid-Atlantic & Southeast
• Relatively strong university and community college system compared with
competitors
• Areas with robust broadband speeds with planned improvements to
underserved areas
• Area served by three major airport hubs and general aviation airport
• Strategically placed on Amtrak’s network
• Within driving distance of many major cities in the Northeast and
Southeast and dense, quality highway system
• A pro-business climate that permits prompt building construction and
rezonings for business
• Moderately competitive average industry salaries among competitors
• Highly competitive lease costs
• Low Unemployment Insurance Tax per Employee
• Lowest Workers' Compensation Employer Insurance Costs Per $100 Payroll
• Competitive tax rates compared with competitor states
• Virginia has No 1. Business Climate (Site Selection Magazine)
• One of the highest employment concentrations*
• The highest past 10-year growth rate in employment, with similar pattern
projected for next 10 years*
• Central position on the East Coast of the United States, with quick and easy
access to all major population centers east of the Mississippi
Page 5 of 10 Target Industry Analysis Update | Value Proposition Update 2024
• Within one hour of 76% of the US population's regular daily schedule
• Moderately competitive or in line with cost of living in major population
centers
• Relatively strong primary and secondary school system
• Relatively low level of violent and property crime
• Moderately more healthy and active population
• Forbes ranked Virginia No. 1 in the US for Quality of Life
Information Technology | Value Propositions
• Adjacent to one of the highest concentrations of data center workforces
• One of the highest projected 10-year growth rates for core IT occupations
(Software Developers, Software Quality Assurance Analysts and Testers
Management Analysts, Computer Systems Analysts, Computer User
Support Specialists)
• Region projected to boast one on the highest 10-year net domestic
migration rates*
• Region’s 10-year population growth rate expected to be one of the highest*
• Region projected to have one of the fastest 10 year growth rates for key
talent age cohort (25-44)*
• Region’s labor force participation rate, particularly for veterans ages 25-44,
is one of the highest*
• Adjacent to one of the highest industry employment and one of the highest
level occupational employment in core IT occupations among competitors
• Doorstep from 4th best Tech Talent Market in North America (Northern
Virginia/DC Metro)
• Tech Talent Investment Program ($ billion)
• Virginia’s education ranked No.1 by CNBC
• Virginia’s high education ranked No. 2 by SmartAsset
• Virginia’s Talent Accelerator Program
• Virginia has the largest and most highly educated veterans workforce
• The highest past 10-year growth rate in employment, with similar pattern
projected for next 10 years*
• Adjacent to one of the largest data center markets in the world
• Adjacent to the largest market for federal prime contracts in FY2018: leads
market for federal IT & Telecommunications services & completely
dominates market for cybersecurity services
• Generally, very low risk profile for tornados, hurricanes and earthquakes
and relatively moderate risk for flooding and severe winter weather
• Stable economic environment and healthy public finances
• Areas with robust broadband speeds with planned improvements to
underserved areas
• Area served by three major airport hubs and general aviation airport
• Strategic East Coast location places nearby the center of the world’s
densest intersection of fiber networks (2,000 plus mile of fiber)
• Relatively reliable power grid and strong utility partners
Page 6 of 10 Target Industry Analysis Update | Value Proposition Update 2024
• Market-leading Career Pathways program is a four-tiered workforce
development initiative poised to groom next-gen talent
• Virginia has one of the strongest talent pipelines in the Mid-Atl & SE
• Relatively strong university and community college system compared with
competitors
• A pro-business climate that permits prompt building construction and
rezonings for business
• Moderately competitive industry wages and median occupational wages
across core occupations
• Lower cost real estate than NOVA
• Competitive tax rates compared with data center competitor states
• Virginia has No 1. Business Climate (Site Selection Magazine)
• Retail sales and use tax exemption for qualifying computer equipment
purchased by data centers that meet statutory investment and employment
requirements
• Moderately competitive or in line with cost of living in major population
centers
• Relatively strong primary and secondary school system
• Relatively low level of violent and property crime
• Moderately more healthy and active population
• Forbes ranked Virginia No. 1 in the US for Quality of Life
• Electricity production is relatively carbon intensive compared with
