Other Economic Development Activity

OTHER ECONOMIC DEVELOPMENT ACTIVITY

IMD Investment Group, LLC

The Authority acts as a conduit between the City of Roanoke and IMD Investment Group, LLC. A performance agreement dated November 2004 will grant 100% of the revenue collected by the development each year up to a maximum of $600,000 per year. The grants will continue for a total of fifteen (15) years, provided the development occurs according to the agreement.

Faison-Southern Lane, LLC

The Authority acts as a conduit between the City of Roanoke and Faison-Southern Lane Group, LLC. A performance agreement dated December 9, 2005, will grant 50% of the revenue collected by the development each year up to a maximum $1,768,825, provided the development generates at least $400,000 each year. The grants will continue for a maximum of ten (10) years.

Valley View Mall, LLC

The Authority acts as a conduit between the City of Roanoke and Valley View Mall, LLC. A performance agreement dated June 15, 2006, will grant 50% of the revenue collected by the development each year up to a maximum $1,000,000, provided the development generates at least $550,000 each year. The grants will continue for a maximum of five (5) years.

Roanoke Hotel Group, LLC

The Authority acts as a conduit between the City of Roanoke and Roanoke Hotel Group, LLC. A performance agreement dated September 20, 2007, will grant 50% of the revenue collected by the real estate and transient occupancy taxes only each year up to a maximum $1,000,000, provided the development generates at least $275,000 in those taxes each year. The grants will continue for a maximum of six (6) years.

Maple Leaf Bakery, Inc.

The Authority acts as a conduit between the City of Roanoke and Maple Leaf Bakery, Inc. A performance agreement dated June 17, 2008, will grant 50% of the revenue collected from the new machinery and tools only each year up to a maximum $200,000, provided the machinery and tools tax generates at least $65,500 per year. The grants will continue for a maximum of five (5) years.

Westport Corporation

The Authority will provide $50,000 to the corporation provided they spend at least $2.5 million on improvements to the building and employ at least 50 for a period of five (5) years.

Economic Development Authority Entrepreneur District

The Authority has pledged $50,000 for the program.