On the agenda: Hopewell meeting — Data Center (Sep 14)

Hopewell Economic Development Authority
Board of Directors Meeting
Municipal Building, 300 N Main Street Hopewell
Sally Port Room
September 14, 2026
4:00 p.m.

AGENDA
1. Call To Order
Closed Session: Suggested Motion: To hold a closed meeting to discuss (a) the acquisition of real property for a public
purpose where discussion in an open meeting would adversely affect the bargaining position or negotiating strategy of the
public body, pursuant to Virginia Code § 2.2-3711(A)(3) (Potential acquisition of property, Support agreement with City
Council on transaction of property), (b) a prospective business or industry or the expansion of an existing business or
industry where no previous announcement has been made of the business' or industry's interest in locating or expanding its
facilities in the community, pursuant to Virginia Code § 2.2-3711(A)(5) (Recruitment of new business/industry), and (c)
consultation with legal counsel employed or retained by a public body regarding specific legal matter requiring legal advice,
pursuant to Virginia Code § 2.2-3711(A)(8).
2. Approval of Meeting Minutes
3. Treasurer’s Report
a. Audit Update
b. Audit Requests
c. Budget Discussion
4. Chairperson’s Report
5. Charles J. Bennett, Director of Economic Development and Tourism Report
6. Committee Reports

7. Unfinished Business
a.
b.
c.
d.

Virginia Outdoors Foundation Grant
Joint Meeting with City Council Agenda
Invest Hopewell Business Loan Program and Application
Legacy Business Grant Program Update

8. New Business
a. Support Agreement with City Council for 101 E City Point Road
b. Hopewell Sites Ready Marketing Program
c. Hopewell Sites Ready Property Activation Loan Program
9. Upcoming Events:
a. Central VA Legal Aid Society Senior Wills Clinic – Wednesday, September 23, 2026, 1-4PM @ Petersburg
Public Library
b. Hopewell Farmer’s Market – Every Thursday through November 19, 2026, 5-8PM – Hopewell Street,
Downtown Hopewell
c. Data Center Summit hosted by Virginia’s Gateway Region – Thursday, October 8, 2026
10. Next Meeting Date: Monday, October 5, 2026, at 4:00 PM
Adjournment

Economic Development Authority
City of Hopewell, VA
August 3, 2026

Meeting Minutes
Call to Order: 4:03 PM
Members Present:
Tavorise Marks, Chair
John Eliades, Vice Chair
Matthew Mellon
Tom Wagstaff
Drew Dayberry
Robert Gains
Bridgette Bowman (Arrived late)
Others Present:
Charles Bennett - Economic Development & Tourism Director, City of Hopewell
Kyle English - Business Retention & Expansion Specialist, City of Hopewell
Vincent Jones - City Manager, City of Hopewell
Rita Joyner - Vice Mayor, City of Hopewell
Closed Session
At 4:04 PM, Mr. Wagstaff moved to enter closed session to discuss (a) the acquisition of real property for
a public purpose where discussion in an open meeting would adversely affect the bargaining position or
negotiating strategy of the public body, pursuant to Virginia Code § 2.2-3711(A)(3) (Potential acquisition
of property, Support agreement with City Council on transaction of property) and (b) consultation with
legal counsel employed or retained by a public body regarding specific legal matter requiring legal
advice, pursuant to Virginia Code § 2.2-3711(A)(8).
Vote: Unanimously approved
At 5:00 PM, Mr. Wagstaff moved to come out of closed session, seconded by Ms. Bowman. Mr. Wagstaff
read the certification and asked the members to certify the following: Pursuant to Virginia Code
subsection 2.2-3712, were the only matters heard, discussed, and considered by the Hopewell EDA in
the closed meeting public business matters (i) lawfully exempted from open meeting requirements under
the Virginia Freedom of Information Act, and (ii) identified in the motion by which the closed meeting was
convened?
Roll Call Vote:
Tavorise Marks – Yes
John Eliades – Yes
Matthew Mellon – Yes
Tom Wagstaff – Yes
Robert Gains – Yes
Bridgette Bowman – Yes
Drew Dayberry - Yes

Approval of minutes from the July 6, 2026 meeting: Mr. Marks moved to accept the July 6, 2026
meeting minutes as presented. The motion was seconded by Mr. Dayberry.
Vote: Unanimously approved
Treasurer's Report:
The Treasurer reviewed the Authority’s financial statements and noted several accounting items
requiring correction or clarification. The Authority discussed documentation requested by its auditors,
including City resolutions releasing previously restricted funds for transfer to the Legacy Business Grant
Program and the 2024 and 2025 support agreements associated with property acquisitions. Staff will
provide the requested documentation to the auditors.
The Treasurer also identified corrections to the financial statements, including the classification of
approximately $69,000 in loan-related funds as an “other asset” as opposed to an “expense” item and
the reclassification of a $754.38 item from accounts payable to accounts receivable. Members noted
that the corrected report reflects positive activity for the period.
Mr. Wagstaff moved to accept the Treasurer’s Report with the amendments discussed.
Vote: Unanimously approved
Chairperson's Report: No formal update provided.
Economic Development & Tourism Director's Report:
Mr. Bennett provided several economic development and tourism updates:
• The Rio Suarez Hispanic food distribution facility on Sixth Avenue is back under construction
following resolution of financing challenges.
• 7 Brew continues through the site-plan review process and is preparing revisions in response to
staff comments.
• Construction continues at LivAway Suites.
• Hopewell has been invited to participate in a National Park Service Chesapeake Gateways cohort
in September. The process will assist the City in pursuing designation as a Chesapeake Gateways
community.
• The City’s new tourism billboard campaign, “Discover Virginia’s Hidden Waterfront,” launched
August 1 along Interstate 95 and will run through November.
Committee Reports: The Downtown/B-1 Committee discussed a potential new approach for addressing
the Chesterfield Hotel property. Members indicated they will continue discussions with City leadership
and relevant departments regarding possible strategies for the property and other blighted properties in
the City.
Unfinished Business
a. Virginia Outdoors Foundation Grant: Mr. Bennett provided an update on the Virginia Outdoors
Foundation grant associated with Francisco Landing. The grant period runs from July 15, 2026
through July 17, 2028. The proposed property gift includes the roadway to the lower parking area
and surrounding open space of City Park. Grant funds will cover legal work, surveying, deed
preparation, environmental work, and related project costs, with funds administered through

escrow. The property will be permanently protected for public use, while allowing improvements
that support public access such as restrooms, concessions, and kayak-related facilities.
b. Stone’s Diner Update: Mr. English reported that the parking lot replacement project at Stone’s
Diner has been completed. The project moved from initial discussions to completion in less than
eight weeks. The project also received positive media coverage, and Mr. Stone reported increased
customer interest following the improvements.
c. Joint Work Session with City Council: Members discussed potential topics and desired outcomes
for a rescheduled joint work session with City Council. The Authority identified four primary areas
for discussion: (1) a recap of the EDA’s powers, role, and available tools; (2) alignment on
business recruitment targets and incentive/recruitment tools; (3) funding strategies for key
blighted properties, including the possibility of a revolving acquisition/redevelopment fund; and
(4) focused redevelopment planning for a priority area, with the waterfront discussed as a
potential focus.
New Business
a. Invest Hopewell Business Loan Program Guidelines and Application: Mr. English presented
proposed guidelines and an application for a formal EDA revolving business loan program. The
proposed direct EDA-funded rate was Prime minus 2%, with a floor of 2%. Members discussed
the proposed rate structure for externally funded loans and expressed a desire for greater
flexibility than a fixed Prime plus 1% rate, particularly for larger projects. The Authority agreed to
table the item and bring revised language regarding externally funded loans back to the next
meeting.
b. Legacy Business Grant Program: Mr. English reported that three applications had been received
and that several additional businesses were working to complete applications. Members agreed
to extend the application deadline from August 21, 2026, at 5:00 PM to September 18, 2026, at
5:00 PM to provide additional time for applicants and program outreach. Mr. Wagstaff was
identified to chair the grant review committee.
c. Business Recognition at City Council: Mr. English reported that thirteen long-standing Hopewell
businesses are scheduled to be recognized at the August 11, 2026 City Council meeting. EDA
members were encouraged to attend in support of the recognized businesses.
d. Vacant Property Lease/Option Concept: Mr. English briefly introduced a potential redevelopment
tool in which the EDA or City could fund improvements to a privately owned vacant or
underutilized property in exchange for receiving rental income for an agreed period. Members
agreed the concept warranted additional development and requested a more detailed
presentation at a future meeting.
Upcoming Events
• Sunset Series at Good Ship Brewing & Eatery - August 26, 2026, 6:00 PM to 10:00 PM
• Central Virginia Legal Aid Senior Wills Clinic - September 23, 2026, 1:00 PM to 4:00 PM at the
Petersburg Public Library
• Hopewell Farmers Market - Thursdays in Downtown Hopewell
• Central Virginia Legal Aid services in Hopewell - First and third Tuesdays of each month
Next Meeting Date: Monday, September 7, 2026, at 4:00 PM
Adjournment: The meeting was adjourned at 6:47 PM.

