EDAAgenda2024August1ECONOMIC DEVELOPMENT AUTHORITY
| THURSDAY, AUGUST 1ST 2024 |
| 8:00 AM |
COUNTY ADMINISTRATION BUILDING @ FIRST FLOOR CONFERENCE ROOM
107 KENT STREET WINCHESTER, VA
1.Call to Order
2.Partner Showcase –Electric Cooperatives
Presentation by EDA partners, Shenandoah Valley and Rappahannock Electric
Cooperatives, to include an overview of their operations and activities and how
they interact with the EDA.
3.Approval of Minutes – May 2, 2024|| ACTION
4.Treasurer’s Report || ACTION
5.Incentive Policy | ACTION
Review of addition to the Project Review and Audit Committee and Board of
Supervisors review
6.Joint Meeting with Board of Supervisors Preparation || DISCUSSION
Discussion of possible topics/agenda for annual meeting with the Frederick
County Board of Supervisors
7.Such other business as may come before this Authority
DATE: June 26, 2024
TO: Board of Directors,
Frederick County Economic Development Authority
FROM: Patrick Barker, CEcD
Executive Director
CC: Jay Tibbs
Deputy County Administrator
RE: EDA Partner Showcase || Electric Cooperatives
One outcome from the Strategy discussions was to provide an opportunity for EDA partners to
present to the Board at a regular interval. The presentations would include an overview of the
entity’s operations and activities and how they interact with the EDA.
As you are aware, three of the EDA Targeted Industries typically have robust (5MW plus) and
redundant electric demands. These industry sectors are Bioscience, Information Technology
and Advanced Manufacturing. In addition, the U.S. Department of Energy identified two
specific corridors of interest through Frederick County for their National Interest Electric
Transmission Corridor (NIETC) Designations. A recent article in the Winchester Star provides
more background on this designation. As such, the next partner showcase is very significant
with representatives from both Rappahannock Electric Cooperative (REC) and Shenandoah
Valley Electric Cooperative (SVEC) present.
Both will be represented by their Economic Development Managers, Felicia Ainsa for REC and
Lucas Cade with SVEC. Both have extended experience with Frederick County, electric service
and economic development.
https://www.winchesterstar.com/winchester_star/2-frederick-county-routes-listed-as-potential-priority-corridors-for-
new-transmission-lines/article_d963515a-743d-5662-83a1-88055a0de55d.html
HOT
2 Frederick County routes listed as potential priority
corridors for new transmission lines
By CORMAC DODD The Winchester Star
May 13, 2024
These maps show a preliminary list of federal priority corridors for new transmission infrastructure. The potential
corridors released by the U.S. Department of Energy last week outlines two possible routes in Frederick County in t
vicinity of two existing utility rights-of-way.
1 of 2
7/25/24, 8:23 PM 2 Frederick County routes listed as potential priority corridors for new transmission lines | Winchester Star | winchesterstar.com
https://www.winchesterstar.com/winchester_star/2-frederick-county-routes-listed-as-potential-priority-corridors-for-new-transmission-lines/article_d9635…1/3
An existing utility easement that crosses northern Frederick County and another such easement in
southern portions of the county are included in a preliminary list of potential priority corridors for new
transmission infrastructure released by the U.S. Department of Energy (DOE) last week.
The proposed Mid-Atlantic National Interest Electric Transmission Corridor (NIETC) covers up to
180 miles in parts of West Virginia, Pennsylvania, Maryland and Virginia, east from the Ohio River to
just west of Washington, D.C.
An NIETC designation can be significant because it gives a federal commission the ability to
overrule state commissions and issue permits for the siting of transmission lines within the NIETC.
The DOE’s release of the preliminary priority corridors comes as FirstEnergy is proposing a 500-
kilovolt transmission line along or in the existing power line corridor that crosses northern Frederick
County. This is part of a bigger project driven by regional grid operator PJM to shore up the electric
grid amid a proliferation of data centers in Northern Virginia that are gobbling up electricity.
One of the possible NIETC routes in Frederick County matches the FirstEnergy proposed
transmission line. The second potential route crosses a portion of southwestern Frederick County
before cutting across a portion of southeastern Frederick County.
Both paths appear to be along or in existing utility line easements. According to the DOE document,
the preliminary Mid-Atlantic NIETC “largely parallels existing 500 kV transmission facilities,
attempting to avoid areas where transmission is less likely to be built.”
The routes are subject to change and have not been finalized.
