MEETING AGENDA CHARLOTTESVILLE ECONOMIC DEVELOPMENT AUTHORITY Tuesday, March 9, 2021 – 4:00 p.m. Virtual/Electronic Meeting via Zoom www.charlottesville.gov/zoom 1. CALL TO ORDER AND WELCOME 2. PUBLIC COMMENT 3. CONSENT AGENDA a. Minutes from the December 8, 2020 Meeting b. Treasurer’s Report from November, December 2020 and January 2021 4. NEW BUSINESS a. Program Updates: GO Hire/ACE/Cville Match/Business Equity Fund/GO Virginia b. FY22 Budget 5. OTHER BUSINESS AND ANNOUNCEMENTS a. OED 2020 Annual Report b. Recovery Planning sessions 6. ADJOURNMENT Individuals with disabilities who require assistance or special arrangements to participate in the public meeting may call the ADA Coordinator at (434) 970-3182 or submit a request via email to ada@charlottesville.gov. The City of Charlottesville requests that you provide a 48 hour notice so that proper arrangements may be made. Charlottesville Economic Development Authority (CEDA) Meeting Minutes – December 8, 2020 Members Present Staff Present Not Present Others Present Addison Barnhardt Chris Engel Jay O’Donnell Megan Argenbright Ed Schmitz Brian Wheeler James Cauthen Trish Carpenter Adrian Felts Jason Ness A meeting of the Charlottesville Economic Development Authority occurred on Tuesday, December 8th, 2020 via virtual electronic Zoom meeting. Vice-Chair, Mr. Schmitz, called the meeting to order at 4:03 PM. Vice-Chairman Schmitz welcomed the Board and asked if there was any public comment; no public comments noted, he proceeded to the next agenda item. Mr. Schmitz asked the board if there were any comments or questions regarding the November 10, 2020 meeting minutes. No comments or questions were noted, Chair asked for a motion to approve the November 10 minutes; motion moved by Mr. Cauthen, second by Mr. Felts; all present in favor. Motion passed. Next item on the agenda the Treasurer Report for October 2020. No comments or questions were noted, Chair asked for a motion to approve the October 2020 Treasurer Report; motion moved by Mr. Felts, second by Mr. Cauthen; all present in favor. Motion passed The FY20 Annual Audit was presented by Megan Argenbright from Brown Edwards. Ms. Argenbright presented the required communications and advised the board that no audit adjustments were required during the audit and there were no disagreements with management. Her findings were a clean, unmodified opinion. Ms. Argenbright asked if the board had any questions about the material provided. Mr. Schmitz asked about the cyber security notation in the report. Ms. Argenbright stated no threat identified, standard language in all the audit letters. With no further questions, the chair asked that the item be accepted by the board. Mr. Felts moved, Mr. Cauthen second the motion, and all present voted in favor. Motion passed. Mr. Engel provided an overview of the FY20 Annual Report to the board member which includes an EDA history of the activities for the recent fiscal year ending June 30, 2010. Mr. Engel asked if any questions. Mr. Barnhardt moved to accept the report; Mr. Felts second the motion, all present voted favor. Motion passed. Mr. Engel reminded the Board that the required FOIA training is due by 12/31/2020. This is