EDA Board Meeting update: Several motions passed

The EDA met for their regular February board meeting Friday morning, February 28. The Board of Directors passed several motions to further define operational efficiency, including in-house accounting procedures and signature authority on contracts to add transparency and accountability to EDA decision-making.

Small Business Loan Collection. The Pond Law group will represent the EDA in legal collections of small business loan debts. The EDA has two loan programs to support entrepreneurs and small businesses in the Front Royal Warren County area. The EDA will work with the Pond Law group to contact delinquent borrowers to resolve unpaid loans.

514 East Main Street Contract. The EDA announced that a contract had been approved for the sale of 514 E. Main St., also known as the Main Street Market apartments. Selling this property helps improve the quality of the EDA’s property portfolio for business, manufacturing, and industry.

Royal Lane Workforce Housing Contract. The Board also approved a sales agreement with Cornerstone Group to repurchase a property known as the Royal Lane Workforce Housing project. The negotiations between Cornerstone’s principals and the EDA represent a spirit of reconciliation and is a welcomed resolution for all. The EDA will plan a disposition of the property in the near future.

Afton Inn: The Board authorized a FOIA request to the Town requesting all documents and emails pertaining to the Afton Inn’s historic preservation designation as referenced in a Virginia Department of Historic Resources letter to the Town. The EDA again expressed the hope that the Town would be responsible for the maintenance and preservation of the Afton Inn, per the Memorandum of Understanding between it and the EDA.

Property Improvements: The roofing repairs at 1325 Baugh Drive are nearly complete. Also, quotes are being obtained to make roofing repairs at the Kendrick Drive facility once the solar panels are removed.

Site Characterization Improvement: Estimates of the cost to make improvements to targeted EDA sites are being requested. The closer commercial sites are to being “shovel ready” the higher the rating and the more desirable they become to businesses and industries.

The next regular EDA board meeting will be Friday, March 27, 2020.