The overarching project proposed by PJM shows a transmission line running from the 502 Junction
substation near Morgantown, West Virginia, which is near two coal plants, to a proposed substation
in Clear Brook near Branson Spring Road in northeastern Frederick County. The line would then
head east into Jefferson County, West Virginia, before cutting into western Loudoun County, and
beyond.
The Washington Post recently reported that the project, with its several hundred miles of proposed
transmission lines, relies on coal plants in West Virginia that were meant to be shuttered, with the
lines being built across Virginia, Pennsylvania, West Virginia and Maryland.
7/25/24, 8:23 PM 2 Frederick County routes listed as potential priority corridors for new transmission lines | Winchester Star | winchesterstar.com
https://www.winchesterstar.com/winchester_star/2-frederick-county-routes-listed-as-potential-priority-corridors-for-new-transmission-lines/article_d9635…2/3
PJM’s 2022 Regional Transmission Expansion Plan identifies a need to prepare for the anticipated
retirement of 11 gigawatts of fossil-fuel generators across the PJM footprint and rise to the task of
meeting a 7.5 gigawatt increase in electricity load in Northern Virginia.
An NIETC designation enables the DOE and the Federal Energy Regulatory Commission (FERC) to
use federal financing and permitting tools to spur construction of transmission projects.
The document released by the DOE on May 8 indicates that PJM has signaled it needs to carry out
the project to address the data centers’ drain on power.
Accessed over the internet from anywhere in the world, data centers are centralized warehouses of
computer servers, and there are around 250 in Northern Virginia. Data centers are one of the most
energy-intensive building types, according to the DOE.
Also, the proposed Mid-Atlantic NIETC encompasses a geographic area where there is “significant
need” for increased within-region capacity, according to the DOE document.
“PJM’s 2024 Load Forecast Report estimates summer and winter peak load in the PJM footprint is
anticipated to increase by 1.6% and 1.9% annually, respectively, over the next decade, a doubling of
estimates reported in its 2023 Load Forecast Report, due to data center proliferation and
electrification efforts,” states the DOE document.
“PJM finds the Dominion Energy zone in northern Virginia to be driving much of this increase in
anticipated peak load as summer and winter peak load is anticipated to increase by 5.5% and 5%
annually, respectively, within that particular zone over the next decade.”
Comments may be submitted on the DOE’s NIETC proposals through June 24 by emailing
NIETC@hq.doe.gov.
— Contact Cormac Dodd at cdodd@winchesterstar.com
7/25/24, 8:23 PM 2 Frederick County routes listed as potential priority corridors for new transmission lines | Winchester Star | winchesterstar.com
https://www.winchesterstar.com/winchester_star/2-frederick-county-routes-listed-as-potential-priority-corridors-for-new-transmission-lines/article_d9635…3/3
MINUTES
ECONOMIC DEVELOPMENT AUTHORITY
| THURSDAY, MAY 2, 2024 |
A meeting of the Frederick County Economic Development Authority was held on
Thursday, May 2, 2024, at 8:00 a.m. in the County Administration Building, First Floor
Conference Room, 107 North Kent Street, Winchester, Virginia.
PRESENT: Bryan Fairbanks, Judy McCann-Slaughter, Diane Kearns, Stan Crockett,
Karen Swecker and Gary Lofton. Due to a personal matter, Rick Till 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; Jay Tibbs, Deputy County Administrator; and
Michael Bryan, EDA Attorney.
MEETING CALLED TO ORDER: Vice Chairman Crockett called the meeting to order at 8:00
a.m.
APPROVAL OF MINUTES
The minutes from the April 4, 2024, meeting were presented. On motion duly made by
Ms. McCann-Slaughter and seconded by Mr. Fairbanks, 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 March 31, 2024 - $24,600.72
Intrafi Account – Bank of Clarke as of March 31, 2024 - $2,905,078.55
On motion of Mr. Fairbanks, seconded by Ms. McCann-Slaughter, the Treasurer’s
Report was approved by the following recorded vote:
Page 2 of 3
Frederick County EDA Meeting Minutes | May 2, 2024
J. Stanley Crockett Aye
Bryan Fairbanks Aye
Diane Kearns Aye
Gary Lofton Aye
Judy McCann-Slaughter Aye
Karen Swecker Aye
Rick Till Aye
PARTNER SHOWCASE – VEDP
Mr. Barker introduced Mr. Jason El Koubi, President and CEO, of the Virginia Economic
Development Partnership (VEDP). He gave a virtual presentation covering the overall operation
of his organization with comments centered on their strategic plan.