EDA of the City of Hopewell
Balance Sheet
As of Jul 31, 2026

Total
Assets
Current Assets
Bank Accounts
Primis

$253,638.50

Restricted City Funds 509 3 1/2

0.00

Restricted City Funds CW Prop

0.00

Restricted City Funds Legacy Gr

25,107.95

Total for Primis

$278,746.45

Sun Trust

0.00

Total for Bank Accounts

$278,746.45

Accounts Receivable
Accounts Receivable

50,000.00

Total for Accounts Receivable

$50,000.00

Other Current Assets
Loan to Boathouse from EDA

2,989,434.80

Total for Other Current Assets

$2,989,434.80

Total for Current Assets

$3,318,181.25

Fixed Assets
509 3 1/2 Street Bldg

291,325.00

CW Harris Property

151,582.68

Hopewell Street Parking Lots

75,000.00

Total for Fixed Assets

$517,907.68

Other Assets
Deposit for Property Purchase

0.00

Due from City Legal Fees CWH

0.00

Grubbs Loan #3

0.00

Grubbs Loan 175K - Receivable

0.00

Note Due From Broadway LLC

115,614.07

Note due from Stone's Diner

16,194.86

Purchase Fund

0.00

Total for Other Assets

$131,808.93

Total for Assets

$3,967,897.86

Accrual Basis Monday, August 17, 2026 01:18 PM GMT-04:00

1/2

EDA of the City of Hopewell
Balance Sheet
As of Jul 31, 2026

Total
Liabilities and Equity
Liabilities
Current Liabilities
Accounts Payable
Accounts Payable

0.00

Total for Accounts Payable

$0.00

Other Current Liabilities
Prepayment of Boathouse Loan

0.00

SONA Bank - Grubbs 175K Loan

0.00

Total for Other Current Liabilities

$0.00

Total for Current Liabilities

$0.00

Long-term Liabilities
Boathouse Loan Due Primis

2,989,434.80

Grubbs #3 due SONA Bank

0.00

Grubbs Loan #1 $175,000

-0.11

Total for Long-term Liabilities

$2,989,434.69

Total for Liabilities

$2,989,434.69

Equity
Opening Balance

147,880.41

Opening Balance Equity

273,920.39

Retained Earnings

481,811.91

Net Income

74,850.46

Total for Equity

$978,463.17

Total for Liabilities and Equity

$3,967,897.86

Accrual Basis Monday, August 17, 2026 01:18 PM GMT-04:00

2/2

EDA of the City of Hopewell
Profit and Loss
July 2026

Total
Income
Contribution from C of Hopewell

50,000.00

EDA Administrative Fee Boathouse Loan

2,841.64

Income from Boathouse Loan

16,307.94

Income from Ecoplexus Option Lease Agreement

21,000.00

Interest Income Broadway B Loan

753.46

Interest Income Primis Checking

525.00

Interest Income Stone's Diner

27.86

Total for Income

$91,455.90

Gross Profit

$91,455.90

Expenses
Interest Boathouse Loan

16,307.94

Legal Fees CW1

297.50

Total for Expenses

$16,605.44

Net Operating Income

$74,850.46

Net Income

$74,850.46

Accrual Basis Monday, August 17, 2026 12:08 PM GMT-04:00

1/1

City of Hopewell, Virginia
ACCOUNT SUMMARY TRIAL BALANCE FOR FY27/JUL TO JUL
FUND 085
ACCOUNT
ACCOUNT NAME
BEG. BALANCE
085-00-0000-000-00000-00000-00000-110110EQUITY IN POOLED CASH/INVEST
.00
085-00-0000-000-00000-00000-00000-134001ACCOUNTS RECEIVABLE
.00
085-00-0000-000-00000-00000-00000-160100LAND
.00
085-00-0000-000-00000-00000-00000-160200BUILDING AND SYSTEMS
.00
085-00-0000-000-00000-00000-00000-160299BUILDING AND SYSTEMS DEPR
.00
085-00-0000-000-00000-00000-00000-160300INFRASTRUCTURE
.00
085-00-0000-000-00000-00000-00000-160399INFRASTRUCTURE DEPRECIATION
.00
085-00-0000-000-00000-00000-00000-160500MACHINERY & EQUIPMENT
.00
085-00-0000-000-00000-00000-00000-160599MACHINERY & EQUIPMENT DEPR
.00
085-00-0000-000-00000-00000-00000-170107NOTES-BOATHOUSE
.00
085-00-0000-000-00000-00000-00000-170108NOTES-BROADWAY
.00
085-00-0000-000-00000-00000-00000-170109NOTES-STONESDINNER
.00
085-00-0000-000-00000-00000-00000-210101ACCOUNTS PAYABLE
.00
085-00-0000-000-00000-00000-00000-240107DEFERRED REVENUE OTHER
.00
085-00-0000-000-00000-00000-00000-260101ENCUMBRANCE ACCOUNT
.00
085-00-0000-000-00000-00000-00000-270101ACI LIABILITY ACCT
.00
085-00-0000-000-00000-00000-00000-280103LONG TERM INTEREST PAYABLE
.00
085-00-0000-000-00000-00000-00000-280203NOTES PAYABLE LT
.00
085-00-0000-000-00000-00000-00000-390100NONSPENDABLE FUND BALANCE
.00
085-00-0000-000-00000-00000-00000-390200RESTRICTED FUND BALANCE
.00
085-00-0000-000-00000-00000-00000-390410ASSIGNED FUND BALANCE
.00
085-00-0000-000-00000-00000-00000-390510UNASSIGNED FND BAL-BUDGETED
.00
085-00-0000-000-00000-00000-00000-390600INVEST IN CAPITAL NET OF DEBT
.00
085-00-0000-000-00000-00000-00000-400010BUDGETED REVENUES
.00
085-00-0000-000-00000-00000-00000-484401TRANSFER F/ GENERAL FUND
.00
085-00-0000-000-00000-00000-00000-484499USE OF SURPLUS
.00
085-00-0000-000-00000-00000-00000-500010-

Report generated: 09/09/2026 12:30
User:
mbooker
Program ID:
glatrbal

DEBITS

CREDITS

NET CHANGE

END BALANCE

318,949.17

40,455.22

278,493.95

278,493.95

.00

.00

.00

.00

75,000.00

.00

75,000.00

75,000.00

442,907.68

.00

442,907.68

442,907.68

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

2,996,865.08

7,430.28

2,989,434.80

2,989,434.80

117,417.93

1,803.86

115,614.07

115,614.07

16,717.00

.00

16,717.00

16,717.00

.00

1,508.76

-1,508.76

-1,508.76

.00

21,000.00

-21,000.00

-21,000.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

7,430.39

2,996,865.08

-2,989,434.69

-2,989,434.69

.00

.00

.00

.00

.00

24,353.57

-24,353.57

-24,353.57

.00

359,842.70

-359,842.70

-359,842.70

.00

.00

.00

.00

.00

517,907.68

-517,907.68

-517,907.68

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

Page

1

City of Hopewell, Virginia
ACCOUNT SUMMARY TRIAL BALANCE FOR FY27/JUL TO JUL
FUND 085
ACCOUNT
ACCOUNT NAME
BEG. BALANCE
EXPENDITURE APPROPRIATIONS
.00
085-00-0000-000-00000-00000-00000-503150LEGAL SERVICES
.00
085-00-0000-000-00000-00000-00000-503190OTHER PROFESSIONAL SERVICES
.00
085-00-0000-000-00000-00000-00000-503320SERVICE CONTRACTS
.00
085-00-0000-000-00000-00000-00000-503601Marketing & Special Events
.00
085-00-0000-000-00000-00000-00000-505210POSTAGE
.00
085-00-0000-000-00000-00000-00000-505551TRAINING
.00
085-00-0000-000-00000-00000-00000-505810DUES/ASSOCIATION MEMBERSHIPS
.00
085-00-0000-000-00000-00000-00000-506001OFFICE SUPPLIES
.00
085-00-0000-000-00000-00000-00000-508110DEPRECIATION
.00
085-00-0000-000-00000-00000-00000-508299LOSS/DISPOSAL OF ASSETS
.00
085-00-0000-000-00000-00000-00000-509120INTEREST PAYMENT- INTEREST
.00
085-00-0000-000-00000-00000-00000-509916-G0034
ECOMONIC DEVELOPMENT AUTHORITY
.00
085-00-0000-000-00000-00000-00000-509916-G0043
ECOMONIC DEVELOPMENT AUTHORITY
.00
085-00-0000-000-00000-00000-00000-509916-G0044
ECOMONIC DEVELOPMENT AUTHORITY
.00
085-00-0000-000-00000-00000-00000-509916-G0045
ECOMONIC DEVELOPMENT AUTHORITY
.00
085-00-0000-000-00000-00000-00000-509916-G0046
ECOMONIC DEVELOPMENT AUTHORITY
.00
085-00-0000-000-00000-00000-00000-553330COMPUTER SOFTWARE MAINTENANCE
.00
085-00-1013-000-00000-00000-00000-450101INTEREST INCOME
.00
085-00-1014-000-00000-00000-00000-460184ADMINSTATRATIVE FEES
.00
TOTALS FOR FUND 085
ECONOMIC DEVELOPMENT AUTHORITY
REPORT TOTALS

