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EDAMinutes2024December5 MINUTES ECONOMIC DEVELOPMENT AUTHORITY | THURSDAY, DECEMBER 5, 2024 | A meeting of the Frederick County Economic Development Authority was held on Thursday, December 5, 2024, at 8:00 a.m. in the County Administration Building, First Floor Conference Room, 107 North Kent Street, Winchester, Virginia. PRESENT: Judy McCann-Slaughter, Diane Kearns, Karen Swecker, Rick Till and Gary Lofton. STAFF: Patrick Barker, Shayla Rickard, Wendy May, and Donna McIlwee, Frederick County Economic Development Authority; and Michael Bryan, EDA Attorney. MEETING CALLED TO ORDER: Chairman Till called the meeting to order at 8:00 a.m. PARTNER SHOWCASE – FREDERICK WATER Mr. Barker introduced Eric Lawrence, Executive Director, Frederick Water, who then gave an overview of that entity’s operations and activities and how they interact with the EDA. MICROLOAN PROGRAM Mr. Barker introduced Ryan Hall, Executive Director, and Chrissy Weiss, Director of Capital, Shenandoah Community Capital Fund (SCCF), who presented an overview of their operations. The SCCF is a regional nonprofit serving the Shenandoah Valley and has disbursed over $1.7 million in microloans and collaborates closely with localities, like Augusta County, allowing direct input on interest rates and application reviews. During the last joint meeting with the BOS, the need to explore financial support options for county businesses that do not meet the EDA’s Incentive Policy minimum qualifications was identified. Microloans present a promising solution and replicating the SCCF’s model could provide critical support to Frederick County’s small businesses. Mr. Barker stated the EDA Board’s feedback on this proposed microloan initiative is welcome. Mr. Lofton questioned what the SCCF’s default rate was and if they receive more applications from start-ups or those who need help along the way. Ms. Kearns asked what was the SCCF’s success rate for those they have helped. She also stated she is interested in learning more about the program, especially for the agriculture sector. Page 2 of 4 Frederick County EDA Meeting Minutes | November 7, 2024 Ms. McCann-Slaughter inquired as to what was the difference between what the SCCF does compared to services provided by the Small Business Development Center (SBDC). Mr. Hall explained that the SBDC can assist with loan applications but cannot process funding. Ms. Swecker asked what the demand was for this program. She stated more details were needed, as well as research on what is now available to help businesses. In summary, Mr. Barker asked Board members what further information is needed. Needs included a report on the burden a program such as this would place on the EDA’s administrative staff, a program flow chart and a comparison of SBDC services with SCCF’s services. APPROVAL OF MINUTES The minutes from the November 7, 2024, meeting were presented. On motion duly made by Ms. McCann-Slaughter and seconded by Ms. Kearns, the minutes were approved as presented by the following recorded vote: J. Stanley Crockett Absent Bryan Fairbanks Absent Diane Kearns Aye Gary Lofton Aye Judy McCann-Slaughter Aye Karen Swecker Aye Rick Till Aye TREASURER'S REPORT Mr. Barker reported that the bank statements for November have not yet been received. EDA STRATEGY FY26 Mr. Barker presented a final draft of the EDA Strategy FY26, which includes updated economic data, a section on agriculture in the Business Retention section, and staff suggestions. Staff is seeking the Board’s review, feedback, and, if appropriate, adoption of the document. After a brief discussion, Ms. McCann-Slaughter made a motion to approve the Strategy as presented. Motion was seconded by Mr. Lofton and approved by the following recorded vote: J. Stanley Crockett Absent Bryan Fairbanks Absent Diane Kearns Aye Gary Lofton Aye Page 3 of 4 Frederick County EDA Meeting Minutes | November 7, 2024 Judy McCann-Slaughter Aye Karen Swecker Aye Rick Till Aye EDA BUDGET FY26 Mr. Barker reported a draft copy of the proposed FY26 budget had been distributed prior to this meeting. The proposed budget reflects a 2.6% decrease from last year due to the relocation of our office to the County Administration Building which will eliminate our building lease and other associated expenses. Ms. McCann-Slaughter made a motion to approve the proposed budget as presented. Motion was seconded by Mr. Lofton and approved by the following recorded vote: J. Stanley Crockett Absent Bryan Fairbanks Absent Diane Kearns Aye Gary Lofton Aye Judy McCann-Slaughter Aye Karen Swecker Aye Rick Till Aye TARGET INDUSTRY STUDY UPDATE Mr. Barker reported that Board members had been provided a target industry sector update, which was identical to the previously approved sectors. If any Board member believes there is a sector not included which should be, contact Mr. Barker. SUCH OTHER BUSINESS AS MAY COME BEFORE THIS AUTHORITY Mr. Lofton asked Mr. Barker to let Board members know what types of problems a potential buyer of sites within the town limits of Stephens City might encounter due to the ongoing problem between Frederick Water and the town of Stephens City discussed by Mr. Lawrence in his earlier presentation. He also suggested the EDA either send a letter to the Town or set up a meeting with the Town Manager to discuss this topic. Mr. Barker will make arrangements for a meeting between Mr. Till, Mr. Lofton and himself with the Town Manager. ADJOURN There being no further business to come before this Authority, the meeting was adjourned at 9:18 a.m. ________________________________ ____________________________ Richard Till Jay Tibbs Page 4 of 4 Frederick County EDA Meeting Minutes | November 7, 2024 Chairman Secretary