Economic Development Authority Meeting   5/17/2022

So why don't we go ahead and get started?

And I think Stuart is planning to be here, right?

I think he had said that.

All right, well, let's call the meeting to order.

And do we have the, there we go.

Notwithstanding a provision of the EDA bylaws to the contrary as permitted under Virginia Code Section 15.2-143 Albemarle County's Continuity of Government Ordinance, we are holding this meeting by real-time electronic means with no authority member physically present at a single central location.

All authority members are participating electronically, all authority members will identify themselves,

and state their general physical location during the roll call, which we will hold next.

The meeting is being recorded and will be uploaded to the county's website.

The public has real time audio visual access to this meeting over Zoom and real time audio access over telephone, both as provided in the lawfully posted meeting notice.

The public is invited to offer live comment during the public comment period.

Comments are limited to three minutes and must be germane to the matters on today's agenda.

Yes, sir.

So let's see.

Director Munson.

Director Imhoff.

I know Director McNaughton, he's here, yeah?

I am, Troy Virginia.

Thank you.

And Director Mottola?

And let's see- And I think Director Imhoff said she wasn't gonna be able to attend.

So we have four members present.

OK, great.

And then next is matters from the public.

No, sir.

All right.

Is there anyone in the public, in the attendees who want to speak?

If so, please raise your hand.

Seeing none, we will proceed.

So, approval of the minutes.

Did anyone have any comments on the minutes?

Director Wall, I'll move approval of the minutes for April 19th.

Aye.

Aye.

All right, the minutes are approved.

Financial report, Mr. Shreve is

trying to get on the meeting but is not here yet.

So I'm not gonna, you guys have the financial report.

If there are any questions, we can ask Dave if he gets on the meeting.

If not, let me know and we'll follow up with you.

Since we generally don't have any questions, I'll presume that we're good to go there.

Mr.

Chair, if I may, can you hear me okay?

Yep.

I have difficulty going back and forth from Teams to Zoom from time to time.

Before we go into the director's report, let me ask for an amendment of the way we handle our business tonight and let me introduce Dr. Nikki Hastings with Civo Biohub and move her up in the batting order if you'd be so kind so she doesn't have to wait.

By way of context,

We had pledged to provide a matching grant to SEVO Biohub several months back and we'd be in Albemarle County.

We have a new financial officer who is raising the bar for

standards and she and the deputy asked if we would create a new process and Sego Biohub is the first process for which we're creating this and what they asked us to do was instead of giving money directly to non-profits let's run that process through our economic development authority so we have a

a legislative check and balance and we can create a an agreement or a scope of work if you will so that if the funds were ever misused or misappropriated in some way there would be some teeth in terms of trying to get those monies back.

So the process will work such now that these particular matching grants will come from come through the EDA by way of the economic development investment pool.

So Dr. Hastings is here today to talk about what Civo Biohub is doing and how the matching grant plays into that.

And then I think Stephen with, I believe, well, Stephen may not be on here.

CIC may be coming forth later with a similar such request.

Thank you, Roger.

Pleasure seeing you here and being here.

It's an honor to be back with the EDA and giving you some great updates alongside this request.

We'll have a little bit of progress to report on the grant that we've been working through.

for which these dollars are supporting.

So it's a great time to be checking in.

And as you may or may or may not be familiar with CEVO Biohub, we're a nonprofit organization helping to grow, intentionally build the community and the biotech industry sector here in central Virginia.

And that includes over 75 companies within the city of Charlottesville, Albemarle and surrounding counties.

We help to support companies that are working in everything from medical devices to new drug development innovations in the sector that are obviously forefront of our minds given the pandemic times and many of these companies all have

Translational aspects out of the University of Virginia.

What hadn't exist prior to Civo Biohub was a community to really capture those companies, help to retain them in our region and help them connect to the support that they need.

Through some of our support from Go Virginia statewide economic development program, we developed our key programs that include educational experiences, which are hosted events, bringing industry leaders to the table to share their experiences and knowledge.

and Entrepreneur in Residence program, which was a novel program that's now in its third year to support those early stage companies developing new technologies and then connecting them to the resources they need, including funding.

We review their pitches.

We're de-risking the portfolio companies for groups like Cav Angels and the UVA Seed Fund within our community.

and providing consulting and advising support for those companies.

We offer opportunities for connection at many levels including office hours, networking at the events and it's great to be back in person where we're doing that collectively and sharing a vetted resource recommendations through our affiliate program.

We've really supported the workforce here through internship connections out of the university to companies.

We've hosted

We're in our third year just kicking off the CHIP internship where we have

Local interns connecting to the companies and working for a summer.

Many of those have been retained for hire by the companies that they're working with through their experience.

We have a new jobs board that's active, become very active, especially over these past two years.

And we support job matching.

So resumes come to us, job seekers come to us looking for opportunities to connect as well.

So the industry does have high economic multipliers, which is why this is an important sector for the region.

This is some old data, but of almost 2000 direct jobs.

This was in 2020.

We've seen growth that I'll share with you in a minute.

And for every job in the region,

About three new jobs are created and wages and salaries are high in this industry, over 93,000 on average, which is 2x that of other industries.

And we're seeing a large output of activity happening from an economic standpoint as well, 1.2 billion.

So where we found our sweet spot as we identified where our programs have been successful really around building the community, advancing entrepreneurship, and expanding impact.

This brings broad awareness to our industry cluster both within the city, county, and beyond.

really increasing the community interaction through the events and programs that we offer.

We're improving the talent placement and retention activities to build a strong economy.

We have been really successful in attracting new capital to the region through our network of investors.

Personally, I've been expanding investment networks across the state and now across the country to help bring attention to what's happening here in our region.

And then that's leading to higher company success rates.

We're seeing more exits and exit potentials happening within our region.

So you can see a map here of where the companies are located.

Much of the density is downtown, but there's a lot happening also up and down the 29 corridor.

We've got some other companies out towards the Keswick area I'm aware of, out into Louisa as well.

And then to the west, there's activity in Stanton, and we include all of the sectors.

We've claimed the broadest.

definition of biotechnology.

So you see the sectors there identifying what these companies are working on.

So here's the data that I'm excited to be sharing with you.

This comes off the heels of our Go Virginia grant, which ended in December, 2021.

We had projected, and honestly, these numbers we thought were going to be really difficult to achieve, 70 new jobs created in the region.

With the attention on the pandemic and so much activity happening in the region, we achieved and exceeded that goal by almost 600%.