.00
.00

DEBITS
.00

CREDITS
.00

NET CHANGE
.00

END BALANCE
.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

16,307.94

.00

16,307.94

16,307.94

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

.00

17,586.40

-17,586.40

-17,586.40

.00

2,841.64

-2,841.64

-2,841.64

3,991,595.19
3,991,595.19

3,991,595.19
3,991,595.19

.00
.00

.00
.00

** END OF REPORT - Generated by Monica Booker **

Report generated: 09/09/2026 12:30
User:
mbooker
Program ID:
glatrbal

Page

2

September 14, 2026
Brown, Edwards & Company
810 Southpark Blvd., Suite 201
Colonial Heights, Virginia 23834
This representation letter is provided in connection with your audit of the financial statements
of Economic Development Authority of the City of Hopewell, which comprise the financial
position of the business-type activities, as of June 30, 2025, and the respective changes in
financial position and its cash flows for the year then ended, and the disclosures (collectively,
the “financial statements”), for the purpose of expressing an opinion as to whether the
financial statements are presented fairly, in all material respects, in accordance with
accounting principles generally accepted in the United States of America (U.S. GAAP).
Certain representations in this letter are described as being limited to matters that are material.
Items are considered material, regardless of size, if they involve an omission or misstatement
of accounting information that, in light of surrounding circumstances, makes it probable that
the judgment of a reasonable person relying on the information would be changed or
influenced by the omission or misstatement. An omission or misstatement that is monetarily
small in amount could be considered material as a result of qualitative factors.
We confirm, to the best of our knowledge and belief, as of the date of this letter, the following
representations made to you during your audit.
Financial Statements
1. We have fulfilled our responsibilities, as set out in the terms of the audit engagement letter
dated December 17, 2025, including our responsibility for the preparation and fair
presentation of the financial statements in accordance with U.S. GAAP and for preparation
of the supplementary information in accordance with the applicable criteria.
2. The financial statements referred to above are fairly presented in conformity with U.S.
GAAP and include all properly classified funds and other financial information of the
primary government and all component units required by generally accepted accounting
principles to be included in the financial reporting entity.
3. We acknowledge our responsibility for the design, implementation, and maintenance of
internal control relevant to the preparation and fair presentation of financial statements
that are free from material misstatement, whether due to fraud or error.
4. We acknowledge our responsibility for the design, implementation, and maintenance of
internal control to prevent and detect fraud.
5. The methods, significant assumptions, and data used in making accounting estimates and
their related disclosures are appropriate to achieve recognition, measurement, or
disclosure that is reasonable in accordance with GAAP.
6. Related party relationships and transactions, including revenues, expenditures/expenses,
loans, transfers, leasing arrangements, and guarantees, and amounts receivable from or
payable to related parties have been appropriately accounted for and disclosed in
accordance with U.S. GAAP.
7. Adjustments or disclosures have been made for all events, including instances of
noncompliance, subsequent to the date of the financial statements that would require
adjustment to or disclosure in the financial statements.
8. You have proposed adjusting journal entries that have been posted to the entity’s accounts.
We are in agreement with those adjustments. There were no uncorrected misstatements
or omitted disclosures.

Brown, Edwards & Company
Page 2
9. The effects of all known actual or possible litigation, claims, and assessments have been
accounted for and disclosed in accordance with U.S. GAAP.
10. Guarantees, whether written or oral, under which the Authority is contingently liable, if
any, have been properly recorded or disclosed.
11. We have provided the planning communication letter to all members of those charged
with governance as requested.
Information Provided
12. We have provided you with:
a) Access to all information, of which we are aware, that is relevant to the preparation
and fair presentation of the financial statements, such as records, documentation, and
other matters.
b) Additional information that you have requested from us for the purpose of the audit.
c) Unrestricted access to persons within the Authority from whom you determined it
necessary to obtain audit evidence.
d) Minutes of the meetings or summaries of actions of recent meetings for which minutes
have not yet been prepared.
13. All material transactions have been recorded in the accounting records and are reflected
in the financial statements.
14. We have disclosed to you the results of our assessment of the risk that the financial
statements may be materially misstated as a result of fraud.
15. We have no knowledge of any fraud or suspected fraud that affects the Authority and
involves:
•

Management,

•

Employees who have significant roles in internal control, or

•

Others where the fraud could have a material effect on the financial statements.

16. We have no knowledge of any allegations of fraud or suspected fraud affecting the
Authority’s financial statements communicated by employees, former employees,
regulators, or others.
17. We have no knowledge of instances of noncompliance or suspected noncompliance with
provisions of laws, regulations, contracts, or grant agreements, or waste or abuse, whose
effects should be considered when preparing financial statements.
18. We have disclosed to you all known actual or possible litigation, claims, and assessments
whose effects should be considered when preparing the financial statements.
19. We have disclosed to you the identity of the Authority’s related parties and all the related
party relationships and transactions, including any side agreements.
Government—Specific
20. There have been no communications from regulatory agencies concerning noncompliance
with, or deficiencies in, financial reporting practices.
21. We have taken timely and appropriate steps to remedy fraud, noncompliance with
provisions of laws, regulations, contracts, and grant agreements, or abuse that you have
reported to us.
22. We have a process to track the status of audit findings and recommendations.

Brown, Edwards & Company
Page 3
23. We have identified to you any previous audits, attestation engagements, and other studies
related to the audit objectives and whether related recommendations have been
implemented.
24. We have provided our views on reported findings, conclusions, and recommendations, as
well as our planned corrective actions, for the report.
25. The Authority has no plans or intentions that may materially affect the carrying value or
classification of assets, deferred outflows of resources, liabilities, deferred inflows of
resources, and fund balance or net position.
26. We are responsible for compliance with the laws, regulations, and provisions of contracts
and grant agreements applicable to us, including tax or debt limits and debt contracts; and
legal and contractual provisions for reporting specific activities in separate funds.
27. We have appropriately identified, recorded, and disclosed all leases in accordance with
GASBS No. 87.
28. We have appropriately disclosed all information for conduit obligations in accordance with
GASBS No. 91. There are none.
29. We have identified and disclosed to you all instances which have occurred or are likely to
have occurred, of fraud and noncompliance with provisions of laws and regulations,
contracts, and grant agreements that we believe have a material effect on the financial
statements.
30. There are no violations or possible violations of budget ordinances, laws and regulations
(including those pertaining to adopting, approving, and amending budgets), provisions of
contracts and grant agreements, tax or debt limits, and any related debt covenants whose
effects should be considered for disclosure in the financial statements, or as a basis for
recording a loss contingency, or for reporting on noncompliance.
31. As part of your audit, you assisted with preparation of the financial statements and related
notes as well as certain nonaudit journal entries. Additionally, during the audit process,
we requested your assistance with the creation of a lease schedule in accordance with
GASB No. 87 based on information and assumptions provided by us. We acknowledge our
responsibility as it relates to those nonaudit services, including that we assume all
management responsibilities; oversee the services by designating an individual, preferably
within senior management, who possesses suitable skill, knowledge, or experience;
evaluate the adequacy and results of the services performed; accept responsibility for the
results of the services; and ensured that the entity’s data and records are complete and
received sufficient information to oversee the services. We have reviewed, approved, and
accepted responsibility for those financial statements and related notes.
32. The Authority has satisfactory title to all owned assets, and there are no liens or
encumbrances on such assets, nor has any asset been pledged as collateral.
33. The Authority has complied with all aspects of contractual agreements that would have a
material effect on the financial statements in the event of noncompliance.
34. The financial statements include all component units, appropriately present majority
equity interests in legally separate organizations and joint ventures with an equity interest
and properly disclose all other joint ventures and other related organizations.
35. The financial statements include all fiduciary activities required by GASB No. 84, as
amended.
36. The financial statements properly classify all funds and activities in accordance with GASB
No. 34, as amended.

Brown, Edwards & Company
Page 4
37. All funds that meet the quantitative criteria in GASBS Nos. 34 and 37 for presentation as
major are identified and presented as such and all other funds that are presented as major
are particularly important to financial statement users.
38. Components of net position (net investment in capital assets; restricted; and unrestricted)
are properly classified and, if applicable, approved.
39. Buildings and land held for use are properly valued.
40. Expenses have been appropriately classified in or allocated to functions and programs in
the statement of activities, and allocations have been made on a reasonable basis.
41. Revenues are appropriately classified in the statement of activities within program
revenues, general revenues, contributions to term or permanent endowments, or
contributions to permanent fund principal.
42. Interfund, internal, and intra-entity activity and balances have been appropriately
classified and reported.
43. Deposits and investment securities and derivative instruments are properly classified as to
risk and are properly disclosed.
44. Capital assets, including infrastructure and intangible assets, are properly capitalized,
reported, and, if applicable, depreciated or amortized.
45. We have not completed the process of evaluating the impact that will result from adopting
new Governmental Accounting Standards Board Statements (GASBS) that are not yet
effective, as discussed in the notes to financial statements. The entity is therefore unable
to disclose the impact that adopting these Statements will have on its financial position
and the results of its operations when the Statements are adopted.
46. We have appropriately disclosed the Authority’s policy regarding whether to first apply
restricted or unrestricted resources when an expense is incurred for purposes for which
both restricted and unrestricted net position is available and have determined that net
position is properly recognized under the policy.
47. We are following our established accounting policy regarding which resources (that is,
restricted, committed, assigned, or unassigned) are considered to be spent first for
expenditures for which more than one resource classification is available. That policy
determines the fund balance classifications for financial reporting purposes.

