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HomeMy WebLinkAboutEDAAgenda2026April2 Economic Development Authority Thursday, April 2, 2026 @ 8:00 a.m. Frederick County Administration Building - First Floor Conference Room 107 N. Kent St. Winchester, VA 22601 1. Call to Order 2. Industrial Bond Issuance - Economic Development Authorities • Presentation by McGuire Woods on industrial bonds and financing tools 3. Approval of Minutes – February 5 || ACTION • Review and approval of minutes from last meeting 4. Treasurer’s Report || ACTION • Review and approval of latest Treasurer’s Report 5. Business Retention Update || INFORMATION • Overview of current business retention efforts and opportunities 6. FredCo Eats || INFORMATION • Overview of FredCo Eats brand and opportunities 7. Other Business • Any additional matters brought before the Authority DATE: March 27, 2026 TO: Board of Directors Frederick County Economic Development Authority FROM: Wendy May, CEcD Interim Director CC: Jay Tibbs Deputy County Administrator RE: Industrial Bond Issuance – Economic Development Authorities Industrial Revenue Bonds are a financing tool that helps manufacturers and nonprofit organizations build, expand, or equip facilities. The Economic Development Authority of the County of Frederick, Virginia, (EDA) acts as a conduit for issuance of Industrial Revenue Bonds. The borrower is responsible for repayment. The EDA and qualified Bond Counsel retained by the Applicant ensures the process complies with federal, state, and local regulations and that the project aligns with community goals. EDA Counsel and a representative from McGuire Woods will provide an overview of bonding capacities, abilities, and associated processes, along with other financing tools EDAs can utilize in their support of businesses. MINUTES ECONOMIC DEVELOPMENT AUTHORITY | THURSDAY, FEBRUARY 5, 2026 | A meeting of the Frederick County Economic Development Authority was held on Thursday, February 5, 2026, at 8:00 a.m. in the County Administration Building, 1st Floor Conference Room, 107 N. Kent Street, Winchester, Virginia. PRESENT: Diane Kearns, Rick Till, Tina Murphy, Jason Aikens, Bryan Fairbanks and Christine Kriz. Board member Gary Lofton participated remotely for personal reasons and his participation was approved by those present. STAFF: Patrick Barker, Shayla Rickard, and Donna McIlwee, Frederick County Economic Development Authority; Jay Tibbs, Assistant County Administrator; and Michael Bryan, EDA Attorney. MEETING CALLED TO ORDER: Chairman Till called the meeting to order at 8:00 a.m. and welcomed Jason Aikens as the new BOS representative to the EDA. PARTNER SHOWCASE – SMALL BUSINESS DEVELOPMENT CENTER Mr. Barker introduced Andy Gyurisin, Director, who presented an overview of the Center’s operation, key activities and ways in which they collaborate with the EDA. ANNUAL MEETING The EDA Bylaws call for an annual meeting prior to March 1 of each year to elect officers. Mr. Bryan, EDA Attorney, conducted the election with the following results: Chair – Rick Till Vice Chair – Bryan Fairbanks Secretary/Treasurer – Jay Tibbs APPROVAL OF MINUTES The minutes of the November 7, 2025, and December 4, 2025, meetings were presented. On motion duly made by Mr. Aikens and seconded by Ms. Kearns, the minutes were approved as presented by the following recorded vote: Jason Aikens Aye Bryan Fairbanks Aye -2 - Diane Kearns Aye Christine Kriz Aye Gary Lofton Abstain (was not present in December) Tina Murphy Aye Rick Till Aye TREASURER’S REPORTS Mr. Barker submitted the following reports: Checking Account – Bank of Clarke as of October 31, 2025 - $3371.22 Intrafi Account – Bank of Clarke as of October 31, 2025 - $3,347,137.15 Checking Account – Bank of Clarke as of November 30, 2025 - $26,784.22 Intrafi Account – Bank of Clarke as of November 30, 2025 - $3,330,073.86 Checking Account – Bank of Clarke as of December 31, 2025 - $16,120.22 Intrafi Account – Bank of Clarke as of December 31, 2025 - $3,337,867.66 On motion of Ms. Kriz, seconded by Mr. Lofton, the Treasurer’s Reports were approved by the following recorded vote: Jason Aikens Aye Bryan Fairbanks Aye Diane Kearns Aye Christine Kriz Aye Gary Lofton Aye Tina Murphy Aye Rick Till Aye REMOTE MEETING POLICY Mr. Barker stated that, as required