Mr. Koubi then opened the session for questions from EDA Board members. One of the
questions asked was what, as an EDA Board, should we be working on in the next 12-24
months. His answer was workforce, skilled labor, and how to build an ecosystem for targets.
He concluded by stating that VEDP staff want to bring projects to every locality that will warmly
welcome the opportunity and that they want to make sure it’s a project the locality will
embrace. He complimented Frederick County as being a terrific partner with VEDP.
INCENTIVE POLICY
Mr. Barker stated a red line version of the Incentive Policy had been distributed to Board
members prior to this meeting. 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 approval of
the document.
Ms. Kearns questioned if there was a competitive factor for expansions.
Mr. Lofton stated that, on page2, under Qualifications, Minimum Requirements, there may be a
typo---2003 should be 2023. He also questioned the Process section on page 5---if the EDA is
generating an incentive policy, why is the EDA Board not part of the Project Review and Audit
Committee. Mr. Tibbs stated the EDA is merely a funding mechanism and the final decision
whether or not to fund the incentive lies with the BOS. Mr. Barker remarked that he has talked
to his peers throughout the State and they mirror this same process.
Mr. Till stated this should be discussed later and Mr. Barker was in agreement.
Mr. Lofton asked Mr. Barker to discuss his question and Ms. Kearns’ with them and report back
to Mr. Till.
Page 3 of 3
Frederick County EDA Meeting Minutes | May 2, 2024
Ms. McCann-Slaughter made a motion to accept the Incentive Guidelines as presented (with
the typo correction). This was seconded by Mr. Fairbanks and approved by the following
recorded vote:
J. Stanley Crockett Aye
Bryan Fairbanks Aye
Diane Kearns Aye
Gary Lofton Nay
Judy McCann-Slaughter Aye
Karen Swecker Aye
Rick Till Aye
WIDGET CUP RECAP
Ms. Rickard, Business Retention Manager, gave an overview of this year’s Widget Cup
competition. The event was held at Millbrook High School with five area schools competing.
Students used raw materials donated by seven local companies to construct an outdoor chair
for the hiking trails at Belle Grove Plantation in Middletown. The Widget Cup 2024 was won by
Clarke County High School. Feedback from the event was positive.
Ms. McCann-Slaughter commended Ms. Rickard for going out into the community to solicit
their support and participation in this event.
SUCH OTHER BUSINESS AS MAY COME BEFORE THIS AUTHORITY
The Employer Expo will be held on May 8 at Shenandoah University.
There will be no Board meeting in June. The next meeting will be held on Thursday, July 11.
ADJOURN
There being no further business to come before this Authority, the meeting was adjourned at
9:03 a.m.
________________________________ ____________________________
Richard Till Jay Tibbs
Chairman Secretary
TREASURER'S REPORT SYNOPSIS
ECONOMIC DEVELOPMENT AUTHORITY
April 30, 2024
BANK OF CLARKE COUNTY
Beginning Bank Statement Balance - as of March 31, 2024 $24,600.72
Total Deposits $0.00
Total Disbursements $0.00
BANK STATEMENT BALANCE AS OF April 30, 2024 $24,600.72
BANK OF CLARKE - INTRAFI ACCOUNT
Beginning Bank Statement Balance - as of March 31, 2024 $2,905,078.55
Total Deposits $10,356.66
Total Disbursements $0.00
BANK STATEMENT BALANCE AS OF April 30, 2024 $2,915,435.21
TREASURER'S REPORT
ECONOMIC DEVELOPMENT AUTHORITY
April 30, 2024
BANK OF CLARKE COUNTY
Beginning Bank Statement Balance - as of March 31, 2024 $24,600.72
Deposits
TOTAL DEPOSITS $0.00
Disbursements
TOTAL DISBURSEMENTS $0.00
BANK STATEMENT BALANCE AS OF April 30, 2024 $24,600.72
TREASURER'S REPORT
ECONOMIC DEVELOPMENT AUTHORITY
April 30, 2024
BANK OF CLARKE - INTRAFI ACCOUNT
Beginning Bank Statement Balance - as of March 31, 2024 $2,905,078.55
Deposits
3/31/2024 Interest $10,356.66
TOTAL DEPOSITS $10,356.66
Disbursements
TOTAL DISBURSEMENTS $0.00
BANK STATEMENT BALANCE AS OF April 30, 2024 $2,915,435.21
** $1,907,000 represents proceeds from the sale of the Robinson School properties.
Contact Us
Account
Economic Development Authority of the Co
Date
04/30/2024
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 April 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%$2,905,078.55 $2,915,435.21
TOTAL $2,905,078.55 $2,915,435.21
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
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RETURN SERVICE REQUESTED
DETAILED ACCOUNT OVERVIEW
Account ID:
Account Title: Economic Development Authority of the Co
Account Summary - Demand
Statement Period 4/1-4/30/2024 Average Daily Balance $2,905,423.77
Previous Period Ending Balance $2,905,078.55 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 41,671.49
Interest Capitalized 10,356.66
Current Period Ending Balance $2,915,435.21
Account Transaction Detail
Date Activity Type Amount Balance
04/30/2024 Interest Capitalization $10,356.66 $2,915,435.21
Summary of Balances as of April 30, 2024
FDIC-Insured Institution City/State FDIC Cert No.Balance
BOKF, National Association Tulsa, OK $247,880.56
Banc of California Los Angeles, CA 247,880.56
Citizens Bank, National Association Providence, RI 247,880.56
Comerica Bank Dallas, TX 188,749.05
First-Citizens Bank & Trust Company Raleigh, NC 247,880.56
Flagstar Bank, N.A.Hicksville, NY 247,880.56
Pinnacle Bank Nashville, TN 247,880.56
Raymond James Bank St. Petersburg, FL 247,880.56
Truist Bank Charlotte, NC 247,880.56
Valley National Bank Wayne, NJ 247,880.56
Western Alliance Bank Phoenix, AZ 247,880.56
Zions Bancorporation, N. A.Salt Lake City, UT 247,880.56
Date
04/30/2024
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
May 31, 2024
BANK OF CLARKE COUNTY
Beginning Bank Statement Balance - as of April 30, 2024 $24,600.72
Total Deposits $0.00
Total Disbursements $0.00
BANK STATEMENT BALANCE AS OF May 31, 2024 $24,600.72
BANK OF CLARKE - INTRAFI ACCOUNT
Beginning Bank Statement Balance - as of April 30, 2024 $2,915,435.21
Total Deposits $10,740.61
Total Disbursements $0.00
BANK STATEMENT BALANCE AS OF May 31, 2024 $2,926,175.82
TREASURER'S REPORT
ECONOMIC DEVELOPMENT AUTHORITY
May 31, 2024
BANK OF CLARKE COUNTY
Beginning Bank Statement Balance - as of April 30, 2024 $24,600.72
Deposits
TOTAL DEPOSITS $0.00
Disbursements
TOTAL DISBURSEMENTS $0.00
BANK STATEMENT BALANCE AS OF May 31, 2024 $24,600.72
TREASURER'S REPORT
ECONOMIC DEVELOPMENT AUTHORITY
May 31, 2024
BANK OF CLARKE - INTRAFI ACCOUNT
Beginning Bank Statement Balance - as of April 30, 2024 $2,915,435.21
Deposits
2/29/2024 Interest $10,740.61
TOTAL DEPOSITS $10,740.61
Disbursements
TOTAL DISBURSEMENTS $0.00
BANK STATEMENT BALANCE AS OF May 31, 2024 $2,926,175.82
** $1,907,000 represents proceeds from the sale of the Robinson School properties.
Contact Us
Account
Economic Development Authority of the Co
Date
05/31/2024
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 May 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%$2,915,435.21 $2,926,175.82
TOTAL $2,915,435.21 $2,926,175.82
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 5/1-5/31/2024 Average Daily Balance $2,915,781.68
Previous Period Ending Balance $2,915,435.21 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 52,412.10
Interest Capitalized 10,740.61
Current Period Ending Balance $2,926,175.82
Account Transaction Detail
Date Activity Type Amount Balance
05/31/2024 Interest Capitalization $10,740.61 $2,926,175.82
Summary of Balances as of May 31, 2024
FDIC-Insured Institution City/State FDIC Cert No.Balance
BOKF, National Association Tulsa, OK $247,909.96
Banc of California Los Angeles, CA 247,909.96
Citizens Bank, National Association Providence, RI 247,909.96
Comerica Bank Dallas, TX 199,166.26
First-Citizens Bank & Trust Company Raleigh, NC 247,909.96
Flagstar Bank, N.A.Hicksville, NY 247,909.96
Pinnacle Bank Nashville, TN 247,909.96
Raymond James Bank St. Petersburg, FL 247,909.96
Truist Bank Charlotte, NC 247,909.96
Valley National Bank Wayne, NJ 247,909.96
Western Alliance Bank Phoenix, AZ 247,909.96
Zions Bancorporation, N. A.Salt Lake City, UT 247,909.96
Date
05/31/2024
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.
AAAAAAAAAAAAAAAAAAAAAA
00000
TREASURER'S REPORT SYNOPSIS
ECONOMIC DEVELOPMENT AUTHORITY
June 30, 2024
BANK OF CLARKE COUNTY
Beginning Bank Statement Balance - as of May 31, 2024 $24,600.72
Total Deposits $7,123.85
Total Disbursements -$3,320.00
BANK STATEMENT BALANCE AS OF June 30, 2024 $28,404.57
BANK OF CLARKE - INTRAFI ACCOUNT
Beginning Bank Statement Balance - as of May 31, 2024 $2,926,175.82
Total Deposits $10,431.80
Total Disbursements $0.00
BANK STATEMENT BALANCE AS OF June 30, 2024 $2,936,607.62
TREASURER'S REPORT
ECONOMIC DEVELOPMENT AUTHORITY
June 30, 2024
BANK OF CLARKE COUNTY
Beginning Bank Statement Balance - as of May 31, 2024 $24,600.72
Deposits
6/20/2024
Fred Co EDA Share of Bond Admin Fee
(Westminster--Canterbury) $7,123.85
TOTAL DEPOSITS $7,123.85
Disbursements
1632 5/30/2024 Michael L. Bryan (Legal Fees) -$1,105.00
1633 6/13/2024 Michael L. Bryan (Legal Fees) -$2,210.00
6/20/2024 Service Charge Returned Mail -$5.00
TOTAL DISBURSEMENTS -$3,320.00
BANK STATEMENT BALANCE AS OF June 30, 2024 $28,404.57
TREASURER'S REPORT
ECONOMIC DEVELOPMENT AUTHORITY
June 30, 2024
BANK OF CLARKE - INTRAFI ACCOUNT
Beginning Bank Statement Balance - as of May 31, 2024 $2,926,175.82
Deposits
6/30/2024 Interest $10,431.80
TOTAL DEPOSITS $10,431.80
Disbursements
TOTAL DISBURSEMENTS $0.00
BANK STATEMENT BALANCE AS OF June 30, 2024 $2,936,607.62
** $1,907,000 represents proceeds from the sale of the Robinson School properties.
Contact Us
Account
Economic Development Authority of the Co
Date
06/30/2024
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 June 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%$2,926,175.82 $2,936,607.62
TOTAL $2,926,175.82 $2,936,607.62
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 6/1-6/30/2024 Average Daily Balance $2,926,523.55
Previous Period Ending Balance $2,926,175.82 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 62,843.90
Interest Capitalized 10,431.80
Current Period Ending Balance $2,936,607.62
Account Transaction Detail
Date Activity Type Amount Balance
06/28/2024 Interest Capitalization $10,431.80 $2,936,607.62
Summary of Balances as of June 30, 2024
FDIC-Insured Institution City/State FDIC Cert No.Balance
BOKF, National Association Tulsa, OK $247,880.77
Banc of California Los Angeles, CA 247,880.77
Citizens Bank, National Association Providence, RI 247,880.77
Comerica Bank Dallas, TX 209,919.15
First-Citizens Bank & Trust Company Raleigh, NC 247,880.77
Flagstar Bank, N.A.Hicksville, NY 247,880.77
Pinnacle Bank Nashville, TN 247,880.77
Raymond James Bank St. Petersburg, FL 247,880.77
Truist Bank Charlotte, NC 247,880.77
Valley National Bank Morristown, NJ 247,880.77
Western Alliance Bank Phoenix, AZ 247,880.77
Zions Bancorporation, N. A.Salt Lake City, UT 247,880.77
Date
06/30/2024
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.
DATE: June 26, 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
At the June meeting, the EDA reviewed and approved the Incentive Policy. This governs all
aspects of the local economic development incentive grant process (i.e., who qualifies, process
for approval, who conducts the audit of a company’s performance and who reviews
performance agreements). This policy was developed by the EDA Board in 2017 at the request
of the Board of Supervisors. The Incentive Policy provides guidance to the Board of Supervisors
as they consider incentive requests from prospective businesses. The EDA Board reviews this
policy annually.