We have evaluated subsequent events through the date of this letter, which is the date the
financial statements were issued and available to be issued. No events have occurred
subsequent to the balance sheet date and through the date of this letter that would require
adjustment to or disclosure in the aforementioned financial statements.

Brown, Edwards & Company
Page 5
Thomas Wagstaff, Treasurer – Economic Development Authority of the City of Hopewell

Tavorise Marks, Chair – Economic Development Authority of the City of Hopewell

EDA of the City of Hopewell
FY 2027 Proposed Budget
July 1st 2026-June 30th 2027
Income:
Contribution City of Hopewell
EDA ADM Fee Boathouse Loan
EDA Property Option Payments
Income Broadway Bldg Loan
Interest Primis Checking

50,000
29,185
12,000
8,500
5,875.00
105,560

Carry Forward Restricted Funds

24,440

Total Estimated Available Funds

130,000

Expenses:
Professional Services and Consultants
3rd party Legal
Dues & Memberships
Office Supplies
Postage/PO Box Rental
Software

6,500
15,000
125
250
125
1,000
23,000

Legacy Business Grant Funds Project
EDA Staff Training
New Business Initiatives / Incentive Programs
Marketing Programs
Business Retention and Expansion Programs
Option Costs

20,000
5,000
35,000
15,000
22,000
10,000
107,000

Total Estimated Expenses

130,000

Economic Development and
Tourism Report
August 2026

Conducted 14 business retention and expansion visits
Staff continue to work with multiple Hopewell businesses on expansion and
retention projects.
Staff has been approached by a local restaurant ownership group about
locating an eatery in Downtown Hopewell. We have shown them several
available properties and are continuing to support them.
Los Habanero’s Taqueria will officially open their doors at 4118 Oaklawn
Boulevard on August 31. A grand opening ceremony will be held on
September 15 at 11:00 AM.
Property located at 5301 Oaklawn Boulevard (formerly VA Cars) is now
vacant. Staff are working with property ownership to market it to located a
new end user.
7 Brew recently completed demo work on their new location at 5111 Oaklawn
Blvd. Construction on the new facility will begin soon.
Work continues to LivAway Suites, whom has communicated an anticipated
opening in February 2027, and Rio Suarez Foods Distribution Center.
Two businesses recently enrolled in the Beautiful Business Program and
supplies have been delivered.
The Legacy Business Grant has received seven applicantions. Conversations
with several other potential applicants are ongoing.
Staff has developed the Hopewell Sites Ready Marketing Program to assist
property owners in advertising their vacant or underutlized property for
activation.
Two additional programs have been developed to support business retention
and development efforts: The Invest Hopewell Business Loan Program and
the Hopewell Sites Ready Marketing Program.
Our next Business Resource Meeting will be held on Wednesday, September
30, at 5:30 p.m. at Woodpecker’s Plaques and Crafts.

Staff continues to work toward redevelopment of the former bank property
for a new pharmacy. Purchase, finance, and loan documents have been
substantially developed and are undergoing final legal review.
In addition to the restaurant prospect, staff is assisting a prospective
pottery/art studio that has toured several Downtown properties and is
evaluating potential locations.
Staff is assisting a prospective veterinary clinic seeking approximately
3,000-3,500 square feet, with both existing buildings and new construction
opportunities under consideration.
Staff has begun discussions regarding the potential development of an
approximately 80-room Hilton hotel in Hopewell. The ownership group is
developing additional project information for City consideration.
Staff continues workign with the property owner of the former Quick Lunch,
located at 113 Hopewell Street, on financing options for renovation and
reactiviation of this important Downtown property, including potential state
and EDA financing resources.
Work continues on the update to the City’s 2016 Brownfield Redevelopment
Plan/Downtown Strategy, including community engagement to help
establish priorities for Downtown redevelopment.
Staff is coordinating a joint Citiy Council and EDA work session focused on
the EDA’s role and powers, business recruitment and incentives, priority
redeveloment areas, and potential creation of a stregric property
adcquisition/blight removal fund.

CITY OF HOPEWELL

Invest Hopewell Business Loan Program
City of Hopewell Economic Development Authority
300 N. Main Street
Hopewell, VA 23860

1. Program Purpose:
The Invest Hopewell Business Loan Program is an initiative of the City of Hopewell Economic
Development Authority (EDA) designed to promote economic growth through the expansion,
retention, and establishment of businesses within the City of Hopewell.
The program seeks to encourage private investment, create and retain employment
opportunities, expand the City's tax base, revitalize commercial and industrial properties, and
support projects that contribute to the long-term economic vitality of the City.
The Invest Hopewell Business Loan Program is intended to supplement, rather than replace,
conventional financing available through private lending institutions. Applicants are encouraged
to pursue traditional financing whenever feasible. EDA financing is intended to bridge financing
gaps where conventional lending alone is insufficient to complete an economically beneficial
project.
Participation in the program does not create an entitlement to funding. The Hopewell Economic
Development Authority retains sole discretion in determining loan eligibility and approval.
2. Eligible Applicants:
Eligible applicants include for-profit businesses currently operating within, or proposing to
locate within, the City of Hopewell, within any B or M district. Legal and/or legally nonconforming businesses operating in any R district may also apply, subject to confirmation by the
Planning & Development Department.
Preference may be given to projects that:
• Create employment opportunities;
• Retain existing jobs;
• Expand existing businesses;
• Redevelop vacant or underutilized commercial or industrial properties;
• Increase the City's tax base;
• Support targeted industries identified by the City or EDA; and
• Demonstrate a measurable economic benefit to the City of Hopewell.
3. Eligible Use of Funds
Loan proceeds may be used for eligible business purposes, including but not limited to:
• Acquisition of land or buildings;
• Construction, renovation, or expansion of commercial facilities;
• Site improvements;
• Machinery and equipment purchases;

•
•
•

Permanent fixtures;
Infrastructure improvements;
Other capital investments approved by the EDA.

Working capital requests may be considered on a case-by-case basis when directly related to an
approved business expansion or economic development project.
4. Interest Rates
Interest rates shall be determined based upon the funding source utilized by the Hopewell
Economic Development Authority.
Direct EDA Funding: When loan funds are provided directly by the EDA without utilizing outside
financing:
• Interest Rate: Prime Rate minus two percent (Prime – 2%)
• Minimum Interest Rate (Floor): 2.00%
The applicable Prime Rate shall be the Wall Street Journal Prime Rate in effect on the date loan
documents are executed unless otherwise determined by the Hopewell Economic Development
Authority.
Externally Funded Loan: When the Hopewell Economic Development Authority utilizes outside
funding, financing, or other third-party sources to provide all or a portion of a loan, the interest
rate shall be determined on a case-by-case basis.
The interest rate shall take into consideration the EDA's cost of obtaining the funds, any terms or
requirements associated with the outside funding source, prevailing market conditions, the
financial characteristics and risk profile of the proposed loan, and any other factors deemed
relevant by the EDA.
The final interest rate shall be established by the Hopewell Economic Development Authority as
part of its approval of the loan and shall be documented in the applicable loan agreement.
5. Loan Terms
Loan repayment terms shall be negotiated based upon the individual circumstances of each
project.
Factors considered may include:
• Amount of financial assistance requested;
• Purpose of the loan;
• Applicable interest rate;
• Useful life of financed assets;
• Borrower's demonstrated repayment capacity;
• Available collateral; and
• Other underwriting considerations deemed appropriate by the EDA.
The Hopewell Economic Development Authority reserves the right to establish repayment
schedules that best protect public funds while supporting viable economic development projects.
6. Collateral Requirements
All loans shall be secured by collateral acceptable to the Hopewell Economic Development
Authority.

Applicants shall identify proposed collateral as part of their loan request.
Acceptable collateral may include, but is not limited to:
• Real estate;
• Machinery and equipment;
• Business assets;
• Inventory;
• Accounts receivable;
• Assignment of future rents;
• Personal guarantees; or
• Other collateral deemed acceptable by the EDA.
The Hopewell Economic Development Authority reserves the right to require additional
collateral or guarantees as a condition of loan approval.
7. Financial Information Required
Applicants shall demonstrate sufficient financial capacity to repay the requested loan.
At a minimum, applicants shall provide:
• Three (3) years of business federal income tax returns.
If business tax returns are unavailable due to the age or legal structure of the business, the EDA
may require additional documentation, including but not limited to:
• Personal federal income tax returns;
• Personal financial statements;
• Current balance sheet;
• Profit and loss statements;
• Cash flow projections;
• Business plan;
• Bank statements; or
• Any other financial information deemed necessary to evaluate the applicant's
creditworthiness.
The Hopewell Economic Development Authority reserves the right to request additional
information at any point during the review process.
8. Application Requirements
A complete application shall include, at a minimum:
• Completed Invest Hopewell Business Loan Program Application;
• Description of the proposed project;
• Amount of financing requested;
• Intended use of loan proceeds;
• Proposed collateral;
• Financial documentation required under these guidelines;
• Project budget;
• Business ownership information, including appropriate registration and certification from
the Virginia State Corporation Commission;
• Business license (for established businesses)
• Evidence of site control, if applicable; and

•

Any additional information requested by the Hopewell Economic Development Authority.