There were over 400 new jobs created in the region in the sector.

Our impact on that was mostly indirect, but there are some cases where we help to directly increase job growth here.

The internships we certainly had a direct impact on.

We had 36 new internships created and many of the same companies are coming back to us every year looking for this opportunity.

We supported those internships with

Half of the dollars from Go Virginia paid and half of the dollars from the companies.

There were new businesses created and retained.

Some of those we had direct impact on as well.

There were 16 new businesses created or retained that are part of the Seville Biohub network.

In our EIR program, we now have three entrepreneurs in residence as a program I helped to spearhead, but I'm also a part of today helping these early stage companies.

I've shared most of these numbers with you already, but of interest, many of these companies in the past two years were raising their seed round of fundraising, generally one to 2 million.

They raised about 10 million.

in that time frame.

And now we're seeing those companies come back for follow on investment.

So it shows their success rates and their capabilities to build towards inflection points to attract more capital to the region.

Charlottesville is really poised for a strong market here.

It's a small market relative to other places, but it has a lot to offer as far as network to capital, access to capital.

There's more groups more connected across the state than ever before.

New funders being identified.

I've heard of a recent new fund across the state recently.

Lots of locations for these companies to hang out and participate and run.

What we are lacking is still wet lab incubation space.

It's a development plan that we have.

We're still shopping that around.

And SEVO Biohub has attracted several real estate developers to look at conversion spaces.

If you are aware of anything in the county, I'd love to chat with you after this.

There are some developers that are looking and just looking for that ideal spot.

The advantage of running something like that here is the price per square foot is much reduced.

And so it's cheaper for those companies to run and operate relative to the other markets.

And we have companies looking for space all the time.

Every week we're hearing, where can I set up my lab space?

And so this is a significant need, hoping to try and triangulate opportunities and partnering with the university to lift something up there.

We have a strong talent pipeline and for the longest time we said there's such a brain drain out of the University of Virginia and I think we've been able to capture some of that talent coming out of UVA through our CHIP program.

So to the Regional Innovation Fund, this is a fund hosted by the VIPC, formerly CIT, you may be more familiar with that acronym.

Dr. Hastings, could you just speak before you move on to the Regional Innovation Fund?

Can you tell the group how many companies you're supporting and the number of patents or rough number of patents that have been generated as a result of your work?

Yes, so yeah, I mentioned over 75 companies here in the region.

And, you know, that's even it's a fluctuating number.

So we are seeing influx, strong influx of new company formation happening due to the translational work out of UVA, the pipeline at

Cav Angels continues to increase about a year ago.

There were maybe five biotech deals, life sciences deals being looked at at a given month.

And I would say it's double, possibly triple that right now.

So on the patent side, the numbers that I have are actually 10 years looking back.

So this was 2020 data we collected in our industry report, which I'm happy to share, had over 300 patents identified directly from those 75 companies that are here and operating within the industry.

We have a strong patent activity as well as attraction of

the types of funds supporting life sciences groups that are receiving funding.

This was a former CIT program, the CRCF dollars that were awarded.

And we've plotted all that data out in our industry report.

So we see, you know, when I was talking about capital I'm also referring to the strong patent portfolio from these companies because it's really hard to raise money in a biotech company without having a strong, without having strong IP protection.

Cool, great question.

Thank you, Roger.

So, I mentioned this RIF grant.

This is helping us in our sustainability model, which is a blend of continuation of grants, as well as bringing in dollars from corporate sponsors, participants within the industry, and large donors.

We've just been designated a 501c3, which was a huge milestone for the organization to be able to attract more of those sustainability dollars.

And we've had a very active 2022, even with our small team.

Unfortunately, Steph has moved on to another role in the big shift of job shifting that's been going on with a lot of folks lately, but she's done a really great job to carry this forward and bring continuity to the organization.

We in 2022, first quarter, really are participating as part of the larger ecosystem through Venture Central and we've been happy to support and be part of that process.

participated in planning activities there.

Our EIR activity has been beyond expectations already.

We've served over 23 companies.

They're finding us, they seek us out as experts, and we're providing strong guidance, helping them to attract that funding much faster.

So we are a bit of an accelerating engine for the community as well in that regard.

developed an action plan for DEI working groups.

We're working with Dr. Kelly Palmer.

She's with CFA Institute as a head of DEI and supports organizations like ours in these kinds of projects and areas.

In Q2, we've brought the community together at a Vault Virginia event over coffee to share about the Grand Connect and

really bring the ecosystem together, talk about all the great things happening and about this opportunity.

mentioned the EIR activity continues to increase from the numbers even shared.

We've done joint pitch reviews with UVA Licensing and Ventures Group.

We looked at BrightSpec and recognize our capabilities to help to de-risk that portfolio company to help them track that capital.

We've had two in-person events, which have been awesome.

The community has come back in full force.

Really fun, great topics.

We're next talking about ag tech next Tuesday.

InBio is where we host these events and it's been wonderful.

Everybody's invited to attend and we hold these for free to the public to join in and participate.

Our organizational structure, I mentioned our 501c3.

We received the designation, but converted the board in the recent board meeting.

So we have some new board members in addition to previous board members, newest on the team are Will Malden, who's the CEO of Rivanna Medical.

That's one of the companies that I mentioned is out towards Keswick in the industrial park, the old original building.

And

Carleen Bowers is with an ag tech company in Boston but she lives here in Charlottesville.

She was working with the UVA LVG seed fund for some time and she has a PhD from a renowned lab out of Harvard and did her postdoc work out at Duke.

So we're a very lean team right now.

We need bandwidth and support on this front.

Part of the RIF grant is supporting growth in our team.

Our EIR team is Dana Goldsmith and Andy Krauss, successful entrepreneur and exited entrepreneur who's starting two more companies.

And we're looking to add a program manager, some internship support over the summer.

and ultimately looking for that next executive director and I will be continuing in my EIR role because I'm very passionate about that amongst other things I'm working on right now.

We have a lot of key sponsors.

Thank you to Albemarle County for supporting us and go Virginia opportunity to date.

So we've all participated as partners on this success point.

And I think we have a lot to be proud of within the community and we have many partners supporting us as well.

Our ask this evening is to support our future sustainability for Seville Biohub.

I mentioned how we intend to achieve that.

This RIF grant and support from the county will keep us moving forward, allow us to grow and to continue the strong programs we've already demonstrated value within.

our community.

We have a circle of leaders program.

These are our biggest champions and supporters, companies that are highly active in the things that we're doing, pay attention, participate and are giving back, which is fantastic.

We ask that you continue to grow with us and seek twenty five K and funding to support us in twenty twenty two.

And we're

We're proud members of this community and really thankful for all the work.

And Roger, especially from the support from the very earliest of days and come a long way.

Thank you, Dr. Hastings.

Nikki, I've just got one question.

When you say you've been de-risking

these companies.

Yeah, so we come in with our expertise and we look at the pitch and we hear the story that's being told by the entrepreneur and having been on the investment side of understanding what investors are looking for or having been through the process of seeking investment in the past.

So Andy Krause is a great example of somebody who's attracted over $25 million to his company and has brought his company through to exit.

He knows what those investors are looking for because he's received probably every no out there and he knows how to get to yes.

And so how we're de-risking, in particular, the portfolio companies is to give them that advice.

set them up for success.

And I think being an outside partner with UVA actually gives us more credibility as people who have been there and done it versus receiving advice from the hand that's feeding them.

Great.

I don't have a question, Doug, just a comment.

I think that's a fabulous report.

Thank you.

It means so much.

It's hard to watch that report, Nikki, and not be really impressed.

If I may, Mr.

Chair, contextualize some things for some new folks who may not have been around when we started working with Seville Biohub.

I'll try to give some history.

I apologize, a contractor showed up right when I started doing some tile work and there's a big noise, so I jumped outside.

Hope you can hear me okay.

In 2018, we approved Project ENABLE.

One of those goals is to seek

Strategic Partnerships to Advance Economic Development and Economic Vitality.

Roughly, I don't know, maybe two weeks after I was here, Nikki calls me up and says, hey, can we have $20,000 or something?

I'm like, hey, we don't even have a plan yet.

But anyway, that led to Nikki writing a strategic plan and

and the city, the county and UVA in particular agreed in principle on a group cluster strategy, strategic partnerships as we talk about, and we all agreed that the strategy, the cluster we ought to work on would be the nascent bio life sciences industry.

So we're all in agreement that we're going to support the CEVO Biohub and the mission that they

That started with obviously the strategic plan that was written that migrated or at least evolved into the organization that you just heard about and now you've heard about the success they've had over the last couple of years.

For those that may not be familiar with the group cluster strategy, the general idea is you want to provide

You know, businesses, service providers, education, the government all working together to create everything that's needed in one community, including some of the capital and some of the things that Nikki mentioned before.

You can see the success is starting to happen.

I don't remember the total number of companies we started with, Nikki, but I believe it was in the like 20 something.

So it's grown and it continues to evolve.

The board approved an economic development investment pool budget back about 2016.

And they had the foresight to recognize that we wanted to leverage economic development monies that have been set aside by providing people with matching grants.

And so there's an existing fund for where this money would come from.

What the new process is, is they wanted a checks and balance so that economic development just didn't give money away.

There was another organization in the middle who made sure that this was a good use of funds.

So today, staff is ready to recommend it.

The EDA accept and provide a grant of $25,000 matching grant.

The monies would come out of the economic development investment pool and we would write an MOU or scope of work which the EDA would execute if you so approve.

So that's generally the change in process that we're asking for.

So Roger, is this, so this is sort of a different process than our

That's correct.

Well, we plan to come back to the directors and recommend an annual or recurring event.

This was something that was in the pipeline that started maybe about a year ago when Seaville Biohub asked for a letter of support from the county and we gave them one.

All right, sounds like there are no other questions.

I'll move that the authority adopt this resolution approving a $25,000 match grant to Charlottesville Biohub to be funded from the authorities FY 23 budget subject to the terms of the resolution and to authorize the authorities chair and treasurer

All right.

All right.

There's a second.

So is there any further discussion on the motion?

Yeah, let's do that.

Director Ray?

Aye.

All right, Director Munson, Director McNaughton Aye And Director Mottola Aye All right, so that's four to zero.

All right.

Thank you, Nikki.

Thank you.

So I guess that answers the question about whether CIC is next.

So as is previously known, I represent CIC, so I am recused from this.

You can either boot me out or I'll mute myself and let the vice chair handle this.

So by way of introduction, Stephen is the Executive Director of Community Investment Collaborative.

Historically, the EDA has provided Stephen with $25,000 per year.

The use of those funds have changed over the years and went from just operations and a certain amount for longs to more of just operations as Stephen's business has grown and been successful as well.

I'll let you do it.

All right.

Give me one second.

See if I can successfully share my screen here.

Good afternoon, everyone.

Good to see you all again.

There's that before there was I haven't.

My name is Steven Davis.

I am with the Community Investment Collaborative.

Good.

So to see.

Make sure I'm on the right, Sarah Screens.

CIC's mission is to help fuel the success of under-resourced entrepreneurs.

So when we say under-resourced entrepreneurs, we're talking about populations that are historically faced additional barriers have been left behind.

So low to moderate income communities, persons of color, women,

Folks who return to the community after serving time in prison are those target populations.

So that's kind of the core of our mission of who we are.

I'll come back to the program for those of you who might not be as familiar with us in just a second.

But as Roger teed up, our ask today is $25,000 to support CIC programs, supporting Albemarle residents, our entrepreneur workshop, mentoring, financial management, and microloan program.

This authorization would be also to use those funds as part of a match for an application we're submitting to the Small Business Administration PRIME program.

PRIME stands for, you know, another wonderful acronym, Program Related Investment in Micro Entrepreneurs.

And so they've somehow made it say PRIME.

And then

We were, you actually supported us last year and we were able to use this as a match and were able to secure a $200,000 grant from the SBA to kind of support and grow our programs to provide technical assistance and business advising support to our clients.

So that's what the core of the prime grant is for.

And we received it once last year.

It's a competitive program nationally.

It's about seven million dollars nationally.

About 70 programs receive support, I believe.

I think it's 40 programs receive support.

And we were fortunate to receive it for the first time last year.

So just back, I guess I'd say it again, there's what Prime is, and we received it last year, when we do require a 50% match to our overall application.

We are seeking either probably 250 this year, which is the program max, and we have match sources.

The city is providing some matching funds, and we have some corporate support for it as well, and this would help us get to that 50% match.

Background on CIC, our program is built on four pillars, education or training, mentoring, financing and networking.