competitors and mediocre ranking on energy efficiency
Finance and Insurance | Value Propositions
• One of the highest projected 10-year growth rates for core Corporate
Services occupations (Managers, Customer Service Representatives,
Accountants and Auditors, Management Analysts Loan Interviewers and
Clerks, Loan Officers)
• Region’s 10-year population growth rate expected to be one of the highest
• Region projected to boast one on the highest 10-year net domestic
migration rates*
• Virginia’s education ranked No.1 by CNBC
• Virginia’s high education ranked No. 2 by SmartAsset
• Virginia’s Talent Accelerator Program
• Virginia has the largest and most highly educated veterans workforce
• Market-leading Career Pathways program is a four-tiered workforce
development initiative poised to groom next-gen talent
• Virginia has one of the strongest talent pipelines in the Mid-Atl & SE
• Relatively strong university and community college system compared with
competitor
• Areas with robust broadband speeds with planned improvements to
underserved areas
• Area served by three major airport hubs and general aviation airport
• Strategically placed on Amtrak’s network
Page 7 of 10 Target Industry Analysis Update | Value Proposition Update 2024
• Within driving distance of many major cities in the Northeast and Southeast
and dense, quality highway system
• A pro-business climate that permits prompt building construction and
rezonings for business
• Moderately competitive average industry salaries for finance and insurance
among competitors
• Highly competitive lease costs
• Low Unemployment Insurance Tax per Employee
• Lowest Workers' Compensation Employer Insurance Costs Per $100 Payroll
• Competitive tax rates compared with competitor states
• Virginia has No 1. Business Climate (Site Selection Magazine)
• High concentration of employment in the area of finance and insurance
• One of the highest employment concentrations*
• The highest past 10-year growth rate in employment, with similar pattern
projected for next 10 years*
• Central position on the East Coast of the United States, with quick and easy
access to all major population centers east of the Mississippi
• Within one hour of 76% of the US population's regular daily schedule
• Moderately competitive or in line with cost of living in major population
centers
• Relatively strong primary and secondary school system
• Relatively low level of violent and property crime
• Moderately more healthy and active population
• Forbes ranked Virginia No. 1 in the US for Quality of Life
BioScience | Value Propositions
• Region’s 10-year population growth rate expected to be one of the highest
• Region’s projected to boast one on the highest 10-year net domestic
migration rates*Virginia’s education ranked No.1 by CNBC
• Virginia’s high education ranked No. 2 by SmartAsset
• Virginia’s Talent Accelerator Program
• Virginia has the largest and most highly educated veterans workforce
• Market-leading Career Pathways program is a four-tiered workforce
development initiative poised to groom next-gen talent
• Virginia has one of the strongest talent pipelines in the Mid- Atl & SE
• Relatively strong university and community college system compared with
competitor
• The highest past 10-year growth rate in employment, with similar pattern
projected for next 10 years*
• Strategically positioned to provide access to lucrative domestic markets
• Proximity to Federal decision-makers and regulators
• Central position on the East Coast of the United States, with quick and easy
access to all major population centers east of the Mississippi
• Within one hour of 76% of the US population's regular daily schedule
Page 8 of 10 Target Industry Analysis Update | Value Proposition Update 2024
• Area served by three major airport hubs and general aviation airport
• Strategically placed on Amtrak’s network
• Within driving distance of many major cities in the Northeast and Southeast
and dense, quality highway system
• A pro-business climate that permits prompt building construction and
rezonings for business
• Moderately competitive average industry salaries among competitors
• Low Unemployment Insurance Tax per Employee
• Lowest Workers' Compensation Employer Insurance Costs Per $100 Payroll
• Competitive tax rates compared with competitor states
• Moderately competitive or in line with cost of living in major population
centers
• Relatively strong primary and secondary school system
• Relatively low level of violent and property crime
• Moderately more healthy and active population
• Forbes ranked Virginia No. 1 in the US for Quality of Life
Advanced Manufacturing | Value Propositions
• One of the highest projected 10-year growth rates for core Advanced
Manufacturing occupations (Packaging and Filling Machine Operators
and Tenders, Chemical Equipment Operators and Tenders, Electrical,
Electronic, and Electromechanical Equipment Assemblers, Team
Assemblers, Welders, Cutters, Solderers, and Brazers, Mixing and