Incomplete applications may be returned without action.
9. Evaluation Criteria
Each application shall be evaluated on its individual merits.
Evaluation factors may include, but are not limited to:
• Financial strength of the applicant;
• Ability to repay the loan;
• Credit history;
• Adequacy of collateral;
• Economic impact to the City;
• Job creation or retention;
• Amount of private investment leveraged;
• Feasibility of the proposed project; and
• Overall public benefit to the City of Hopewell.
Meeting these criteria does not guarantee loan approval.
10. Approval Process
Applications shall first be reviewed by City staff for completeness and eligibility prior to
consideration by the Hopewell Economic Development Authority.
The EDA may:
• Approve the application;
• Approve the application with conditions;
• Table the application pending additional information; or
• Deny the application.
Final approval of all loans rests solely with the Hopewell Economic Development Authority.
11. Loan Documentation and Closing
Following approval, all loan documents shall be prepared or reviewed by the Office of the City
Attorney for the City of Hopewell to ensure compliance with applicable federal, state, and local
laws and the policies of the Hopewell Economic Development Authority.
Prior to disbursement of loan proceeds, borrowers shall satisfy all closing conditions established
by the EDA.
Closing requirements may include:
• Execution of a Promissory Note;
• Security Agreement;
• Deed of Trust, when applicable;
• UCC Financing Statements;
• Personal Guarantees;
• Insurance documentation;
• Title work;
• Collateral documentation; and
• Any additional documentation deemed necessary to protect the interests of the Hopewell
Economic Development Authority.

No loan proceeds shall be disbursed until all required documentation has been executed and all
closing conditions have been satisfied.
12. Default and Delinquency
Loan payments shall be due in accordance with the executed loan agreement.
Any payment not received within fifteen (15) calendar days after its due date may be assessed a
late fee equal to the greater of five percent (5%) of the overdue payment or twenty-five dollars
($25.00) unless otherwise specified in the executed loan documents.
An event of default includes, but is not limited to:
• Failure to make scheduled loan payments;
• Violation of any covenant contained within the loan documents;
• Bankruptcy or insolvency of the borrower;
• Material misrepresentation during the application process; or
• Failure to maintain required collateral or insurance.
Upon default, the Hopewell Economic Development Authority may exercise any remedies
available under the loan documents and applicable law, including:
• Acceleration of the remaining loan balance;
• Assessment of default interest as provided within the loan documents;
• Enforcement against pledged collateral;
• Recovery of attorneys fees pursuant to written contracts with the EDA pursuant to Va. Code §
15.2-4905(3), and collection costs - where authorized by law;
• Initiation of legal proceedings; and
• Any other remedy available under the laws of the Commonwealth of Virginia.
Acceptance of a late payment shall not constitute a waiver of the EDA's rights under the loan
agreement.
13. Conflict of Interest
To preserve public confidence and ensure impartial administration of the Invest Hopewell
Business Loan Program, no loan shall be approved for any current member of the Hopewell
Economic Development Authority, any elected official of the City of Hopewell, any appointed City
official with decision-making authority over the program, or members of their immediate
families, except as expressly permitted by the Virginia State and Local Government Conflict of
Interests Act (Va. Code § 2.2-3100 et seq.) and any other applicable federal, state, or local law.
Any individual with an actual or potential conflict of interest shall disclose the conflict and
recuse themselves from all discussions, evaluations, recommendations, and voting related to the
application.
14. Program Administration
The Hopewell Economic Development Authority reserves the right to:
• Amend these Program Policy & Guidelines at any time;
• Request additional information from applicants;
• Establish additional underwriting standards as necessary;
• Approve loans subject to additional conditions;

•
•

Decline any application that does not adequately demonstrate repayment ability, sufficient
collateral, or measurable economic benefit to the City; and
Interpret these guidelines in a manner consistent with the Authority's economic development
mission and applicable law.

The Invest Hopewell Business Loan Program shall be administered by the City of Hopewell
Department of Economic Development & Tourism on behalf of the Hopewell Economic
Development Authority.

City of Hopewell Economic Development Authority
INVEST HOPEWELL BUSINESS LOAN PROGRAM
Loan Application
Submit completed application to Hopewell Department of Economic
Development
300 N Main Street, Suite 213
Hopewell, VA 23860
Applications may also be submitted via email at [email protected].
Faxed applications will not be accepted.
Section I: Applicant Information
1. Legal Business Name:

2. Trade Name (DBA), if applicable:

3. Business Address:

4. Mailing Address (if different):

5. Business Phone: ______________________________
6. Business Email: ______________________________
7. Business Website: ____________________________

8. Federal Employer Identification Number (FEIN):

9. Date Business Established:

10. Business Structure
☐ Sole Proprietorship
☐ Partnership
☐ Limited Liability Company (LLC)
☐ Corporation

☐ Other: ___________________________

City of Hopewell, Virginia
Invest Hopewell Business Loan Application

11. Primary Contact
• Name: ___________________________________________________________________
• Title: _____________________________________________________________________
• Phone: ___________________________________________________________________
• Email: ____________________________________________________________________

12. Business Ownership: List all individuals with a twenty percent (20%) or greater ownership
interest.
Owner

Ownership %

Title

Section II: Project Information
1. Project Address

2. Requested Loan Amount: $ ______________________________
3. Total Project Cost: $ ______________________________
4. Applicant Equity Contribution: $ ______________________________
5. Other Financing Sources
Please identify all additional financing sources associated with this project.
Source

Amount

Status

6. Proposed Use of Loan Proceeds

City of Hopewell, Virginia
Invest Hopewell Business Loan Application

Please indicate how loan proceeds will be used.
☐ Land Acquisition
☐ Building Acquisition
☐ Building Renovation
☐ Building Expansion
☐ Site Improvements
☐ Machinery & Equipment
☐ Infrastructure Improvements
☐ Working Capital
☐ Other
If Other, please describe:

7. Project Description
Please provide a summary of the proposed project, including:
• Purpose of the loan
• Description of improvements or investment
• Expected project timeline
• Benefits to the business
• Benefits to the City of Hopewell
(Attach additional pages if necessary.)

8. Economic Impact
• Current Number of Full-Time Employees: ______________________
• Current Number of Part-Time Employees:____________________
• Number of Jobs to be Created: ________________
• Number of Jobs to be Retained: ______________________
• Estimated Private Investment Leveraged: ______________________
• Estimated Project Completion Date: ________________________

9. Collateral

City of Hopewell, Virginia
Invest Hopewell Business Loan Application

Describe the collateral being offered to secure the requested loan.

10. Estimated Value of Collateral: $ ______________________________
11. Is the collateral currently pledged to another lender?
☐ Yes
☐ No
If yes, please explain:

Part III: Financial Information
1. Please check all documents included with this application.
☐ Three (3) years of Business Federal Tax Returns
☐ Personal Tax Returns (if requested)
☐ Current Balance Sheet
☐ Profit & Loss Statement
☐ Cash Flow Projection
☐ Business Plan
☐ Bank Statements
☐ Personal Financial Statement(s)
☐ Project Budget
☐ Contractor Estimates or Quotes
☐ Other Supporting Documentation
2. Additional Financing
Has financing been requested from another lender for this project?
☐ Yes
☐ No
If yes, please identify the lender and describe the outcome.

3. Litigation & Bankruptcy

City of Hopewell, Virginia
Invest Hopewell Business Loan Application

Has the business or any owner with twenty percent (20%) or greater ownership interest:
•

Declared bankruptcy within the past seven years?
☐ Yes
☐ No

•

Been involved in pending litigation that may materially affect the business?
☐ Yes
☐ No

•

If yes to either question, please explain.

Part IV: Certifications
I certify that the information contained in this application and all supporting documentation is true and
correct to the best of my knowledge.
I understand that submission of this application does not guarantee funding.
I authorize the Hopewell Economic Development Authority and the City of Hopewell to verify any
information contained within this application and to request additional information deemed necessary to
evaluate this request.
I further acknowledge that any material misrepresentation may result in denial of this application or
default of any approved loan.
Applicant Signature

Printed Name

Title

Date

City of Hopewell, Virginia
Invest Hopewell Business Loan Application
For EDA Use Only
Application Received

Received By

Application Complete
☐ Yes
☐ No
Additional Information Requested
☐ Yes
☐ No
Date Presented to EDA: ___________________________________

EDA Action
☐ Approved
☐ Approved with Conditions
☐ Tabled
☐ Denied
Loan Amount Approved: $ ______________________________
Interest Rate: _________________________________
Loan Term: _______________________________
Collateral Accepted: ___________________________
EDA Chair Signature:

Date: ______________________________

CITY OF HOPEWELL

Hopewell Sites Ready Marketing Program

City of Hopewell Department of Economic Development
300 N. Main Street
Hopewell, VA 23860