by State Code, the EDA must adopt its Remote Participation Policy on an annual basis. While no changes are currently suggested to the policy, it is crucial that the EDA formally adopts it to ensure compliance. Key points in the policy are that the EDA cannot allow any Board member to participate remotely in a meeting unless the policy has been adopted for that year and for meetings where remote participation occurs, at least four Board members must be physically present to satisfy the State Code’s quorum requirement. Mr. Aikens made a motion to adopt the Remote Meeting Policy. Motion was seconded by Mr. Fairbanks and approved by the following recorded vote: -3 - Jason Aikens Aye Bryan Fairbanks Aye Diane Kearns Aye Christine Kriz Aye Gary Lofton Aye Tina Murphy Aye Rick Till Aye LARGE PROJECT READY SITES STRATEGY Mr. Barker reported the previously mentioned partnership for a large land bay with a prospective purchaser remains active. A meeting will be held soon to discuss next steps. The Virginia Business Ready Site Program will open soon and use of the program will be needed if the property owner is interested. Mr. Aikens inquired how many sites were originally identified and what process was used to identify if they were viable. Mr. Till remarked this is an ongoing process. JOINT MEETING WITH BOARD OF SUPERVISORS PREPARATION Mr. Barker reviewed the draft presentation for this meeting, scheduled for February 12, and asked for feedback so it could be revised and finalized in ample time before the meeting. Mr. Fairbanks suggested spending time on the industry target page as we need to know if we should continue efforts working with possible data centers. He also suggested highlighting what employment changes and tax revenue dollars have come into the County because of the EDA’s work since there are several new BOS members. Ms. Kearns stated that since we have not had much success with large grocery stores locating here, should the EDA focus more on local resources. She also stated we should ask the BOS for specific goals. Mr. Aikens stated we should ask pointed questions as to what Board members expect from the EDA to be sure we are aligned with their desires as 100% alignment between the two is needed. He also suggested putting questions together and submitting to the BOS ahead of the meeting. He emphasized that outreach to prospective new businesses is paramount to some members of the BOS versus spending time on businesses already here. Ms. Kriz stated we should ask the BOS what top outcomes they want to see from the EDA. -4 - Ms. Murphy suggested highlighting the scholarships at Laurel Ridge Community College we financially supported. SUCH OTHER BUSINESS AS MAY COME BEFORE THIS AUTHORITY Mr. Fairbanks asked that the EDA present a Resolution of Appreciation to Ms. McCann- Slaughter for her years of service as a member of the EDA Board. All present agreed. ADJOURN There being no further business to come before this Authority, the meeting was adjourned at 9:10 a.m. ________________________________ ____________________________ Richard Till Jay Tibbs Chairman Secretary TREASURER'S REPORT SYNOPSIS ECONOMIC DEVELOPMENT AUTHORITY January 31, 2026 BANK OF CLARKE COUNTY Beginning Bank Statement Balance - as of December 31, 2025 $16,120.22 Total Deposits $0.00 Total Disbursements -$13,750.00 BANK STATEMENT BALANCE AS OF January 31, 2026 $2,370.22 BANK OF CLARKE - INTRAFI ACCOUNT Beginning Bank Statement Balance - as of December 31, 2025 $3,337,867.66 Total Deposits $21,246.13 Total Disbursements $0.00 BANK STATEMENT BALANCE AS OF January 31, 2026 $3,359,113.79 TREASURER'S REPORT ECONOMIC DEVELOPMENT AUTHORITY January 31, 2026 BANK OF CLARKE COUNTY Beginning Bank Statement Balance - as of December 31, 2025 $16,120.22 Deposits TOTAL DEPOSITS $0.00 Disbursements 1/28/2026 Transfer into IntraFI Account -$13,750.00 TOTAL DISBURSEMENTS -$13,750.00 BANK STATEMENT BALANCE AS OF January 31, 2026 $2,370.22 TREASURER'S REPORT ECONOMIC DEVELOPMENT AUTHORITY January 31, 2026 BANK OF CLARKE - INTRAFI ACCOUNT Beginning Bank Statement Balance - as of December 31, 2025 $3,337,867.66 Deposits 1/28/2026 Deposit - Baank of Clarke to IntraFI $13,750.00 1/31/2026 Interest $7,496.13 TOTAL DEPOSITS $21,246.13 Disbursements TOTAL DISBURSEMENTS $0.00 BANK STATEMENT BALANCE