HomeMy WebLinkAbout5/19/2020 - 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 in the Council Chambers, 114 North Broad Street, on May 19, 2020 at 3:00 p.m. The
following members of the Authority were present: Cindy Shelor, C. Wayne Adkins, Dave
Robbins, Macel Janoschka, Rob Robinson and William Q. Mongan. David Thornhill was
absent.
There, also present was James E. Taliaferro, II, City Manager, Melinda Payne, Director
of Economic Development, Rosie Jordan, Finance Director and Treasurer of EDA, Mary Ellen
Wines, Zoning Administrator and Crystal L. Williams, Assistant to the City Manager and
Secretary to the EDA.
The Chair called the meeting to order at 3:00 p.m.
The first item of was to approve the minutes from the May 8, 2020 meeting. The secretary
noted that a staff member’s attendance was left out and a change had been made. A motion was
made to approve the minutes as amended.
Motion: Adkins
Second: Robbins
All aye
Curtis Thompson with Total Action for Progress presented information to the EDA on a
matching fund loan program. With this program TAP would work with the EDA to build the
lending criteria and TAP would screen the applicants and manage the loans on behalf of the EDA.
A discussion was held.
Mr. Taliaferro gave a PowerPoint presentation on business assistance loan and grant
programs. The PowerPoint reflected the types of criteria other localities had in place to assist their
businesses.
Mr. Taliaferro stated the City would be receiving funds from the CARES Act. These are
federal funds that cannot be used for loans but could be used for grants. A discussion was held, and
it was concluded that the TAP loan program could be implemented quickly. That is important to
the EDA. Mr. Taliaferro further stated if the EDA would like to move forward with a grant
program that we work to put that framework together.
A motion was made to move forward with a $100,000 loan program with TAP, asking City
Council to appropriate the funds needed along with the $5,000 program management fee.
Motion: Mongan
Second: Robbins
All aye
There being no further business the meeting adjourned at 4:18 p.m.