1. Program Overview
The Hopewell Sites Ready Marketing Program is an economic development initiative of the City
of Hopewell designed to identify, organize, and actively market available commercial, industrial,
and redevelopment properties throughout the City.
Through the program, the City will partner with participating property owners and their
authorized representatives to increase the visibility of vacant and underutilized properties and
connect those properties with prospective businesses, developers, investors, site selection
consultants, real estate professionals, and other potential users.
Participation in the program authorizes the City of Hopewell Economic Development & Tourism
Department to market an approved property through local, regional, state, and other appropriate
economic development channels.
The program is intended to strengthen Hopewell's inventory of marketable properties,
encourage productive reuse of vacant and underutilized real estate, support business attraction
and expansion, and facilitate private investment throughout the City.
2. Program Objectives
The Hopewell Sites Ready Marketing Program is intended to:
• Establish and maintain an accurate inventory of available commercial, industrial, and
redevelopment properties within the City of Hopewell;
• Increase exposure of available properties to prospective businesses, developers, investors,
brokers, and site selection professionals;
• Create a centralized online resource for businesses and investors considering Hopewell;
• Strengthen collaboration between the City, property owners, commercial real estate
professionals, and economic development partners;
• Encourage the productive reuse and redevelopment of vacant and underutilized properties;
• Improve the quality and availability of property information used in responding to business
attraction and expansion opportunities;
• Reduce the time necessary to identify properties that may satisfy the requirements of an
economic development prospect; and
• Support private investment, business growth, job creation, and expansion of the City's
commercial and industrial tax base.
Page 1 of 7

3. Eligible Properties
Properties must be located within the corporate limits of the City of Hopewell.
Eligible properties may include:
• Vacant commercial buildings or suites;
• Vacant industrial or manufacturing buildings;
• Office properties;
• Retail and restaurant spaces;
• Mixed-use properties with available commercial space;
• Vacant commercial or industrial land;
• Redevelopment properties;
• Underutilized properties for which the owner is actively seeking redevelopment or additional
occupancy; and
• Other properties determined by the City to support the City's economic development
objectives.
Properties are not required to be owned by the City to participate.
The City may establish minimum property or space requirements when appropriate and reserves
the right to determine whether a property is suitable for inclusion based upon its condition,
zoning, availability, marketability, intended use, completeness of information, or consistency
with the City's economic development objectives.
4. Eligible Applicants
Applications may be submitted by:
• The legal property owner;
• An authorized representative of the property owner;
• A commercial real estate broker or agent with written authorization from the property owner;
• Another individual or entity possessing documented authority to market the property.
Applications submitted by anyone other than the legal property owner must include
documentation demonstrating authorization to enroll and market the property.
5. Property Owner Authorization
Participation in the Hopewell Sites Ready Marketing Program is voluntary.
By submitting a signed application and receiving approval for participation, the property owner
authorizes the City of Hopewell and its Economic Development & Tourism Department to
market the property for economic development purposes.
This authorization may include, but is not limited to:
• Listing the property on a dedicated Hopewell Sites Ready webpage;
• Promoting the property through City social media platforms;
Page 2 of 7

•
•
•

•
•
•
•

Promoting the property through LinkedIn and other professional networks;
Including the property in digital or printed economic development materials;
Providing property information directly to business prospects, developers, investors, site
selection consultants, commercial real estate professionals, and economic development
partners;
Including the property in responses to Requests for Information, Requests for Proposals, site
searches, and other business attraction opportunities when appropriate;
Sharing property information with regional, state, and utility economic development
partners;
Including the property in presentations, property tours, prospect visits, or similar economic
development activities; and
Utilizing approved photographs, maps, property descriptions, and other submitted
information for promotional purposes.

Participation does not establish the City as the owner's real estate agent, broker, property
manager, or representative in any transaction.
The City does not negotiate real estate transactions on behalf of participating property owners
and does not receive commissions, fees, or other compensation associated with the sale, lease,
development, or occupancy of a participating property.
6. Required Property Information
Applicants must provide sufficient information for the City to evaluate and effectively market the
property. Information may include, as applicable:
• Property address and parcel identification number;
• Ownership information;
• Authorized broker or representative;
• Property type;
• Total and available acreage or square footage;
• Sale price and/or lease rate, if publicly available;
• Zoning;
• Current and previous uses;
• Building specifications;
• Parking and loading facilities;
• Utility information;
• Transportation access;
• Environmental or redevelopment information known to the owner;
• Current photographs;
• Surveys, site plans, or floor plans, if available;
• Existing marketing materials; and
• Other information requested by the City.
Marketing Materials
• Current photographs;
• Site plans, floor plans, or surveys, if available;
Page 3 of 7

Aerial imagery or property maps, if available;
Existing property brochures or marketing materials;
• Broker listing information, if applicable; and
• Other materials requested by the City.
The City may work with applicants to organize submitted information into a standardized
property profile.
•
•

Marketing Costs
Unless otherwise approved by the City, property owners shall be responsible for costs associated
with:
• Surveys;
• Environmental studies;
• Engineering;
• Geotechnical investigations;
• Legal services;
• Brokerage;
• Property Improvements;
• Site preparation;
• Other private due diligence.
`

The City may, subject to lawful appropriation and applicable procurement requirements, expand
public funds for general program administration and marketing activities.
7. Property Review and Acceptance
Submission of an application does not guarantee acceptance into the Hopewell Sites Ready
Marketing Program.
Economic Development & Tourism staff will review applications for completeness and may
consult other City departments when necessary to verify publicly available property information,
zoning, utility availability, or other relevant characteristics.
The City may request additional information before approving a property.
Properties may be approved when the City determines that:
1. The property is legitimately available for sale, lease, redevelopment, or occupancy;
2. The applicant possesses authority to market the property;
3. Sufficient information has been provided to effectively market the property;
4. The property can reasonably accommodate commercial, industrial, office, retail, hospitality,
mixed-use, or other employment- or investment-generating activity consistent with
applicable regulations; and
5. Inclusion of the property supports the City's economic development objectives.
The City reserves the right to approve, deny, suspend, or remove any property from the program
at its discretion.
Page 4 of 7

8. Hopewell Sites Ready Property Profile
Upon approval, Economic Development & Tourism staff may develop a standardized Hopewell
Sites Ready Property Profile for the property.
Depending upon the property type, the profile may include:
• Property photograph;
• Address and location map;
• Available acreage or square footage;
• Sale or lease information;
• Zoning (including easements and restrictions);
• Building specifications;
• Utility information (e.g.: water/sewer, electric capacity, natural gas, etc.);
• Transportation access;
• Proximity to major highways, rail, port, airport, and other infrastructure;
• Property contact or broker information;
• Redevelopment opportunities;
• Incentive or economic development information, when applicable; and
• Links to additional property information.
The property owner or authorized representative will be responsible for reviewing propertyspecific information for accuracy.
9. Property Owner Responsibilities
Participating property owners and their authorized representatives are responsible for:
• Providing accurate and complete information;
• Providing authorization to market the property;
• Promptly notifying the City of changes to property availability, pricing, ownership,
representation, or material property characteristics;
• Responding in a timely manner to inquiries referred by Economic Development & Tourism
staff;
• Maintaining the property in accordance with applicable City codes and regulations;
• Providing indemnification and insurance where appropriate;
• Providing reasonable access for scheduled economic development prospect visits when
mutually agreed upon;
• Updating property information when requested by the City; and
• Immediately notifying the City when the property is sold, leased, placed under contract,
withdrawn from the market, or otherwise becomes unavailable.
The City may periodically request confirmation that a property remains available.
10. Property Information Updates
To maintain a credible and useful property inventory, the City may periodically contact
participants to verify property information.

Page 5 of 7

Property owners or their representatives must respond to requests for verification within the
timeframe established by Economic Development & Tourism staff.
Properties for which information cannot be verified may be temporarily removed from public
marketing until updated information is received.
11. Site Visits and Prospect Confidentiality
Participation in the program does not provide the City with unrestricted access to private
property.
Any physical access to a participating property by City staff, economic development partners,
prospects, consultants, or other parties will be coordinated with the property owner or
authorized representative unless separate written authorization has been provided.
Economic development projects may involve confidential business information. When legally
permissible and appropriate, the City may withhold the identity or confidential information of a
prospective business or project until such information may be disclosed.
Property owners participating in prospect visits may be asked to maintain the confidentiality of
prospective projects.
12. No Guarantee or Representation
Participation in the Hopewell Sites Ready Marketing Program does not constitute certification or
representation by the City regarding the condition, suitability, environmental status, structural
integrity, utility capacity, development readiness, market value, title, or legal status of a property.
Property information provided through the program is intended for economic development
marketing purposes and should be independently verified by prospective purchasers, tenants,
developers, investors, or other interested parties.
The City makes no guarantee that participation will result in the sale, lease, redevelopment,
improvement, or occupancy of a property.
13. Non-Exclusive Marketing
Participation in the Hopewell Sites Ready Marketing Program does not constitute certification or
representation by the City regarding the condition, suitability, environmental status, structural
integrity, utility capacity, development readiness, market value, title, or legal status of a property.
Property information provided through the program is intended for economic development
marketing purposes and should be independently verified by prospective purchasers, tenants,
developers, investors, or other interested parties.
The City makes no guarantee that participation will result in the financing, sale, lease,
redevelopment, improvement, or occupancy of a property.
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14. Program Cost
There is no fee to apply for or participate in the Hopewell Sites Ready Marketing Program.
Unless otherwise established through a separate City or Economic Development Authority
program, participation does not constitute an award of financial assistance and does not obligate
the City or the Hopewell Economic Development Authority to fund improvements to
participating properties.
15. Removal from the Program
A property may be removed from the program:
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At the request of the property owner or authorized representative;
When the property is sold or leased;
When the property is no longer actively available;
When property information becomes materially inaccurate or cannot be verified;
When the property no longer meets program requirements;
When the owner or representative fails to respond to requests for updated information; or
At the discretion of the City when continued participation is determined not to support the
purposes of the program.

