MINUTES OF A SPECIAL MEETING OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF WILLIAMSBURG The Williamsburg Economic Development Authority held a special meeting on July 20, 2011, in Classroom 1 of the Quarterpath Recreation Center, 202 Quarterpath Road, Williamsburg, Virginia. The following Directors were present: PRESENT: T. Montgomery Mason, Chairman,, Joseph W. Brinkley,, and Edward Richardson. Also, present were Vice Mayor Paul Freiling, Michele Mixner DeWitt, City of Williamsburg Economic Development Director, and Joseph F. Phillips, Jr., secretary and attorney for the Authority. ABSENT: (parts of the meeting) and Thomas Gillman. I. Call to Order Chairman, T. Montgomery Mason, called the meeting to order at 3:03 p.m. The secretary noted that a quorum of the directors was in attendance. II. Election of Officers Mr. Richardson moved that T. Montgomery Mason be re-elected as Chair. The Motion was seconded by Mr. Brinkley and was approved by the following vote: T. Montgomery Mason Joseph W. Brinkley Edward Richardson was absent for this vote. Mr. Richardson moved that Thomas Gillman be elected as Vice-Chair. The Motion was seconded by Mr. Brinkley and was approved by the following vote: T. Montgomery Mason Joseph W. Brinkley Edward Richardson was absent for this vote. Page 1 of 7
Mr. Mason moved that Joseph F. Phillips be re-elected for another term as Secretary. The Motion was seconded by Mr. Richardson and was approved by the following vote: T. Montgomery Mason Joseph W. Brinkley Edward Richardson was absent for this vote. III. Approve Minutes from May 25, June 14 Meetings and the May 25 Planning Committee Worksession Meeting. Mr. Brinkley moved that the Minutes of the Authority s May 25, 2011 meeting be approved as presented. The Motion was seconded by Mr. Carr and was approved by the following vote: T. Montgomery Mason Joseph W. Brinkley Edward Richardson Mr. Brinkley moved that the Minutes of the Authority s June 14, 2011 meeting be approved as presented. The Motion was seconded by Mr. Richardson and was approved by the following vote: T. Montgomery Mason Joseph W. Brinkley Edward Richardson Mr. Brinkley moved that the Minutes of the joint meeting between the Authority and the Williamsburg Planning Commission on May 25, 2011 be approved as presented. The Motion was seconded by Mr. Richardson and was approved by the following vote: T. Montgomery Mason Joseph W. Brinkley Page 2 of 7
Edward Richardson IV. Review EDA May and June Financial Statements The May statement reflects $25,495.00 in undesignated funds. In June 2011, the Finance Department discovered a coding error from April 2009. The correction of this coding error reduces the undesignated fund balance by $20,000 to $4,295. Staff recommends shifting $20,000 from the demolition program to the undesignated fund to correct this imbalance. Mr. Brinkley moved to approve May and June statements and the reclassification of $20,000 of Demolition Program funds to Undesignated Funds. The Motion was seconded by Mr. Richardson and was approved by the following vote: T. Montgomery Mason Joseph W. Brinkley Edward Richardson V. Old Business None VI. New Business 1. W&M Real Estate Foundation Nancy Buchanan explained that Tribe Square is almost complete. Students will arrive on the 16 th of August. Three of four leases for commercial space are signed. Tribe Square will house up to 56 students, which includes 14 apartments with 4 bedrooms each and private baths. The W&M Real Estate Foundation leases the apartments to the College. These apartments filled faster than any other housing option on campus. Public Hearing opened and closed. No one spoke. Mr. Phillips explained the fee reduction resolution and also the bond structure. Mr. Brinkley moved that the Resolution for the reduced bond fee be approved as presented. The Motion was seconded by Mr. Patel and was approved by the following vote: T. Montgomery Mason Page 3 of 7
Joseph W. Brinkley Edward Richardson B. Inducement Resolution for Issuance of not more than $5 million of tax exempt bonds for W&M Real Estate Foundation Ms. Buchanan said this borrowing can only be used for the tax exempt housing portion of the project, so less than $5,000,000 will be borrowed. Ms. DeWitt explained the history of the fee conflict with the Virginia Small Business Finance Authority and the letter that the EDA sent to the William and Mary Real Estate Foundation offering to match the Virginia Small Business Finance Authority s bond finance fees. Mr. Brinkley moved that the Resolution for the reduced bond fee be approved as presented. The Motion was seconded by Mr. Carr and was approved by the following vote: T. Montgomery Mason Joseph W. Brinkley Edward Richardson C. Outstanding Bonds List Ms. DeWitt explained the list of outstanding bonds, and Mr. Phillips explained that the amounts shown are original principle balances. Mr. Carr asked about effect of fee earned on Tribe Square will have on discretionary monies from the City. Ms. DeWitt said there is $100,000 of economic development contingency funds in the City budget this year, but how it is authorized is up to City Manager Tuttle and the EDA. D. Review of Grant Programs Ms. DeWitt described Grant Programs and explained that the sign grant program must be continued each year. 1. Sign Grant Program Mrs. DeWitt explained that 20 businesses have received sign grants, totaling 36,123.97, with $13,876.03 remaining in the EDA s designated sign grant fund. Mr. Mason, Mr. Gillman, and Mr. Carr serve on the Sign Grant Committee to administrate and approve these grants. The proposed revision to the sign grant guidelines allows staff to notify sign grant recipients of their awards via email. Mr. Brinkley moved that the EDA adopt the revised Sign Grant Program Guidelines and renew the Sign Grant Program for an additional twelve months, through July 31, 2012. The Motion was seconded by Mr. Patel and Page 4 of 7