Education at the core work program that we run is a 16 week entrepreneurial workshop designed to do two things, help someone determine if a business can be viable and then learn the basics of running a business.

So once a week for 16 weeks.

The businesses we tend to serve tend to be what you call the lifestyle businesses, the mom and pop businesses, owner operated, not necessarily, they may or may not be seeking to grow fast.

They all are seeking to grow, but they're less likely to be securing outside equity investment as Nikki in her presentation was just sharing before this.

So much more the mom and pops and lifestyle businesses you see throughout the country.

Our mentoring program, we work one-on-one with entrepreneurs.

We have volunteers in the community who work with them.

And then we also have things like our financial management program that helps them develop bookkeeping and record keeping habits and skills so that they can best position themselves for growth.

As a side note, just a connection, we do host the Central Virginia Small Business Development Center, which is a whole nother range of resources that we work

to plug our clients into as they get through those early steps and need that more advanced expertise across a whole set of sectors.

We offer microloans up to $50,000.

That's a change for us.

We used to go up to 35 and increased our cap earlier this year to 50.

We have currently a $1.59 million loan fund with additional $255,000 in commitments that we have not pulled down.

yet, but will in the coming year.

We have about 1.16 million outstanding, so that means 426,000 available and 197,000 is available in funds that are accessible to Albemarle County businesses.

Albemarle County, we have two funds that you have helped establish with us.

Initially, through some of the support annually through the EDA we established a small microloan fund that had $30,000 in it and then with COVID

Albemarle County, City of Charlottesville, and a private foundation partnered to create the Business Recovery Fund, which Albemarle has $300,000 recovery fund to help entrepreneurs who are impacted by COVID, especially in those early days when a lot of people were being missed by the Paycheck Protection Program.

And that program will, as Roger and I have discussed, will kind of evolve into kind of the normal microloan fund as it's repaid, but those funds are available to Albemarle County residents.

or businesses, I should say.

And finally, our networking is built into all of our programs.

It's about making connections and across the community.

We just hosted the crowdfunded pitch night at TomTom.

Dr. Cynthia Kincall Kinc's store was an Albemarle County business who won it.

And so we'll do entrepreneur showcases.

We've done pitch competitions, small business circles, lots of other types of events to help people make connections and get the things they need as they go forward.

So that's our program in a nutshell.

Some of our, you know, these are the types of businesses, food trucks, food products, hair salons, lots of service businesses, arts entertainment, you know, all sorts of across the spectrum of businesses that we've helped.

A few examples, some logos of Albemarle County business, everything from Mochico out at 5th Street Station for the Hawaiian food, to Minerals and Mystics over in, I believe it's Seminole Square, if I'm not confusing the shopping centers right over there.

Cakes by Rachel, if you're getting married and need a wedding cake out in Crozet, great.

Home stadiums, you can't quite see it on my wall, it's above the flag, there's a

It's a small version of basically, think about if you wanted the wallpaper for your man cave to look like you're in a basketball stadium or your favorite sports stadium.

I have a picture of a good old Bridge Force Stadium at JMU behind me.

But they make them and the owner Scott Goss lives here in Albemarle County and has been slowly growing that business as he goes, as he gets more licenses from different universities.

So those are just a couple of examples of Albemarle microbusinesses.

Some of our client data just on who we serve.

These are just Albemarle clients over CIC's history, 165 who are, this is residents.

So some folks who, they're going to be city residents who started business in Albemarle or vice versa.

So this is just resident data on this one.

You can see a breakdown by racial affiliation and how they report when they join us.

So almost 50% of our clients in Albemarle identify as a person of color.

Male and female breakdown, we have nearly two-thirds of our clients are women.

Household income, about 70% of our clients have household incomes when they enter our program under $75,000.

And so that is kind of our core target market.

And then we do have some who are a little bit over.

I would say when we have folks who have higher incomes entering our program, we're looking for them to be starting businesses that aren't self-employment, that are businesses likely to hire sooner.

And then finally, just again, a sense of history of our program, jumped ahead one, a sense of history of the program over the calendar year.

This is just Albemarle clients we served across our different programs.

You can see we did a lot of loans in 2020 that were the business recovery fund, COVID related loans.

And that's that big jump in 2020.

But you can still see the growth from 2019 to 2021.

And we're only,

you know four months into 2022 and that's where we are at the moment.

So I can see how we continue to serve clients.

And then our loans by year, you know, this is all of our loans across CIC, not limited to Albemarle County.

You know, the growth again, a lot of loans in 2020, that was a big growth, but we're already on a growth trajectory.

And if you were to kind of continue this line from 2019 to 2020, there's still, you can see how that growth is continuing.

And already this year, we're at $300,000.

We crossed a $2 million mark in total lifetime lending in December of last year.

And our current strategic plan sets over the next three years, we want to do a million, average a million a year.

So it took nine years to do $2 million in microloans and we're aiming to do $3 million in the next three years.

So that's kind of the growth trajectory we're on.

Last kind of things, this is actually an update of a chart that I've shown you before.

These dates, they seem random, but they're actually dates I've presented to the EDA.

So the total number of graduates from our program, non-graduate borrowers, I didn't get that number in right before here, but it's also grown, total operating businesses of folks that we've served,

and then some estimates because we're still finalizing our most recent graduate survey of new businesses launched, new businesses still operating, total employment, lending and so forth.

So just to give you a sense of that, the things that we track, we keep an eye on business starts, business survivability, job creation and so forth.

These are some of the business recovery fund clients that were at the COVID related loans.

And I've shared a couple of these stories before, but just they're in the slides.

But the L&D commercial cleaning, you know, was able to get a few small contract loans with us and then a larger loan has it got as it grew its cleaning services business.

Minerals and mystics, you mentioned over in Seminole Square, so minerals, stones, jewelry, they've been, she bought the existing business a couple of years back and has continued to sustain it and grow it.

Batesville Market, another graduate, we helped buy the Batesville Market out in Batesville.

Business had been around for a long time, the owner was going to sell the building, it was going to close, and Kristin Raberty bought it and has been able to really turn it into a real community center in Batesville in addition to the thriving business.

So those are a few examples of businesses and the kind of stories of how we helped.

I mentioned a few of these things already.

You know, last year was a big growth year for us.

Just giving you context, in summer of 2019 CIC had five employees.

Right now we have 12 full-time, three part-time and another 10 or 12 contractors when you count all of our SBDC operation.

Last year we received our three largest grants ever, including this SBA PRIME grant that you helped match last year.

I'm asking for your support again this year.

Our loan fund continues to grow.

We will continue to raise more capital for it, including some debt capital that we'll be raising this year through either banks, foundations, or other government sources.

And we helped host in Albemarle County the training for the Scottsville Community Business Launch Competition that was held last month, where Scottsville received a grant from the state as $40,000 in grant funds to help fill empty storefronts in the town of Scottsville and Albemarle County.

So that's what's new.

What's next for us?

I think I mentioned the two million and aiming to make three million in the next three years.

We're growing our financial management program from 20 to 50 clients over that same time period and continuing to work on how we integrate with SBDC and the larger ecosystem to help make sure that all the populations we serve that often get left behind can fully engage all the wonderful resources that you help support and that exist in our region.

So with that, always our applications are open for our current workshop if you know anyone interested.

But yeah, happy to take your questions.

Don had to recuse himself, George.

Sure.

OK. On behalf of Chairman Long, anybody have any questions?

Comments?

That was easier than I expected.

I will say that one of the things that I didn't see in the presentation that I personally find amazing is Stephen and his team send us a quarterly report on what these loans are doing.

And again, this is just a big picture the way I look at it.

He's taking the marginalized, low-income community

training them up through a 16 week course how to run a business and then giving them the capital to start that they may not be eligible from a normal bank and then you know ask them to repay over time and I don't have in front of me Stephen I hopefully remember last quarterly report but I believe there were like 47 loans that you had been monitoring for Albemarle County or so

And only one of those was in arrears and it was only 90 days in arrears.

The success is amazing.

I mean, any large bank probably would like to have those default numbers if you think about it.

It's just phenomenal success that's going on over there.

And because of that,

Thank you, Roger.

The chair will entertain a motion to approve this resolution.

We have a second to the resolution.

John has seconded.

I'll call the roll real quick.

So Director Long has recused himself because of a conflict.

Director Ray?

Aye.

As Director Shreve as he made it.

Director McNaughton?

Aye.

And Director Mottola?

Aye.

All right.

I'm pleased to report that Megan Gray has accepted an offer to join Albemarle County's EDO team as a senior business development manager.

She comes to us by way of the Virginia Economic Development Partnership, which is the state level organization.

She has about seven plus years of experience and a master's degree.

She's also worked at the local level for economic development in the

in the Culpeper area.

She's to start with us on June the 6th, and certainly we're gonna ask for your time or attention in some way so that you can meet Megan, and if you get a chance to see her in the interim, you feel free to welcome her to our team, but we're excited to fill out the team and hopefully start doing some additional work that we've just had the lack of capacity to do.

She's gonna be a great asset, and hopefully the county will find that to be the case as well.

I wanted to, any questions about Megan before I move on?

I wanted to mention that the county is transitioning to in-person meetings.

In fact, the Board of Supervisors tomorrow is gonna take this issue up.

It's our understanding that some EDA directors may wanna talk about continuing virtual meetings and or in-person meetings.

I do, Richie.

So just generally I'm wondering about flexibility for EDA members mainly because I have a toddler who is not vaccine eligible.

And so we've been overly cautious about things that we do and do not do and not being carriers that might put him at risk.

And so I'd love to hear your thoughts.

So what I talked to J.T.

about this earlier today, and what I have proposed, which essentially is going to be kind of a stopgap measure, because there are some FOIA changes that come into effect on September 1st.

But what I am proposing is at the next meeting, that first thing that the authority consider resolution to adopt a remote participation policy,

There's essentially two categories of this, what we would call electronic participation.

One is remote participation by members and it has a certain set of rules.

The second is what we're doing now, which is conducting virtual meetings.

And we're doing that under the authority of the continuity of government ordinance.

And we'll receive more news tomorrow as to whether the Board of Supervisors continues that.

There is a built in deadline of six months.

I can't comment on whether they can extend it or not.

That's for other attorneys in the office.

But that's a possibility.

If that continues, then life is good.

We continue on with the virtual meetings.

If somehow that gets repealed or it has a sunset date put on it, then what we'll do, and I think we should do this anyway, is adopt this remote participation policy.

And what it allows members to do is to participate electronically if there's a medical concern

And so I think my view is we don't go into great depth analyzing what your medical concern is.

We trust you as members of the EDA to make that judgment for yourself.

There is a process where you have to request, make the request of the chair, the chair puts it to the board, and then at the beginning of the meeting, the board votes on it.

They are required to apply that uniformly.

They can't base it on who the member is or what's on the agenda, so they can't use it strategically.

And my view is when it comes to medical reasons and potential disabilities that we need to be liberal just because of the ADA.

And I think as we move forward, the Department of Justice is probably going to start looking at

and accessibility through electronic means to participating in government.

So that's that's a stopgap.

It also provides and there's no limit in terms of medical participation or the medical reasons.

It will also provide for personal reasons.

So if you're on if you're on vacation, for example, at the at the Outer Banks,

or you have to do business travel or Don has had to take his son out to Colorado, then that would allow for participation.

That is limited to 25% of the meetings per year, so you can't use that all the time and you do have to explain with specificity the reasons.

But what I will do is I've drafted a resolution.

I will circulate that to the members.

And then that's something we can consider at the next meeting.

And I think we can adopt it right up front.

If the board repeals the continuity of government ordinance, then that meeting will have to be in person, and that's the reason for considering the resolution right up front.

So Steve, if you're not comfortable coming in for that medical reason, then we can accommodate you.

If we are continuing virtually at that time, and that's a distinct possibility because of the predictions of the virus, then we'll just take it up in the normal course of business.

I hope that addresses your concern and addresses.

And then as we get closer to September, there will be an allowance for virtual meetings.

But the General Assembly has made that so limited that it's not real practical other than for just special meetings.

And so that's going to be my proposal at that point in time.

But that doesn't even come into effect until after September 1st.

May I ask a question?

Richie, you did a great job of explaining that, except I'm still confused because I'm hearing different things in different meetings, right?

Not the county, but we heard something different the other day at the ACRJ meeting.

It is not.

In fact, it was previously, all the reasons were limited to like two per year, but the general assembly did amend that.

And so they removed that restriction for medical and disability reasons.

And I think that's a good move because I mean, at some point you might have a home bound member of a board who can't come in person.

Or you're recovering from surgery and it takes, you know, whatever, three or four months.

So that's probably why I was confused because at one point the medical was limited to two.

Now the General Assembly has changed that.

So that's okay.

Any other questions?

We, as this group knows, we proposed a designated outdoor refreshment area to the board.

I'm pleased to report that at the May the 4th meeting, the Board of Supervisors unanimously approved a letter of support from the county executive.

We have passed that on and working through the application process now, it will soon be in the hands of the ABC, Department of ABC in order to make that jurisdiction or decision.

Also coming up on the consent agenda item is the building reuse grant, which this particular group of directors spoke to at our last meeting.

It's on the consent agenda.

We'll be prepared to talk about it if need be, but otherwise we plan to bring that updated grant back to you all for adoption in our next meeting.

I thought it may be of interest to you.

Any questions about the door or the building reuse grant?

Seeing none, Bonimos was just named as a technology pioneer by the World Economic Forum.

This is a pretty big designation.

This is an international organization that recognizes huge advancements in technology.

And I know this CDA has been very supportive of Bonimos and their move into the State Farm Building.

And they're starting to gain world recognition for the technologies that you all supported.

Also for your information, the county sponsored TomTom, and the county in particular, the EDO in particular this year, which included two parts of their programming.

One was they held a Black Business Social on Friday evening, which we helped sponsor that.

And also we had a programming that happened on YNAH, it's called Envision Podcast, which was Eric Mayberry from the county in Daily Progress spoke there and is part of United Way's Envision program.

and their goal to raise some additional funding for all folks and particularly get those folks out of poverty.

Any questions about Bonamos or the TomTom sponsorship?

Seeing none.

Venture Central, which you also have been supportive of, is pursuing a $300,000 build to scale grant.

They will be seeking matching funds and certainly that'll be through the City of the County and UVA.

We do believe there's a state level funding that can also be included that match.

So we won't have to come up with all of that, but I wanted to make you aware that Venture Central, still a nascent organization, but it's continuing to grow and you'll be hearing more about some of their

Success Stories in the Near Future.

Sure, I'd be happy to.

I'll make it quick.

Those of you that have been directors for more than a year or so are probably familiar with the Buy Local campaign.

Essentially, it is a connective campaign where we connect with local businesses, and really the goal is to

promote and educate the importance of spending dollars locally and investing back into the community.

And obviously over the last couple of years, there's been a bit of a shift in people's retail behavior.

And one of the main goals of this go round would be to

to sort of reprogram consumers' purchasing behaviors and really try to help them recognize why it's important to move away from an online retail habit and really start to invest those dollars locally again to support the community.

And just to reiterate, we will be partnering again with the City of Charlottesville

to promote this campaign and really do a little bit more of a focus on social media strategies this go round just to connect with the broader demographic and really just get that message across.

Thank you, Ashley.

Sure.

Mr.

Thank you, Roger.

Thanks, Ashley.

He is.

Sure.

Thank you, everyone.

I am Charles Rapp, the deputy director for community development.

And I appreciate your time this afternoon.

I'm going to share my screen.

I've got some slides to share.

All right, can everybody see that?

All right, well I appreciate your time this afternoon.

I'm here to talk about the comprehensive plan and really set the stage for some future conversations.

So today I'm going to talk to a little bit, just an overview of what we'll talk about, the comprehensive plan, what is it, and why are we updating it right now.

Phasing plan for how we're going to get all this accomplished and where we are in the process of that and our engagement plan.

We have an adopted engagement plan that we work through with the board supervisors and identifies a number of ways that members of the community can get involved in the process.

So starting with comprehensive plans, what is comprehensive plan?

Just for those that don't know, it's about a 20-year vision for a community.

It's a guide for how they will grow into the future.

It is collaboratively created with stakeholders throughout the community, local governments and state agencies and a variety of other stakeholders coming together to create that vision.

It also contains the policies and recommendations for how we will accommodate that growth over that 20 year period.

And then that feeds into projects and additional work outside of that.

So it is really the overarching document that guides a lot of the work we do.

This particular update is, we have a few goals.

First is to update the plan to reflect recent countywide initiatives, particularly related to climate action planning, economic development, and multimodal transportation planning.

We also plan to ensure that equity is integrated into the engagement process, as well as into all of the updated plan content.

And kind of overall, I want to improve the plan's usability by clearly articulating some goals and measurable objectives and ways to track progress in a more modern, streamlined document.

I will say the current plan is around 400 pages with another 600 in the technical appendix, and it is not that easy to navigate.

There's a lot in it.

So we're hoping to try and make this thing a bit more

user-friendly and easier to navigate and clear as far as what we're trying to get across.

And so why are we doing this now?

The state code requires that we update or at least review our comprehensive plan as a locality every five years.

And as I mentioned, we want to align the plan with recent changes to county values and our strategic initiatives.

We wanna plan for growth.

Growth is certainly happening here in Albemarle County, as we all know.

And that is increasing the need for urban services, for more housing, and for infrastructure to keep up with that growth.

And so this plan will set the path forward to ensure that we meet those needs.

There's also a need to prioritize for prioritization of implementation throughout this plan.

As I mentioned, it is, you know, over 400 pages.

A lot in there.

There's a lot of great goals and it is hard to know kind of where to allocate our resources and our time when we're trying to accomplish so many things.

So trying to prioritize that and be more clear with that will certainly help.

And as I mentioned, we want to improve the usability of that document so that it's a little maybe less text heavy and a little more graphic and a little easier to read and easier to navigate.

And the last, as things with state code change, we need to come back to our comprehensive plan and update that throughout the document.

Oftentimes that's things related to transportation, there's some changes related to climate action planning, and as well as affordable housing and various things that have changed over the past actually seven years now since the last time we updated it.

COVID set us back a couple of years, but we're finally getting on track with it now.

Other things that we need to incorporate into the plan are just new plans and policies that have been adopted since then.

We've had several master plans and those are extensions of the comprehensive plan in a little more detail.

Pantops, Crozet, we have small area plans with the right 29 area.

We have corridor studies.

We're currently working on one right now for Rya Road, and then we have additional plans and policies.

One that y'all are all familiar with is Project Enable.

Economic development has really never had its own section of the comprehensive plan, so we really want to fold that into this throughout this document as well and really dedicate some time towards economic development and growth in the county.

and then as well with the climate action plan that was adopted recently and fold those elements into the comprehensive plans route as well.

So it should really be this guiding document that all these smaller, more detailed plans receive their guidance from and bring everything together into a more cohesive format.

As far as our phasing plan how we're going to accomplish this, as with any very large project of this size, this is a multi year process.

We're aiming to have this done in about two and a half years, and we're currently in this very first stage plan for growth.

Then we'll move on to drafting policies and reviewing what we have and then prioritizing some of the action steps out of it and bringing everything together.

And then finalizing and adopting the plan and I'll go into each of these phases in a slide or two here to explain what that entails.

So as I mentioned right now, we're in this plan for growth phase, and that's reviewing and evaluating the county's growth management policy using equity and climate action and climate and capacity projections to help guide our work.

And we'll also align the comprehensive plan vision and values with the county's most recently updated values as well.

So with this current plan for growth, the first step that I mentioned, there's a capacity analysis.

And so that's some work that we're working on right now.

And we hope to start sharing that with the public very soon.

We have a work session with the Planning Commission next week and hope to start talking about this and starting to share some of the data that's coming to light.

and it starts with demographic projections with where our population will go into the next 20 years here so we've been looking at just how we will grow and what that means as far as our population which is primarily

push towards the development areas which you see on the map here and these are these historical neighborhoods that have been designated our comprehensive plan that we can use to track what we had over the past several decades here and see how we've changed and what we need what we can do to plan for that growth.

The capacity analysis will also look at our existing supply versus demand.

So that's looking at all the different real estate markets from housing stock to commercial space, industrial land, existing buildings, potential for conversions, all types of opportunities there with supply and will it meet the demand that is coming in the pipeline here.

And then last we look at our development projects, developments and projects that are currently in the pipeline here.

As you know, many projects can take three, four or five years to come to life.

And so while they might not be actually on the books now, we know that they're coming.

Some of these large scale developments can take quite a while going through the rezoning phase, the site plan phase, and actually being constructed until there's tenants or people utilizing those spaces.

So the second half of this capacity analysis is to take our future land use map.

Our future land use map is in the comprehensive plan now, and that is our vision

for where we want land uses to go and the intensity of those land uses.

So with residential, that's the number of units that might be allowed to be built on any given property.

We also have land uses for different types of commercial space.

We have land uses for industrial space and a variety of other uses.

We have quite a few actually.

And so this sets the stage for where we want that and how dense we really want it to be and where those opportunities are.

And so working with the consultant, they will analyze what that max build out might be if this vision really came to life based on our current future land use policies.

And so then we'll review that and see what is that impact on infrastructure and how can we plan for that and how does that relate to climate action planning.

and how does that relate to equity to review our growth management policy as a whole to see if it really still aligns with our vision or if there's adjustments that need to be made to accommodate our needs or to meet the desires of our community.

So that's a fairly exciting step that we have coming with this next phase.

with this current phase.

And as we move into phase two, then we'll dive into more of the detailed topics that relate to that overarching policy.

And we'll get into things like transportation.

We'll get into economic development.

We'll look at land use.

We'll look at natural resources and rural area planning and review the policies that are throughout the document on those subtopics, review the existing conditions and how that relates to our goals and see if there's any new trends

and materials that we need to review to see if those need updating within each topic.

Once we have those policies, we'll move on to phase three.

And phase three is really where it all kind of comes to life, comes together, reviewing and creating some action steps to implement those policies that we've established in phase two.

Using again, equity and climate action planning to guide some of our work to ensure that we are meeting those values and those goals that we've already adopted as a community.

So that's where we might see things changes to our future land use map if there are any, as well as prioritizing infrastructure investments, transportation projects,

where certain land uses may go and things like that.

So it really starts to come together in that third phase.

And then finally bring everything together, all the input we've received from various stakeholders, having public work with the planning commission, board of supervisors, public hearings, and hopefully eventual adoption of this new comprehensive plan in the next couple of years here.

Next, I'll talk about our engagement.

How are we gonna accomplish this?

We have an engagement plan that was adopted after several work sessions with the Board of Supervisors.

And we're in the middle of that now.

We actually had our first working group meeting today.

So it's an iterative process where we have a lot of feedback loops that continue to work throughout each phase of the plan.

We have work sessions with the Board of Supervisors.

We have work sessions with the Planning Commission.

We have a working group that we recently solicited applications for.

We had over 100 applications for that working group.

And so we've broken that up into

multiple different groups that will come forward when different topics of the plan come to life and we start diving into those that we continue to give people opportunity to get involved.

We also have public engagement through

Community workshops where they might be pop-up meetings, there might be online surveys, a variety of different stakeholder meetings within communities so that we can continue to kind of get this feedback, put some suggestions out there, some recommendations and get feedback on those and kind of continue that cyclical process to ensure we are all aligned in the direction we are going with this major plan for our community and how we will grow in the future.

So how can y'all get involved and members of the community get involved?

We have a website up.

It's called AC44.

That's how we branded this plan, thinking of a 20 year vision.

And if you look at that two, two and a half year timeline, 2022 is our target year for adoption of this.

So we've coined that Albemarle County 2044.

The website is engaged.albemarle.org.

and there's a lot of great stuff on that website.

There's a history of all the different comprehensive plans dating back to the early 70s and it's some pretty neat storyboards that have all the different maps and some of the reasons for some of the decisions that have been made and a lot of the history there.

We post all the different events that are coming up.

We've recently had a number of pop-ups at different events throughout the county.

and so things like that will be posted there and we'll also document some of that, whatever's happening at the work groups.

We'll try and post videos, post photos, any kind of information that we receive, results of surveys.

We currently have a survey up on the website right now for this planning for growth phase that we're encouraging folks to dive into.

and as I mentioned we'll continue to do pop-ups and community workshops as opportunities become available as we work through each phase and if anybody's interested you go to that website you can you can log in you sign in your email address and then that'll get you into our queue to continue to receive announcements and information as as things pop up throughout the plan so

We are in the very early stages now, but there is certainly a lot to come as we work through this and excited to share the, you know, as I mentioned, a big, big focus of this update is going to be economic development and folding project enable and some of those elements into this comprehensive plan and aligning our long range planning with those goals as well.

So with that, I will stop sharing and I'm happy to answer any questions anybody has about this.

Thank you, Charles.

Any questions for Charles?

I guess my question is just more practical.

So we've been working with Roger and his team actually on that capacity analysis.

There's a component of that that is strictly focused on economic development to kind of look at that industrial land.

and see what the build-out potential of that is, some of the history of it, some of the constraints of it.

So we have to share that information with y'all pretty soon, as soon as we will get that wrapped up and eager to receive y'all's feedback on it.