Property owners may reapply if circumstances subsequently change.
16. Program Administration
The Hopewell Sites Ready Marketing Program will be administered by the City of Hopewell
Economic Development & Tourism Department.
Economic Development & Tourism staff will be responsible for reviewing applications,
maintaining property information, coordinating marketing activities, responding to economic
development inquiries, and serving as the primary liaison between participating property
owners and prospective economic development projects.
The City reserves the right to amend, suspend, or discontinue the program or modify these
guidelines as necessary to support the City's economic development objectives.

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CITY OF HOPEWELL

Hopewell Sites Ready Property Activation Loan Program
City of Hopewell Economic Development Authority
300 N. Main Street
Hopewell, VA 23860

1. Program Overview
The Hopewell Sites Ready Property Activation Loan Program is an economic development
financing initiative of the Hopewell Economic Development Authority (EDA) designed to
encourage the redevelopment, rehabilitation, and productive reuse of vacant and underutilized
commercial and industrial properties within the City of Hopewell, and provide low-interest,
deferred, or forgivable loans to eligible property owners and developers for improvements that
increase the marketability, redevelopment, readiness, occupancy, and productive use of these
commercial and industrial properties.
Through the program, eligible property owners and developers may apply to the EDA for
financing to complete improvements, site preparation, due diligence, infrastructure
improvements, and other activities necessary to move eligible properties toward redevelopment,
occupancy, and active marketing to prospective end-users.
The program recognizes that vacant and underutilized properties may require significant upfront
investment before they can effectively compete for business attraction, private development, or
tenant opportunities. The program is intended to reduce these barriers by providing access to
flexible financing while leveraging additional private investment in Hopewell.
The ultimate objective of the program is to move properties from vacancy or underutilization to
market readiness, private investment, and productive economic use.
2. Program Objectives
The Sites Ready Property Activation Loan Program is intended to:
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Encourage redevelopment and productive reuse of vacant and underutilized commercial and
industrial properties;
Reduce physical, financial, and developmental barriers that prevent properties from being
effectively marketed or occupied;
Increase the inventory of market-ready commercial and industrial properties within
Hopewell;
Incentivize private investment in existing buildings and redevelopment sites;
Improve the appearance, condition, functionality, and competitiveness of commercial and
industrial properties;
Support revitalization of aging or obsolete commercial and industrial areas;
Facilitate business attraction, retention, and expansion;
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Encourage adaptive reuse of existing structures;
Eliminate or reduce deterioration and blighting conditions;
Leverage EDA resources with private capital and other available financing;
Increase taxable property values and economic activity; and
Support job creation, business investment, and expansion of the City's commercial and
industrial tax base.

3. Eligible Applicants
Eligible applicants may include:
• Owners of eligible commercial or industrial properties;
• Owners of vacant or underutilized buildings;
• Prospective purchasers of eligible properties;
• Developers acquiring or redeveloping eligible properties;
• Nonprofit organizations undertaking eligible economic development activities;
• Business entities possessing sufficient legal control of an eligible property; and
• Other applicants determined eligible by the EDA based upon the purposes of the program.
Applicants who do not own the property must demonstrate sufficient site control through
documentation acceptable to the EDA, which may include:
• Purchase agreement;
• Option to purchase;
• Long-term lease;
• Development agreement; or
• Other legally enforceable documentation demonstrating control of the property.
The EDA may require consent from the property owner before approving financing for an
applicant who does not hold fee-simple ownership.
Applicants must demonstrate sufficient financial capacity and creditworthiness to repay the
requested financing.
4. Eligible Properties
Properties must be located within the corporate limits of the City of Hopewell.
Eligible properties may include:
• Vacant commercial buildings;
• Vacant industrial or manufacturing buildings;
• Vacant retail, restaurant, or office properties;
• Underutilized commercial or industrial buildings;
• Mixed-use properties containing a significant commercial component;
• Vacant commercial or industrial land;
• Former industrial or commercial properties requiring redevelopment;
• Properties requiring rehabilitation before they can reasonably be marketed for occupancy;
• Properties proposed for adaptive reuse; and
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Other redevelopment properties determined by the EDA to advance the City's economic
development objectives.

Preference may be given to properties that have remained vacant or underutilized for an
extended period, require identifiable investment to become marketable, or are strategically
important to the City's redevelopment and economic development objectives.
5. Property Eligibility Considerations
In determining whether a property is appropriate for the program, the EDA may consider:
• Current condition of the property;
• Duration of vacancy or underutilization;
• Current and proposed use;
• Zoning and land-use compatibility;
• Location and surrounding development;
• Market potential following completion of improvements;
• Existing environmental or redevelopment challenges;
• Potential to eliminate blight or deterioration;
• Private investment being leveraged;
• Potential for business attraction or expansion;
• Potential increase in assessed value;
• Potential job creation;
• Consistency with City plans and redevelopment objectives; and
• Overall anticipated economic impact.
6. Eligible Use of Loan Funds
Loan proceeds must be used for activities that directly contribute to preparing an eligible
property for redevelopment, occupancy, or marketing.
Eligible activities may include, but are not limited to:
Building Rehabilitation
• Building stabilization;
• Structural repairs;
• Roof repair or replacement;
• Exterior rehabilitation;
• Façade improvements;
• Window and door replacement;
• Interior rehabilitation;
• Electrical system improvements;
• Plumbing improvements;
• HVAC and mechanical improvements;
• Fire suppression and life-safety improvements;
• ADA accessibility improvements;
• Building code compliance improvements; and
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Other improvements necessary to make a building safe, functional, marketable, or suitable for
prospective occupancy.

Site Improvements
• Site clearing and preparation;
• Grading, grubbing, excavation and fill;
• Soil stabilization;
• Parking lot improvements;
• Driveways and internal access improvements;
• Sidewalks and pedestrian improvements;
• Drainage and stormwater improvements;
• Landscaping directly associated with property redevelopment;
• Exterior lighting;
• Site signage;
• Fencing when necessary for redevelopment or property functionality; and
• Other site improvements approved by the EDA.
Infrastructure
• Water service improvements;
• Sewer service improvements;
• Electrical service upgrades;
• Natural gas infrastructure;
• Broadband or telecommunications infrastructure;
• Utility extensions;
• On-site infrastructure (e.g. curb and gutter, road improvements, access roads, etc); and
• Other infrastructure necessary to support redevelopment or prospective occupancy.
Due Diligence and Predevelopment
• Phase I Environmental Site Assessments;
• Phase II Environmental Site Assessments;
• Environmental studies;
• Surveys (boundary, topography, etc);
• Wetlands review;
• Geotechnical studies;
• Engineering studies;
• Architectural services;
• Site planning;
• Utility studies;
• Structural assessments;
• Environmental remediation planning;
• Development feasibility studies;
• Review of prior commercial or industrial uses; and
• Other professional services directly associated with preparing the property for
redevelopment.
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Demolition and Environmental Activities
• Demolition of obsolete or unsafe structures when directly associated with an approved
redevelopment strategy;
• Selective demolition necessary for rehabilitation;
• Asbestos or hazardous-material abatement;
• Environmental remediation;
• Removal of obsolete infrastructure; and
• Other remediation activities approved by the EDA.
The EDA reserves the right to determine whether a proposed expense sufficiently advances the
purposes of the program.
7. Ineligible Uses
Unless specifically approved by the EDA as necessary to accomplish an eligible redevelopment
project, loan proceeds may not be used for:
• Routine maintenance;
• Ordinary operating expenses;
• Payroll;
• Employee benefits;
• General administrative expenses;
• Rent;
• Inventory;
• Working capital unrelated to property redevelopment;
• Payment of delinquent real estate taxes;
• Delinquent utility bills;
• Fines or penalties;
• Refinancing existing debt;
• Payment of existing liens or judgments;
• Acquisition of vehicles;
• Acquisition of personal property unrelated to redevelopment;
• Distributions or payments to owners, shareholders, members, or related parties;
• Costs incurred prior to EDA approval unless specifically authorized;
• Primarily residential improvements;
• Speculative expenses unrelated to an approved redevelopment plan; or
• Activities that do not materially advance the redevelopment, marketability, occupancy, or
productive economic use of the property.
8. Ineligible Costs
Loan proceeds shall not be used for any cost or expenditure that in the reasonable determination
of the EDA:
• Is not directly related to the approved Project;
• Does not further the purposes of the Program;
• Is an ordinary operating, maintenance, or working-capital expense of the Borrower;
• Constitutes a distribution, dividend, return of capital, or payment to an owner or affiliate;
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Constitutes payment of an obligation incurred prior to the approved Project commencement
date, unless expressly approved by the EDA;
Has been or will be paid from another source of public funding; or
Is otherwise inconsistent with applicable law, the Program guidelines the Loan Agreement, or
the EDA’s approval of the Loan.