AS OF January 31, 2026 $3,359,113.79 Contact Us Account Date 01/31/2026 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 2026 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. Certain conditions must be satisfied for "pass-through" FDIC deposit insurance coverage to apply. To meet the conditions for pass-through FDIC deposit insurance, deposit accounts at FDIC-insured banks in IntraFi's network that hold deposits placed using an IntraFi service are titled, and deposit account records are maintained, in accordance with FDIC regulations for pass-through coverage. Summary of Accounts Account ID Deposit Option Interest Rate Opening Balance Ending Balance Demand 2.64%$3,337,867.66 $3,359,113.79 TOTAL $3,337,867.66 $3,359,113.79 CONTAINS CONFIDENTIAL INFORMATION IntraFi and ICS are registered service marks, and IntraFi Cash Service is a service mark, of IntraFi Network LLC. €!MrHT"O|i _w6M+ €mJFj6 rs,rM8PMV €'%E\jO+% V5ay;!e!+ AAAAAAAAAAAAAAAAAAAAAA Bank of Clarke PO Box 391 Berryville, VA 22611 Economic Development Authority of the Co 107 N Kent Street Winchester, VA 22601 00000 RETURN SERVICE REQUESTED DETAILED ACCOUNT OVERVIEW Account ID: Account Title: Account Summary - Demand Statement Period 1/1-1/31/2026 Average Daily Balance $3,339,883.66 Previous Period Ending Balance $3,337,867.66 Interest Rate at End of Statement Period 2.64% Total Program Deposits 13,750.00 Annual Percentage Yield Earned 2.68% Total Program Withdrawals (0.00) YTD Interest Paid 7,496.13 Interest Capitalized 7,496.13 Current Period Ending Balance $3,359,113.79 Account Transaction Detail Date Activity Type Amount Balance 01/28/2026 Deposit $13,750.00 $3,351,617.66 01/30/2026 Interest Capitalization 7,496.13 3,359,113.79 Summary of Balances as of January 31, 2026 FDIC-Insured Institution City/State FDIC Cert No.Balance BOKF, National Association Tulsa, OK $8.64 Banc of California Los Angeles, CA 247,536.51 Cadence Bank Tupelo, MS 140,915.15 Citizens Bank, National Association Providence, RI 247,554.46 Customers Bank Malvern, PA 247,554.45 First United Bank and Trust Company Durant, OK 17.94 First-Citizens Bank & Trust Company Raleigh, NC 247,554.46 Flagstar Bank, N.A.Hicksville, NY 247,554.46 Pinnacle Bank Nashville, TN 247,536.51 Raymond James Bank St. Petersburg, FL 247,554.46 The Huntington National Bank Columbus, OH 247,554.46 Truist Bank Charlotte, NC 247,536.51 UMB Bank, National Association Kansas City, MO 247,554.46 United Bank Fairfax, VA 17.94 Valley National Bank Morristown, NJ 247,554.46 Western Alliance Bank Phoenix, AZ 247,554.46 Zions Bancorporation, N. A.Salt Lake City, UT 247,554.46 Date 01/31/2026 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 28, 2026 BANK OF CLARKE COUNTY Beginning Bank Statement Balance - as of January 31, 2026 $2,370.22 Total Deposits $0.00 Total Disbursements -$414.00 BANK STATEMENT BALANCE AS OFFebruary 28, 2026 $1,956.22 BANK OF CLARKE - INTRAFI ACCOUNT Beginning Bank Statement Balance - as of January 31, 2026 $3,359,113.79 Total Deposits $6,809.47 Total Disbursements $0.00 BANK STATEMENT BALANCE AS OFFebruary 28, 2026 $3,365,923.26 TREASURER'S REPORT ECONOMIC DEVELOPMENT AUTHORITY February 28, 2026 BANK OF CLARKE COUNTY Beginning Bank Statement Balance - as of January 31, 2026 $2,370.22 Deposits TOTAL DEPOSITS $0.00 Disbursements 1648 1/28/2026 Michael L. Bryan (Legal Fees) -$414.00 TOTAL DISBURSEMENTS -$414.00 BANK STATEMENT BALANCE AS OFFebruary 28, 2026 $1,956.22 TREASURER'S REPORT ECONOMIC DEVELOPMENT AUTHORITY February 28, 2026 BANK OF CLARKE - INTRAFI ACCOUNT Beginning Bank Statement Balance - as of January 31, 2026 $3,359,113.79 Deposits 2/28/2026 Interest $6,809.47 TOTAL DEPOSITS $6,809.47 Disbursements TOTAL DISBURSEMENTS $0.00 BANK STATEMENT BALANCE AS OFFebruary 28, 2026 $3,365,923.26 ** $1,907,000 represents proceeds from the sale of the Robinson School properties. Contact Us Account Economic Development Authority of the Co Date 02/28/2026 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 2026 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. Certain conditions must be satisfied for "pass-through" FDIC deposit insurance coverage to apply. To meet the conditions for pass-through FDIC deposit insurance, deposit accounts at FDIC-insured banks in IntraFi's network that hold deposits placed