Blending Machine Setters, Operators, and Tenders)
• Region’s 10-year population growth rate expected to be one of the
highest
• Region projected to boast one on the highest 10-year net domestic
migration rates*
• Virginia’s education ranked No.1 by CNBC
• Virginia’s high education ranked No. 2 by SmartAsset
• Virginia’s Talent Accelerator Program
• Better access to other potential talent pools, including veterans
population and high school graduates
• Market-leading Career Pathways program is a four-tiered workforce
development initiative poised to groom next-gen talent
• Active CTE program among its competitors
• Virginia has one of the strongest talent pipelines in the Mid- Atl & SE
• Relatively strong university and community college system compared
with competitors
• One of the highest concentrations in several core Advanced
Manufacturing occupations*
• Home to large Federal/Military presence and proximity to nation’s
capital
Page 9 of 10 Target Industry Analysis Update | Value Proposition Update 2024
• Central position on the East Coast of the United States, with quick and
easy access to all major population centers east of the Mississippi
• Within one hour of 76% of the US population's regular daily schedule
• Large and dense interstate and highway system
• Two railways providing service
• Virginia Inland Port in proximity
• Area served by three major airport hubs and general aviation airport
• Strategically placed on Amtrak’s network
• Within driving distance of many major cities in the Northeast and
Southeast and dense, quality highway system
• 50 plus major packaging and bottling establishments in Virginia
• A pro-business climate that permits prompt building construction and
rezonings for business
• Moderately competitive average industry salaries among competitors
• Low Unemployment Insurance Tax per Employee
• Lowest Workers' Compensation Employer Insurance Costs Per $100
Payroll
• Competitive tax rates compared with competitor states
• Virginia has No 1. Business Climate (Site Selection Magazine)
• One of the oldest right-to-work states and low level of unionization
• Competitive with low-regulation States in Southeast
• Ranks consistently higher than its primary competitors in national
business and regulatory environment rankings
Food and Beverage | Value Propositions
• One of the highest projected 10-year growth rates for core Food and
Beverage occupations (Packaging and Filling Machine Operators and
Tenders, Food Batchmakers, Team Assemblers, Mixing and Blending
Machine Setters, Operators, and Tenders)
• Region’s 10-year population growth rate expected to be one of the
highest
• Region projected to boast one on the highest 10-year net domestic
migration rates*
• Virginia’s education ranked No.1 by CNBC
• Virginia’s high education ranked No. 2 by SmartAsset
• Virginia’s Talent Accelerator Program
• Better access to other potential talent pools, including veteran
population and high school graduates
• Market-leading Career Pathways program is a four-tiered workforce
development initiative poised to groom next-gen talent
• Active CTE program among its competitors
• Virginia has one of the strongest talent pipelines in the Mid Atl & SE
• Relatively strong university and community college system compared
with competitors
Page 10 of 10 Target Industry Analysis Update | Value Proposition Update 2024
• One of the highest concentrations in several core Food and Beverage
occupations*
• One of the highest employment concentrations*
• Central position on the East Coast of the United States, with quick and
easy access to all major population centers east of the Mississippi
• Within one hour of 76% of the US population's regular daily schedule
• Large and dense interstate and highway system
• Two railways providing service
• Virginia Inland Port in proximity
• Area served by three major airport hubs and general aviation airport
• Strategically placed on Amtrak’s network
• Within driving distance of many major cities in the Northeast and
Southeast and dense, quality highway system
• 50 plus major packaging and bottling establishments in Virginia
• A pro-business climate that permits prompt building construction and
rezonings for business
• Moderately competitive average industry salaries among competitors
• Low Unemployment Insurance Tax per Employee
• Lowest Workers' Compensation Employer Insurance Costs Per $100 of
Payroll
• Competitive tax rates compared with competitor states
• Virginia has No 1. Business Climate (Site Selection Magazine)
DATE: March 29, 2024
TO: Board of Directors,
Frederick County Economic Development Authority
FROM: Patrick Barker, CEcD
Executive Director
CC: Jay Tibbs
Deputy County Administrator
RE: Project Announcements of Targeted Industries
The following is a summary of announcements for the past 12 months from across the United
States, of the EDA Targeted Industries . This review aligns with the action step within the
Business Attraction goal of the EDA Strategy.