9. Loan Amounts
Loan amounts will be determined by the EDA based upon:
• Total project cost;
• Amount of financial assistance requested;
• Applicant investment;
• Other financing committed to the project;
• Availability of EDA funds;
• Creditworthiness and repayment capacity;
• Proposed collateral;
• Scope and useful life of improvements;
• Anticipated economic impact; and
• Other factors determined relevant by the EDA.
The EDA may approve an amount less than requested.
No applicant is entitled to financing based solely upon satisfaction of minimum program
eligibility requirements.
10. Interest Rates
The interest rate for each loan will be determined by the Hopewell Economic Development
Authority on a case-by-case basis. In establishing the applicable interest rate, the EDA may
consider the amount of financing requested, proposed repayment term, project scope, applicant
creditworthiness, collateral, prevailing market conditions, source and cost of funds, anticipated
economic development impact, and other factors deemed relevant by the EDA. The final interest
rate will be established as part of the EDA's approval of the loan request and incorporated into
the applicable loan documents.
11. Repayment Terms
Repayment terms will be negotiated based upon:
• Principal loan amount;
• Loan term;
• Interest rate;
• Amortization;
• Payment commencement date;
• Monthly/Quarterly payments;
• Maturity;
• Scope and nature of the project;
• Useful life of improvements;
• Applicant cash flow;
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Projected revenue;
Collateral;
Mandatory payoff upon sale or transfer;
Mandatory payoff upon refinancing;
Other financing associated with the project; and
Other relevant underwriting considerations.

The EDA may establish:
• Monthly or other periodic payments;
• Amortization periods appropriate to the financed improvements;
• Interest-only periods when justified by project construction or redevelopment schedules;
• Deferred payment periods when necessary to facilitate redevelopment; and
• Other repayment structures determined appropriate by the EDA.
No principal, interest, fees, or other obligation under an EDA Loan shall be forgiven, reduced,
deferred, or modified except pursuant to a written action of the EDA expressly authorizing such
forgiveness, reduction, deferral, or modification.
All final repayment requirements will be incorporated into the applicable loan documents.
12. Applicant Investment and Leverage
The program is intended to supplement and leverage private investment and conventional
financing rather than replace financing otherwise reasonably available from private sources.
Applicants should demonstrate a meaningful financial commitment to the proposed project. For
example, a 15% minimum applicant investment and a 1:1 minimum leverage requirement, giving
the EDA Board discretion to approve a lower requirement for strategically important projects.
Sources of applicant or project investment may include:
Applicant equity;
• Cash investment;
• Conventional financing;
• Owner-funded improvements;
• Investor equity;
• Other public financing;
• Grants;
• Tax credits; and
• Other documented project resources.
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The EDA may consider the amount of private investment leveraged when evaluating and
prioritizing applications.
The EDA may require evidence that conventional financing has been pursued or is unavailable on
reasonable terms when appropriate.

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The EDA will determine in its sole discretion, whether a particular source of funds qualifies as
leveraged funds.
13. Collateral and Security
Collateral is required for loans issued through the program.
Applicants must identify proposed collateral as part of the application.
Depending upon the loan structure, the EDA may accept or require:
• Real estate liens;
• Deeds of trust;
• Equipment or other business assets;
• Assignments of leases or revenues;
• Corporate guarantees;
• Personal guarantees;
• UCC security interests;
• Other collateral or security acceptable to the EDA.
The EDA may require appraisals, title reports, lien searches, environmental documentation,
insurance, or other information necessary to evaluate and protect its collateral position.
The EDA will determine the adequacy of collateral on a case-by-case basis, and may require
additional collateral if the value or condition of the original collateral becomes insufficient to
secure the obligations.
14. Required Financial Information
Applicants must demonstrate sufficient creditworthiness and repayment capacity.
At a minimum, applicants may be required to provide:
• Three years of business tax returns;
• Current business financial statements (including current balance sheets and income
statement/profit-and-loss statement);
• Evidence of cash available for the required applicant investment;
• Personal tax returns when business returns are unavailable or when otherwise required;
• Personal financial statements from owners or guarantors when applicable;
• Development or project budget;
• Detailed sources and uses of funds;
• Contractor estimates or professional cost estimates;
• Evidence of applicant equity;
• Documentation of other financing;
• Existing debt obligations;
• Projected cash flow;
• Development pro forma, when applicable;
• Credit information;
• Organizational documents;
• Property ownership or site-control documentation; and
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Other information requested by the EDA.

The EDA reserves the right to require additional documentation necessary to adequately evaluate
the applicant, project, collateral, and repayment capacity. Applicants shall promptly notify the
EDA of any material adverse change in its financial condition, ownership, indebtedness,
litigation, credit status, or ability to complete the Project or repay the Loan occurring after
submission of he application and prior to closing. The EDA may require updated financial
information as a condition to approval, closing, disbursement, or continued funding of the Loan.
15. Project Evaluation
Applications will be evaluated based upon the overall merits of the project and may include
consideration of:
• Degree to which EDA financing is necessary for the project;
• Current vacancy or underutilization;
• Economic development benefits;
• Project risks;
• Length of property vacancy;
• Existing property condition;
• Feasibility of the proposed improvements;
• Applicant experience and ability to complete the project;
• Applicant creditworthiness;
• Repayment capacity;
• Adequacy of collateral;
• Private investment leveraged;
• Marketability following completion;
• Potential for business attraction;
• Potential job creation;
• Potential increase in taxable property value;
• Elimination of blight or deterioration;
• Strategic importance of the property;
• Consistency with City plans and economic development objectives;
• Readiness to proceed; and
• Availability of EDA funds.
The EDA may prioritize applications demonstrating a substantial public economic development
benefit.
16. Project Readiness
Applicants should demonstrate to the satisfaction of the EDA that the proposed project is
sufficiently advanced to permit timely and successful implementation to reasonably proceed
following loan closing.
Evidence of readiness may include:
• Contractor estimates;
• Construction plans;
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Architectural or engineering documents;
Required permits or approvals;
Development schedules;
Executed or pending financing commitments;
Applicant equity;
Site-control documentation;
Zoning and land-use approvals; and
Other evidence demonstrating the applicant's ability to undertake and complete the proposed
project.

The EDA may determine that a project is not sufficiently ready for financing if material issues
remain unresolved concerning site control, zoning, environmental conditions, permitting,
utilities, construction costs, financing, market demand, or other matters that could reasonably
delay or prevent completion of the Project.
17. Participation in the Hopewell Sites Ready Marketing Program
A central purpose of the Property Activation Loan Program is to prepare vacant and
underutilized properties for active economic development marketing and productive reuse.
Accordingly, acceptance of financing through the Sites Ready Property Activation Loan Program
requires participation in the Hopewell Sites Ready Marketing Program for properties that remain
available for sale, lease, redevelopment, or occupancy following completion of the financed
improvements.
Loan recipients must complete the separate Sites Ready Marketing Program application and
provide the City with the information and authorization necessary to market the property.
Properties may be marketed through:
• The Hopewell Sites Ready webpage;
• City social media platforms;
• LinkedIn;
• Direct business recruitment;
• Regional and state economic development partners;
• Site selection networks;
• Responses to prospect inquiries;
• Property tours;
• Trade shows and recruitment activities; and
• Other appropriate economic development channels.
If an end-user has already been identified as part of the approved redevelopment project, the
EDA may waive or modify the marketing participation requirement when active marketing of the
property would no longer serve the purposes of the program.
18. Application and Approval Process
The general application process will include:
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Step 1 – Pre-Application Consultation
Applicants are encouraged to meet with City of Hopewell Economic Development & Tourism
staff to discuss the proposed project, program eligibility, financing needs, and application
requirements.
Step 2 – Application Submission
The applicant submits a completed application and required supporting documentation.
Step 3 – Staff Review
Economic Development & Tourism staff review the application for completeness and may
request additional information.
Step 4 – Financial and Project Evaluation
The application is evaluated based upon project feasibility, financial capacity, collateral,
redevelopment impact, economic development benefits, and applicable program criteria.
Step 5 – EDA Consideration
Completed loan requests are presented to the Hopewell Economic Development Authority for
consideration.
Step 6 – Loan Approval
The EDA may approve, approve with conditions, table, request additional information, modify,
or deny a request.
Step 7 – Loan Documentation and Closing
Following approval and satisfaction of all conditions, loan documents are prepared and
executed.
Step 8 – Project Implementation and Disbursement
Loan proceeds are disbursed in accordance with the approved loan documents and project
requirements.
19. Loan Documentation
All loans must receive formal approval from the Hopewell Economic Development Authority.
Loan documents will be prepared by or under the direction of the City of Hopewell City
Attorney's Office.
Loan documents may include, as applicable:
• Promissory note;
• Loan agreement;
• Deed of trust;
• Security agreement;
• Personal or corporate guarantees;
• Assignment documents;
• UCC financing statements;
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Marketing participation requirements;
Project performance requirements; and
Other documents determined necessary by the EDA or City Attorney's Office.
No loan funds will be disbursed until all required documents have been executed and
applicable closing conditions have been satisfied.

20. Disbursement of Funds
The EDA may disburse loan proceeds through:
• Reimbursement of documented eligible expenses;
• Direct payment to contractors or vendors;
• Construction draws;
• Scheduled disbursements tied to project milestones; or
• Another method established in the loan documents.
Applicants may be required to submit:
• Executed contracts;
• Invoices;
• Receipts;
• