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HomeMy WebLinkAbout6/16/2020 - Economic Development (EDA) - Minutes - RegularMINUTES OF REGULAR MEETING OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF SALEM, VIRGINIA A meeting of the Economic Development Authority of the City of Salem, Virginia, was held at the Salem Civic Center in the Community Room, on June 16, 2020 at 3:00 p.m. The following members of the Authority were present: Cindy Shelor, Wayne Adkins, Dave Robbins, David Thornhill, Macel Janoschka, Rob Robinson and Quinn Mongan. There, also present was James E. Taliaferro, II, City Manager, Melinda Payne, Director of Economic Development, Rosie Jordan, Finance Director, Amy Morris, Special Projects Accountant, Sidney Kuzmich, Deputy Commissioner and Crystal L. Williams, Assistant to the City Manager and Secretary to the EDA. The Chair called the meeting to order at 3:01 p.m. and the first item was to approve the minutes from the June 3, 2020 meeting. A motion was made to approve. Motion: Janoschka Second: Adkins All aye Ms. Jordan presented the May 31st financial report. The report was received and filed. Ms. Payne gave an update on the TAP loan program. Ms. Payne confirmed TAP has agreed to provide 1/3 of the funds ($33,000) for the loan program with the condition that the City agrees to attempt to collect on the loans if not paid. Mr. Yost stated that Council approve a loan program and that is how a loan works. Therefore, a clause would go into the contract. Ms. Shelor stated that Mr. Mongan and Mr. Yost will be working together on putting the TAP loan program contract together. Mr. Yost stated that he would like to see a copy of Roanoke City’s loan contract. A discussion was held regarding a small business grant assistance program Mr. Taliaferro stated that Council may consider appropriating $500,000 of CARES funds for a program and presented some criteria to the EDA on grant program guidelines. Ms. Shelor asked Mr. Taliaferro if staff had any recommendations. Ms. Williams reviewed some recommendations. A discussion was held. A motion was made to authorize staff to create an application based on the following grant criteria: • Grants awards up to $5,000 • Businesses must have at least one physical storefront location in the City of Salem. (Home based businesses are not eligible.) • Must have been in business prior to January 1, 2020. • Must be current on all City of Salem taxes. • Non-profits are not eligible currently. • Business must be currently open or plan to re-open. • Must have 1-75 full-time or part-time employees. • Must have a current business license as of application date. • Grant funds must be used for business mortgage/rent or other operating expenses. • A copy of Federal payroll tax form (Form 941) or VEC Quarterly Payroll and Tax Report as of March 31, 2020 • Applicants may be eligible for multiple grants The motion further stated that the grant application review committee will consist of two staff members and two EDA members. Motion: Janoschka Second: Thornhill All aye Mr. Yost stated that he had forwarded a copy of the amended agreement between the City, the EDA and 2 West Main, LLC and the document needs to be circulated for signatures. There being no further business the meeting adjourned at 4:56 p.m.