a requirement for EDA’s throughout the State of Virginia. Once the training is completed the certificates will be filed with the Clerk of Council’s office. There being no further business, Mr. Schmitz asked for a motion to adjourn the meeting; Mr. O’Donnell made the motion, Mr. Barnhardt second the motion, all present voted in favor, meeting adjourned at 4:31 PM. _______________ Chris Engel, Secretary Date Date Approved by CEDA CHARLOTTESVILLE ECONOMIC DEVELOPMENT AUTHORITY TREASURER'S REPORT FOR PERIOD NOVEBER 30, 2020 REVENUE & EXPENDITURE DETAIL November Budget YTD* Variance REVENUES EDA Admin Fees $ 22,500.00 $ 13,500.00 $ (9,000.00) SNL Rent Payment $ 240,000.00 $ 100,000.00 $ (140,000.00) Charlottesville Pavilion Rent $ 100.00 $ (100.00) Charlottesville Pavilion Loan Payment-$2.4 $ 170,886.00 $ (170,886.00) Charlottesville Pavilion - Ticket Surcharge Remittance $ - $ - Charlottesville Pavilion - Maintenance Fund Deposit $ - $ - Maintenance Fund Deposit - Interest Earned $ - $ - Interest Earned on CEDA Cash Deposits $ - $ - State Grant - 3 Notch'd $ - $ - Performance Agreements $ 260,000.00 $ (260,000.00) Miscellaneous Revenue $ - $ - TOTAL REVENUES $ - $ 693,486.00 $ 113,500.00 $ (579,986.00) EXPENDITURES Project Reserves $ - $ 4,484.00 $ - $ 4,484.00 Contribution to the City for Administration $ - $ 100,000.00 $ 100,000.00 Education and Training $ 100.00 $ 5,000.00 $ 100.00 $ 4,900.00 Marketing $ - $ 15,000.00 $ 3,160.00 $ 11,840.00 Legal Fees $ - $ 15,000.00 $ 1,238.00 $ 13,762.00 Contractual Services $ - $ 50,000.00 $ (50,000.00) Research $ 356.87 $ 10,000.00 $ 1,872.71 $ 8,127.29 Supplies $ - $ 2,000.00 $ 2,000.00 Audit Fees $ - $ 12,000.00 $ 3,100.00 $ 8,900.00 Rent to City for Amphitheater $ - $ 1.00 $ 1.00 Rent to City for SNL Building $ - $ 1.00 $ 1.00 Contribution $ - $ - $ - ACE Expenses $ - $ 20,000.00 $ 1,665.40 $ 18,334.60 Cville Match $ - $ 100,000.00 $ 68,099.16 $ 31,900.84 GO Hire $ 250.00 $ 50,000.00 $ 31,365.02 $ 18,634.98 GO VA Match $ - $ 100,000.00 $ 100,000.00 Performance Agreements $ 260,000.00 $ 260,000.00 AFID Payment - State Portion $ - $ - $ - TOTAL EXPENDITURES $ 706.87 $ 693,486.00 $ 160,600.29 $ 532,885.71 Notes: - Charlottesville Pavilion is required to make semi-annual loan payments in the amount of $85,442.28. That amount is being paid using the ticket surcharge money. If ticket surcharge collections are not enough to cover the loan payment, Charlottesville Pavilion remits a check to CEDA for the difference. - Rent to the City for SNL Building has been prepaid for the duration of the lease. 1 CHARLOTTESVILLE ECONOMIC DEVELOPMENT AUTHORITY TREASURER'S REPORT FOR PERIOD ENDING NOVEBER 30, 2020 SUMMARY INFORMATION SNL RENT PAYMENT FY03 $ 72,160.60 FY04 $ 214,253.41 FY05 $ 273,585.99 FY06 $ 220,000.00 FY07 $ 260,000.00 FY08 $ 220,000.00 FY09 $ 260,000.00 FY10 $ 220,000.00 FY11 $ 240,000.00 FY12 $ 240,000.00 FY13 $ 240,000.00 FY14 $ 240,000.00 FY15 $ 240,000.00 FY16 $ 240,000.00 FY17 $ 240,000.00 FY18 $ 240,000.00 FY19 $ 260,000.00 FY20 $ 220,000.00 7/1/2020 $ 40,000.00 $ 100,000.00 8/1/2020 $ 20,000.00 9/1/2020 $ 20,000.00 10/1/2020 $ 20,000.00 TOTAL RENT PAYMENTS $ 100,000.00 $ 4,240,000.00 BEGINNING CASH BALANCE $ 2,205,303.52 