Target Number Average
Capital
Investment
Average
New
Jobs
Average
Acreage
Top States
Advanced Manuf. 98 $106M 145 27 OH, NC
BioScience 12 $59M 148 20 OH
Corporate Services 80 $66M 152 20 TX, NY
Finance/Insurance 5 ID ID ID ID
Food & Bev 22 $92M 204 33 GA, OH, PA
Info Tech 29 $198M 12 65 GA, VA
Source: Conway Analytics, New project announcements last 12 months, USA only
ID = Insufficient data
The following provides some commentary to the reasons for the states with the highest
number of announcements. Note, VEDP provided some assistance in this commentary.
Overall
Within the Area Development Top States for Doing Business Ranking, Georgia outpaces Virginia
in Regulatory Environment (#1 GA, #2 VA) and overall Cost of Doing Business (#1 GA, NR* VA).
Ohio does well in Competitive Labor Market (#3 OH, #7 VA) and Infrastructure (#4 OH, #6 VA).
North Carolina does well in having a Competitive Labor Market as well (#2 NC, #7 VA), as well as
Corporate Tax Structure (#2 NC, NR* VA) and Favorable Regulatory Environment (#5 NC, NR*
VA).
*NR indicates no ranking, as Virginia was outside of the top 10
Below, using Virginia’s Competitive Analysis Tool, are key areas in which the identified states
generally outpaced others and Virginia within the respective industry.
Advanced Materials
• Ohio strengths in talent availability and competition, workforce development with
career and technical education, as well as market and cluster presence
o Additionally, utilities and building costs are lower than average
• North Carolina strengths in workforce development with their talent pipelines, as well
as low costs of doing business including taxes, utilities, and building costs
o North Carolina also has a very favorable regulatory environment related to labor,
and high economic stability
Life Sciences
• Ohio strengths in their supply chain, market proximity, and specialized R&D base
o Additionally, infrastructure and cost of doing business may be playing a role
Corporate Service
• Texas strengths in workforce availability, market and cluster presence, and regulatory
environment
• New York strengths in workforce availability and workforce development, in rail and
broadband connectivity, as well as market and cluster presence
Food and Beverage
• Georgia has many strengths in this industry, particularly talent availability, cluster
presence, talent pipeline, and regulatory environment
• Ohio strengths in low cost of doing business and utilities, good workforce development,
and better-than-average infrastructure and connectivity
• Pennsylvania strengths in great talent availability and market proximity, as well as great
infrastructure and connectivity
Technology
• Georgia strengths in talent availability, market and cluster presence, and regulatory
environment
DATE: March 29, 2024
TO: Board of Directors,
Frederick County Economic Development Authority
FROM: Patrick Barker, CEcD
Executive Director
CC: Jay Tibbs
Deputy County Administrator
RE: Grocery Store Attraction | Update
Staff is providing a regular update on its progress regarding efforts to encourage grocery stores
to locate in Frederick County.
GROCERY STORES
Aldi
Amazon Fresh
Harris Teeter
Kroger
MOM's Organic Market
Publix
Safeway
Sprouts Farmers Market
Trader Joe’s
Wegmans
Weis Markets
Whole Foods
CONNECTION STATUS
Successful | 8
Awaiting | 4
For those with whom we have connected, they receive an update quarterly on relevant
information with a soft ask for an update. Those still awaiting connection receive a follow-up
email and two phone calls each month. Calls typically placed on Wednesday and Thursday
between 4:00 pm – 5:00 pm. These times are considered best practices.
INTEREST LEVEL
Moderate (12-24 months) | 3
o Actively looking for locations in a larger geographic area, which includes
Frederick County with 2 having recent interest
Long Term (Greater than 24 months) | 3
o No current plans to enter the market, but our area is part of their long-term
market consideration
None | 2