using an IntraFi service are titled, and deposit account records are maintained, in accordance with FDIC regulations for pass-through coverage. Summary of Accounts Account ID Deposit Option Interest Rate Opening Balance Ending Balance Demand 2.64%$3,359,113.79 $3,365,923.26 TOTAL $3,359,113.79 $3,365,923.26 CONTAINS CONFIDENTIAL INFORMATION IntraFi and ICS are registered service marks, and IntraFi Cash Service is a service mark, of IntraFi Network LLC. AA Bank of Clarke PO Box 391 Berryville, VA 22611 Economic Development Authority of the Co 107 N Kent Street Winchester, VA 22601 00000 RETURN SERVICE REQUESTED DETAILED ACCOUNT OVERVIEW Account ID: Account Title: Economic Development Authority of the Co Account Summary - Demand Statement Period 2/1-2/28/2026 Average Daily Balance $3,359,356.99 Previous Period Ending Balance $3,359,113.79 Interest Rate at End of Statement Period 2.64% Total Program Deposits 0.00 Annual Percentage Yield Earned 2.68% Total Program Withdrawals (0.00) YTD Interest Paid 14,305.60 Interest Capitalized 6,809.47 Current Period Ending Balance $3,365,923.26 Account Transaction Detail Date Activity Type Amount Balance 02/27/2026 Interest Capitalization $6,809.47 $3,365,923.26 Summary of Balances as of February 28, 2026 FDIC-Insured Institution City/State FDIC Cert No.Balance Banc of California Los Angeles, CA $247,500.75 Citizens Bank, National Association Providence, RI 247,500.75 City National Bank of Florida Miami, FL 148,582.29 Customers Bank Malvern, PA 247,500.75 First-Citizens Bank & Trust Company Raleigh, NC 247,500.75 Flagstar Bank, N.A.Hicksville, NY 247,500.75 Pinnacle Bank Nashville, TN 247,500.75 Raymond James Bank St. Petersburg, FL 247,500.75 The Huntington National Bank Columbus, OH 247,403.60 Truist Bank Charlotte, NC 247,500.75 UMB Bank, National Association Kansas City, MO 247,429.12 Valley National Bank Morristown, NJ 247,500.75 Western Alliance Bank Phoenix, AZ 247,500.75 Zions Bancorporation, N. A.Salt Lake City, UT 247,500.75 Date 02/28/2026 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: March 27, 2026 TO: Board of Directors Frederick County Economic Development Authority FROM: Shayla Rickard Business Retention Manager CC: Jay Tibbs Deputy County Administrator RE: Business Retention Update The EDA will provide an update on recent business retention activities and engagement efforts within the local business community. This briefing will include an overview of ongoing relationship-building initiatives, recent collaborative efforts, and progress on key workforce-related projects and upcoming events. The update will also emphasize the strategic importance of business retention as a foundational component of economic development. Supporting existing businesses strengthens the local economy by safeguarding jobs, encouraging reinvestment, and enhancing the county’s overall competitiveness. By maintaining strong relationships with current employers, the EDA is better positioned to anticipate needs, respond effectively to challenges, and foster an environment that enables businesses to grow and thrive. DATE: March 27, 2026 TO: Board of Directors Frederick County Economic Development Authority FROM: Wendy May, CEcD Interim Director CC: Jay Tibbs Deputy County Administrator RE: FredCo Eats Update On Thursday, March 26, the Virginia Economic Developers Association (VEDA) announced that Frederick County, Virginia was the Honorable Mention recipient of the Community Economic Development Awards (CEDA) for its FredCo Eats brand. The CEDA program highlights best practices and exceptional contributions of communities across the Commonwealth in Business Retention and Expansion, Business Recruitment, Community Development, and Community Involvement. FredCo Eats is a place-based brand created by the Frederick County Economic Development Authority to champion the county’s full food and beverage economy and position it for continued investment. The brand amplifies and connects the existing efforts of farms, manufacturers, restaurants, distributors, and support organizations across the local food scene. Using a hub-and-spoke model, the EDA provides strategic guidance and brand stewardship while local businesses, partners, and community members drive the activity, collaboration, and visibility that power the brand.