Plus Revenues $ - Minus Expenditures $ (706.87) ENDING CASH BALANCE - 11/30/2020 $ 2,204,596.65 WORKING CASH BALANCE Cash Balance 11/30/2020 $ 2,204,596.65 Reserved for GOF Local Match $ (200,000.00) Reserved for Amphitheater Maintenance Fund $ (75,754.28) CEDA Opportunity Fund $ (500,000.00) SNL Maintenance Fund $ (300,000.00) WORKING CASH BALANCE -11/30/20 $ 1,128,842.37 * FISCAL YEAR RUNS FROM JULY 1, 2020 TO JUNE 30, 2021 2 CHARLOTTESVILLE ECONOMIC DEVELOPMENT AUTHORITY TREASURER'S REPORT FOR PERIOD DECEMBER 31, 2020 REVENUE & EXPENDITURE DETAIL December Budget YTD* Variance REVENUES EDA Admin Fees $ 22,500.00 $ 13,500.00 $ (9,000.00) SNL Rent Payment $ 40,000.00 $ 240,000.00 $ 140,000.00 $ (100,000.00) Charlottesville Pavilion Rent $ 100.00 $ (100.00) Charlottesville Pavilion Loan Payment-$2.4 $ 170,886.00 $ (170,886.00) Charlottesville Pavilion - Ticket Surcharge Remittance $ - $ - Charlottesville Pavilion - Maintenance Fund Deposit $ - $ - Maintenance Fund Deposit - Interest Earned $ - $ - Interest Earned on CEDA Cash Deposits $ - $ - State Grant - 3 Notch'd $ - $ - Performance Agreements $ 260,000.00 $ (260,000.00) Miscellaneous Revenue $ - $ - TOTAL REVENUES $ 40,000.00 $ 693,486.00 $ 153,500.00 $ (539,986.00) EXPENDITURES Project Reserves $ - $ 4,484.00 $ - $ 4,484.00 Contribution to the City for Administration $ - $ 100,000.00 $ 100,000.00 Education and Training $ 60.64 $ 5,000.00 $ 160.64 $ 4,839.36 Marketing $ 2,446.13 $ 15,000.00 $ 5,606.13 $ 9,393.87 Legal Fees $ - $ 15,000.00 $ 1,238.00 $ 13,762.00 Contractual Services $ - $ 50,000.00 $ (50,000.00) Research $ - $ 10,000.00 $ 1,872.71 $ 8,127.29 Supplies $ - $ 2,000.00 $ 2,000.00 Audit Fees $ - $ 12,000.00 $ 3,100.00 $ 8,900.00 Rent to City for Amphitheater $ - $ 1.00 $ 1.00 Rent to City for SNL Building $ - $ 1.00 $ 1.00 Contribution $ - $ - $ - ACE Expenses $ - $ 20,000.00 $ 1,665.40 $ 18,334.60 Cville Match $ - $ 100,000.00 $ 68,099.16 $ 31,900.84 GO Hire $ 2,597.72 $ 50,000.00 $ 33,962.74 $ 16,037.26 GO VA Match $ - $ 100,000.00 $ 100,000.00 Performance Agreements $ 260,000.00 $ 260,000.00 AFID Payment - State Portion $ - $ - $ - TOTAL EXPENDITURES $ 5,104.49 $ 693,486.00 $ 165,704.78 $ 527,781.22 Notes: - Charlottesville Pavilion is required to make semi-annual loan payments in the amount of $85,442.28. That amount is being paid using the ticket surcharge money. If ticket surcharge collections are not enough to cover the loan payment, Charlottesville Pavilion remits a check to CEDA for the difference. - Rent to the City for SNL Building has been prepaid for the duration of the lease. 1 CHARLOTTESVILLE ECONOMIC DEVELOPMENT AUTHORITY TREASURER'S REPORT FOR PERIOD ENDING DECEBER 31, 2020 SUMMARY INFORMATION SNL RENT PAYMENT FY03 $ 72,160.60 FY04 $ 214,253.41 FY05 $ 273,585.99 FY06 $ 220,000.00 FY07 $ 260,000.00 FY08 $ 220,000.00 FY09 $ 260,000.00 FY10 $ 220,000.00 FY11 $ 240,000.00 FY12 $ 240,000.00 FY13 $ 240,000.00 FY14 $ 240,000.00 FY15 $ 240,000.00 FY16 $ 240,000.00 FY17 $ 240,000.00 FY18 $ 240,000.00 FY19 $ 260,000.00 FY20 $ 220,000.00 7/1/2020 $ 40,000.00 $ 140,000.00 8/1/2020 $ 20,000.00 9/1/2020 $ 20,000.00 10/1/2020 $ 20,000.00 12/1/2020 $ 40,000.00 TOTAL RENT PAYMENTS $ 140,000.00 $ 4,280,000.00 BEGINNING CASH BALANCE $ 2,204,596.65 Plus Revenues $ 40,000.00 Minus Expenditures $ (5,104.49) ENDING CASH BALANCE - 12/31/2020 $ 2,239,492.16 WORKING CASH BALANCE Cash Balance 12/31/2020 $ 2,239,492.16 Reserved for GOF Local Match $ (200,000.00) Reserved for Amphitheater Maintenance Fund $ (75,754.28) CEDA Opportunity Fund $ (500,000.00) SNL Maintenance Fund $ (300,000.00) WORKING CASH BALANCE -12/31/20 $ 1,163,737.88 * FISCAL YEAR RUNS FROM JULY 1, 2020 TO JUNE 30, 2021 2 CHARLOTTESVILLE ECONOMIC DEVELOPMENT AUTHORITY TREASURER'S REPORT FOR PERIOD JANUARY 31, 2021 REVENUE & EXPENDITURE DETAIL January Budget YTD* Variance REVENUES EDA Admin Fees $ 22,500.00 $ 13,500.00 $ (9,000.00) SNL Rent Payment $ 20,000.00 $ 240,000.00 $ 160,000.00 $ (80,000.00) Charlottesville Pavilion Rent $ 100.00 $ (100.00) Charlottesville Pavilion Loan Payment-$2.4 $ 170,886.00 $ (170,886.00) Charlottesville Pavilion - Ticket Surcharge Remittance $ - $ - Charlottesville Pavilion - Maintenance Fund Deposit $ - $ - Maintenance Fund Deposit - Interest Earned $ - $ - Interest Earned on CEDA Cash Deposits $ - $ - State Grant - 3 Notch'd $ - $ - Performance Agreements $ 260,000.00 $ (260,000.00) Miscellaneous Revenue $ - $ - TOTAL REVENUES $ 20,000.00 $ 693,486.00 $ 173,500.00 $ (519,986.00) EXPENDITURES Project Reserves $ - $ 4,484.00 $ - $ 4,484.00 Contribution to the City for Administration $ - $ 100,000.00 $ 100,000.00 Education and Training $ - $ 5,000.00 $ 160.64 $ 4,839.36 Marketing $ - $ 15,000.00 $ 5,606.13 $ 9,393.87 Legal Fees $ - $ 15,000.00 $ 1,238.00 $ 13,762.00 Contractual Services $ - $ - $ 50,000.00 $ (50,000.00) Research $ 105.98 $ 10,000.00 $ 1,978.69 $ 8,021.31 Supplies $ - $ 2,000.00 $ 2,000.00 Audit Fees $ 5,730.00 $ 12,000.00 $ 8,830.00 $ 3,170.00 Rent to City for Amphitheater $ - $ 1.00 $ 1.00 Rent to City for SNL Building $ - $ 1.00 $ 1.00 Contribution $ - $ - $ - ACE Expenses $ - $ 20,000.00 $ 1,665.40 $ 18,334.60 Cville Match $ - $ 100,000.00 $ 68,099.16 $ 31,900.84 GO Hire $ 2,520.00 $ 50,000.00 $ 36,482.74 $ 13,517.26 GO VA Match $ 25,000.00 $ 100,000.00 $ 25,000.00 $ 75,000.00 Performance Agreements $ 260,000.00 $ 260,000.00 AFID Payment - State Portion $ - $ - $ - TOTAL EXPENDITURES $ 33,355.98 $ 693,486.00 $ 199,060.76 $ 494,425.24 Notes: - Charlottesville Pavilion is required to make semi-annual loan payments in the amount of $85,442.28. That amount is being paid using the ticket surcharge money. If ticket surcharge collections are not enough to cover the loan payment, Charlottesville Pavilion remits a check to CEDA for the difference. - Rent to the City for SNL Building has been prepaid for the duration of the lease. 1 CHARLOTTESVILLE ECONOMIC DEVELOPMENT AUTHORITY TREASURER'S REPORT FOR PERIOD ENDING JANUARY 31, 2021 SUMMARY INFORMATION SNL RENT PAYMENT FY03 $ 72,160.60 FY04 $ 214,253.41 FY05 $ 273,585.99 FY06 $ 220,000.00 FY07 $ 260,000.00 FY08 $ 220,000.00 FY09 $ 260,000.00 FY10 $ 220,000.00 FY11 $ 240,000.00 FY12 $ 240,000.00 FY13 $ 240,000.00 FY14 $ 240,000.00 FY15 $ 240,000.00 FY16 $ 240,000.00 FY17 $ 240,000.00 FY18 $ 240,000.00 FY19 $ 260,000.00 FY20 $ 220,000.00 7/1/2020 $ 40,000.00 $ 160,000.00 8/1/2020 $ 20,000.00 9/1/2020 $ 20,000.00 10/1/2020 $ 20,000.00 12/1/2020 $ 40,000.00 1/1/2021 $ 20,000.00 TOTAL RENT PAYMENTS $ 160,000.00 $ 4,300,000.00 BEGINNING CASH BALANCE $ 2,239,492.16 Plus Revenues $ 20,000.00 Minus Expenditures $ (33,355.98) ENDING CASH BALANCE - 1/31/2021 $ 2,226,136.18 WORKING CASH BALANCE Cash Balance 1/31/2021 $ 2,226,136.18 Reserved for GOF Local Match $ (200,000.00) Reserved for Amphitheater Maintenance Fund $ (75,754.28) CEDA Opportunity Fund $ (500,000.00) SNL Maintenance Fund $ (300,000.00) WORKING CASH BALANCE -1/31/21 $ 1,150,381.90 * FISCAL YEAR RUNS FROM JULY 1, 2020 TO JUNE 30, 2021 2 CHARLOTTESVILLE ECONOMIC DEVELOPMENT AUTHORITY FY 2022 BUDGET Adopted Adopted Adopted Adopted Adopted Proposed GL Codes FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 REVENUES EDA Admin Fees 434280 $ 18,750.00 $ 16,500.00 $ 24,000.00 $ 22,500.00 $ 22,500.00 $ 22,500.00 SNL Rent Payment 450030 $ 240,000.00 $ 240,000.00 $ 240,000.00 $ 240,000.00 $ 240,000.00 $ 240,000.00 Charlottesville Pavilion Loan Payment-$2.4 451090 $ 170,886.00 $ 170,886.00 $ 170,886.00 $ 170,886.00 $ 170,886.00 $ 74,402.00 Charlottesville Pavilion - Ticket Surcharge Remittance $ - $ - $ - $ - $ - $ - Charlottesville Pavilion - Maintenance Fund Deposit $ - $ - $ - $ - $ - $ - Maintenance Fund Deposit - Interest Earned $ - $ - $ - $ - $ - $ - Charlottesville Pavilion Rent 450030 $ 100.00 $ 100.00 $ 100.00 $ 100.00 $ 100.00 $ 100.00 Performance Agreements $ 350,000.00 $ 350,000.00 $ 350,000.00 $ 250,000.00 $ 260,000.00 $ 260,000.00 Reserves $ 200,000.00 TOTAL REVENUES $ 779,736.00 $ 777,486.00 $ 784,986.00 $ 683,486.00 $ 693,486.00 $ 797,002.00 EXPENDITURES Project Reserves 530550 $ 141,734.00 $ 114,484.00 $ 81,984.00 $ 33,484.00 $ 4,484.00 $ - Contribution to the City for Administration 561105 $ 100,000.00 $ 100,000.00 $ 100,000.00 $ 100,000.00 $ 100,000.00 $ 100,000.00 Programs ACE Program (I/O 2000119) 530670 $ 15,000.00 $ 15,000.00 $ 20,000.00 $ 20,000.00 $ 20,000.00 $ 100,000.00 Cville Match (I/O 2000120) 530670 $ 75,000.00 $ 75,000.00 $ 75,000.00 $ 100,000.00 $ 100,000.00 $ 50,000.00 GO Hire (I/O 2000128) 530670 $ 50,000.00 $ 50,000.00 $ 50,000.00 $ 50,000.00 $ 50,000.00 $ 100,000.00 GO Virginia Match (I/O 2000143) $ 25,000.00 $ 50,000.00 $ 100,000.00 $ 100,000.00 Recovery Programing $ 30,000.00 Education & Training 530570 $ 10,000.00 $ 10,000.00 $ 10,000.00 $ 10,000.00 $ 5,000.00 $ 2,000.00 Marketing 530580 $ 10,000.00 $ 10,000.00 $ 10,000.00 $ 15,000.00 $ 15,000.00 $ 18,000.00 Legal Fees 530070 $ 15,000.00 $ 15,000.00 $ 15,000.00 $ 15,000.00 $ 15,000.00 $ 15,000.00 Research 530520 $ 25,000.00 $ 35,000.00 $ 25,000.00 $ 10,000.00 $ 10,000.00 Supplies 520010 $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 2,000.00 $ 2,000.00 Audit Fees 530010 $ 10,000.00 $ 10,000.00 $ 10,000.00 $ 12,000.00 $ 12,000.00 $ 10,000.00 Rent to City for Amphitheater 530160 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 Rent to City for SNL Building 530160 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 Performance Agreements $ 350,000.00 $ 350,000.00 $ 350,000.00 $ 250,000.00 $ 260,000.00 $ 260,000.00 TOTAL EXPENDITURES $ 779,736.00 $ 777,486.00 $ 784,986.00 $ 683,486.00 $ 693,486.00 $ 797,002.00