And then once we get into some of the more policy-based elements, specific to economic development, we would certainly want some feedback and we'll devise ways to get that feedback from y'all.

At the beginning of each phase, we'll have an engagement plan that we'll take to the board.

So as we get into the more specific stuff, we'll have to kind of work out how we want to engage everybody on that.

But as of now, we have everything from in-person interactions to online interactions to recorded videos to surveys.

Could I add some color to that?

Yeah, so we plan to bring back the capacity analysis Deputy Rapp mentioned in June for this board's consumptions and comments.

But the scope of what we'll be focusing on will be economic development only.

There's a lot more to that capacity analysis.

If the directors want to get involved in other aspects of the

And it doesn't sound like it's related to this first question I have, but it might be.

The school division is currently working on a small area plan for the Lambs Lane campus.

That's not something that they do routinely.

And I know they've reached out to Roger and there is some discussion about the possibility of there being some space on that campus and that this is, of course, not going to happen immediately, but

For entrepreneurs and economic development work possibly, how, Charles, does that small area plan connect to the work that we're doing on the county government side?

I think there is, once we get a little further into the actual specifics, so right now it's kind of, you know, evaluating from very high level, based on our current plan, where are we going?

And is that still aligned with what we want?

Are there problems with that?

Are there things we need to do to make that vision come to reality or adjustments that we need to make?

And so I think it's that second phase when we start thinking about, so what are the solutions or what are the things we need to be doing?

In phase two and phase three, we talk about policy changes or actual,

Future studies or future ways to address a need, that's when that would come into play.

Yeah, and they're about to roll out the final copy of the small area plan for Lansing campus.

It's, as you know, maybe it's kind of chunked.

So because it would be very expensive and it entails a lot, but there is the ability to chunk it into different processes.

But what I'm hearing from some of the folks and what I heard with the rollout last week was certainly a connection for economic development as it pertains to some of the space over there and being able to have high school students to come in

and work in labs or whatever might be provided there in one of the buildings.

And I just want to make sure that we're all connecting as best we can so we're not working in silos.

Certainly.

So at this stage, it might be identifying that we need more land for economic development.

And then the next stage might be a policy to identify future sites.

And the next one would be identifying an actual site with some steps to take forward like that.

And one other question.

So when you all are talking about capacity, Roger, I guess you're referencing the inventory, or maybe Roger's gone.

I know Economic Development Group was working on an inventory of available land.

That's correct.

Yes, ma'am.

There's actually going to be several parts of that.

There's tier levels of how ready a site is, and then there's tier levels about the overall capacity.

This will include both.

So yes, there will be an inventory of available sites.

But it will only be the sites.

It will be what tier they are on in terms of the state rankings.

J.T., I hate to ask you to do this.

By any chance, do you have that tier thing available?

Or do you, Ashley?

Because I've been waiting for that for a couple of years.

Yeah.

Yeah.

And Charles and his team's been very helpful.

We've been working behind the scenes for six months or so in partnership with community development to get this.

And when we realized we called two things tears.

And so we don't know what we can call the other thing.

So I don't know.

Okay.

Yeah.

And the only other comment I would have is for Charles.

And I guess I'm going to say this just because you're here and it's an opportunity, but as we're looking at Albemarle County and capacity analysis and future development,

I'm going to be looking towards looking to see some maps and maybe overlays of where are the critical slopes in Albemarle County?

Where is the land that's in land use in ACE?

We need to be able to see all of that, right?

Yep, agreed.

Looks like somebody found the slide, so I will digress.

So it's not just how much land do we have?

Is it ready to be occupied or not?

And the state ranks those from one to five, and the state says you need to be in a tier four or tier five in order to be able to be ready for business.

So it's not just how much land we have, it's what tier level are these parcels in that dictates how ready we are to accommodate business.

Right.

And I sort of remember these tiers from a few years ago.

Roger, you're talking about these tiers, right?

Yeah.

It is good for a review.

Yes, ma'am.

Charles, so talking about how much land is in Conservation Eastman?

Definitely.

And this first little, this capacity study is really focused on the development areas for now because it's just talking about, it's just looking at the future land use designation.

So then we'll have to see things, you know, yeah, we say we can build this many units an acre.

We say it can hold this much square feet of office or industrial commercial space.

But are there additional constraints?

Is the zoning right?

Is that really capable, like you're saying, to be built on that property?

Are there other issues that are there?

you know it does that future land use map it can we really do that is that what we want you know yeah but at some point we're gonna have to look at the whole county we can't just because we always get in trouble when we look at things in silos you know that doesn't work at some point you have to look at everything in from the big picture then you might be able to break it down but the silos always worry me when we're just looking at the development area we're just looking at the rural area right I'm just saying yeah

Okay.

And I'll stop.

Certainly.

Any other questions?

Thanks, Charles.

Appreciate it.

Charles, I know you're very busy.

All right.

So unfinished business.

We have a closed session.

So we want to put up the,

Closed session motion.

A little too fast.

I move the Albemarle County Economic Development Authority go into a closed meeting as authorized by Virginia Freedom of Information Act section 2.237

1-1-A of the Code of Virginia under subsection 6 to discuss and consider investment of public funds for Project B-Friend, Project POMA, and the Lewis and Clark Exploratory Center at Darden Tow Park where bargaining is involved, sorry about that, and where if made public initially would adversely affect the financial interests of the county and subsection 8 to

Discuss and consider consultation with EDA legal counsel regarding the Lewis and Kark Exploratory Center Loan, which requires legal counsel's advice, and if provided an open session would adversely affect the EDA's negotiating posture.

Second.

All right.

All in favor?

Aye.

Aye.

All right.

Aye.

So we are now in, we'll move to closed session.

J.T.

sent a link earlier today so we can all leave this meeting and move to the Teams link that he sent.

It's clearing my head.

We have everyone.

One, two, three.

I move that the EDA certified by recorded vote that to the best of each director's knowledge and own.

Only public business matters lawfully exempted from the open meeting requirements of the Virginia Freedom of Information Act and identified in the motion authorizing the closed session were heard, discussed, or considered in the closed meeting.

Director McNaughton.

Aye.

All right.

Director Ray.

Aye.

Let's see.

And Director Mottola.

Aye.

All right.

All right.

Thank you, Mr. McNaughton.

That's it.

All right, so any other matters?

Sounds good.

OK. OK. All right.

If there's no further business, then we will adjourn.

You all stay safe.