Some discussion at the EDA’s June meeting centered around earlier engagement by the EDA
Board in the process. Staff suggests the addition of the EDA Chair or their designee to
Project Review and Audit Committee. This committee reviews requesting discretionary
incentives from Frederick County and determines whether to proceed to executive session with
Board of Supervisors
Currently the 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 for release of Local Economic Development Incentive
Grant (LEDIG)
Determine whether to proceed to executive session with Board of Supervisors
Conduct yearly audits of open performance agreement
Page 2 of 2
Incentive Policy | Update
Staff is seeking EDA approval of the document. Given the time since the initial approval, the
recommendation is also forward the approved policy to the Board of Supervisors for their
information.
FREDERICK COUNTY, VIRGINIA BUSINESS INCENTIVE GUIDELINES
July 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 4
Frederick County Incentive Policy
DRAFT July 25, 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 2023 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 within 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 the Company and State and the
Company (if applicable) 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.
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Frederick County Incentive Policy
DRAFT July 25, 2024
Frederick County Companies Expanding Within Frederick County
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 $11.40 an 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 within 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 the Company and State and the
Company (if applicable) 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.
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, EDA Board Chair, 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
Page 4 of 4
Frederick County Incentive Policy
DRAFT July 25, 2024
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 agreement
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
EDA Chair
Frederick County Attorney
Deputy County Administrator
VEDP Counsel (if applicable)
State Attorney General (if applicable)
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
five 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: June 26, 2024
TO: Board of Directors
Frederick County Economic Development Authority
FROM: Patrick Barker, CEcD
Executive Director
CC: Jay Tibbs
Deputy County Administrator
RE: Joint Meeting with Board of Supervisors | Preparation
The 2014 MOU between the EDA and Board of Supervisors calls for an annual discussion and
review of Board of Supervisors’ expectations for economic development. The last such
discussion was held on July 12, 2023, where the following planned activities for the ensuing 12
months were presented and discussed.
Manufacturing Day Business Roundtable (Business Retention)
o Biannual programming on topics identified by research in the economic
development field and through BRE visits.
FredCo Eats Expansion (Business Retention)
o Free consulting and webinar series with Laurel Ridge Small Business
Development Center (LRSBDC) to maximize restaurant success during Restaurant
Week.
o A Regional agriculture conference in 2024 with LRSBDC to address 2023 survey
challenges/needs.
Target Industry Study Refresh/ Identify Steps to Address Labor and Sites for
Targets (Business Attraction)
o Study needs to be refreshed to add/confirm targets.
o Short-term actions for labor identified with plan.
o Site gap addressed by leveraging Virginia Business Ready Site Program and
Virginia’s Site Acquisition Program, if funded.
Regional Talent Strategy (Talent Engagement)
o Continued implementation of Regional Talent Strategy through social media
campaign with videos, website update (liveloveshenandoah.com), presence at
regional tourism events and researching the feasibility of a regional internship
fair.
Beyond the WOW Experience (Talent Engagement)
o More parental engagement through adding interactive elements to digital WoW!
Book.
o Teacher-led activities before and after the event.
Page 2 of 2
Joint Meeting with Board of Supervisors | Agenda Planning
More Sites, More Opportunities (Business Climate)
o Site gap addressed by leveraging Virginia Business Ready Site Program and
Virginia’s Site Acquisition Program, if funded.
Continued engagement w/ NE Land Use Update (Business Climate)
o Area is positioned well to provide options for EDA Business Targets with robust
electric needs given direct proximity to high transmission lines
o Land use designations supporting this need with a particular focus on the Mixed
Use Industrial/Office need to be encouraged.
The recommendation is to structure the agenda like previous joint meetings. An overview of
core EDA functions would kick off the conversation with highlights of recent projects. Then
move into planned activities from last year. Staff is seeking EDA Board feedback to the agenda
and possible planned activities for the next 12 months.
AGENDA
BOARD OF SUPERVISORS-ECONOMIC DEVELOPMENT AUTHORITY
JOINT WORK SESSION
WEDNESDAY, JULY 12, 2023
6:00 PM
BOARD MEETING ROOM
107 NORTH KENT STREET, WINCHESTER, VIRGINIA 22601
1. Call to order
2. Chair’s comments
3. General overview of EDA’s mission
4. Update on EDA Strategic Goals
Business Retention
Business Attraction
Talent Engagement
Business Climate
5. Planned Strategic Activities
6. BOS feedback on planned activities
7. Adjourn