was approved by the following vote: T. Montgomery Mason Joseph W. Brinkley Edward Richardson (temporarily absent) 2. ECommerce Grant Program Ms. DeWitt explained that the Ecommerce Program concluded its third year in April 2011. Through the program, six (6) businesses have received matching grants from the EDA to create or enhance web sites to increase sales. The EDA has awarded $9,970.00 for these Ecommerce grants, with $20,030.00 remaining in the EDA s designated Ecommerce grant fund. An Ecommerce Grant Committee of the EDA reviews applications for approval, with the EDA ratifying the committee s actions at the next scheduled EDA meeting. Mr. Mason appointed Mr. Patel, Mr. Richardson, and Mr. Mason to the ECommerce Grant Committee. E. RAISE Committee Funding RAISE funds were used to attract Frontier and AirTran to Newport News/Williamsburg International Airport. Agreement was made to pay for empty seats. Colonial Williamsburg has seen an increase in visitation from Colorado since Frontier entered this market. This fiscal year (FY12), City Council appropriated $4,245.00 to the RAISE Fund, the same as FY10 and FY11, which again is a ten percent reduction from the $0.40 per capita commitment. In FY10 and FY11, the EDA paid the ten percent funding gap from its undesignated funds. The EDA currently has $2,826.87 in its undesignated funds. Mr. Brinkley moved that the EDA fund the RAISE funding gap of $472.00 for FY12 from its undesignated fund. The Motion was seconded by Mr. Richardson and was approved by the following vote: T. Montgomery Mason Joseph W. Brinkley Edward Richardson F. Ratification of Sign Grant for Knights Inn The Knights Inn, located at 620 York Street, received a sign grant approved by the Sign Grant Committee. This business is located on a commercial corridor in the City and had a non-conforming sign because of its height. The new sign has been approved by the Architectural Review Board. The sign is installed and approved by the Williamsburg Planning Department. The cost for replacing the sign was $3,101.91. The EDA Sign Grant Subcommittee approved this sign grant of $1,550.96 on June 27, 2011, and the grant has been Page 5 of 7
awarded to the Knights Inn. Mr. Brinkley moved that the amount for the Sign Grant be ratified as presented. The Motion was seconded by Mr. Richardson and was approved by the following vote: T. Montgomery Mason Joseph W. Brinkley Edward Richardson G. Super 8 Motel Sign Grant Application Ms. DeWitt reported the amount requested is $2,000 for the Super 8 Motel sign Grant Application. Mr. Brinkley moved that the amount for the Sign Grant be approved as presented. The Motion was seconded by Mr. Patel and was approved by the following vote: T. Montgomery Mason Joseph W. Brinkley Edward Richardson H. Angela s Accounting Ecommerce Grant Application Angela s Accounting submitted an Ecommerce Grant application and selected IDEAL Links as the low bid contractor at $900. The EDA will pay Angela when work is completed and invoices from IDEAL Links are paid. Mr. Brinkley moved that the amount requested be approved as presented. The Motion was seconded by Mr. Richardson and was approved by the following vote: T. Montgomery Mason Joseph W. Brinkley Edward Richardson I. Strategic Plan Data Update Corinne Blackford, City summer Intern, said the next Strategic Plan will come out in 2012. She presented updated data from the Bureau of Labor Statistics. Restaurants are included at the industry level as leisure and hospital. VII. Subcommittee Reports Ambassador Program Mr. Gillman and Mr. Freiling visited The Flaky Bakery Page 6 of 7
on Bacon Avenue, which is located in the old Feather s Nest building. VIII. Economic Development Director Report The EDAs of Williamsburg, James City County, York County and the Greater Williamsburg Area Chamber and Tourism Alliance funded an Arts month facilitator position for September Arts Month. Terry Buntrock was hired as this contract and Mr. Mason will invite her to the August EDA meeting. Ms. DeWitt said the groundbreaking at 747 Scotland Street this month was catered by Laura and Craig Reeves. Ms. DeWitt reported that we are under contract with Artspace for an artist demand survey. Mr. Singley will chair the effort. IX. Next Meeting August 10, 2011 at 3:00 p.m. X. Adjourn Ms. DeWitt announced the next Business Roundtable Lunch is August 9 at 12:00 and location is to be announced. The Northeast Triangle Task Force meets on August 22 at 2 p.m. at the Quarterpath Recreation Center. The meeting adjourned at 4:55 p.m. Joseph F. Phillips, Jr., Secretary T. Montgomery Mason, Chairman Page 7 of 7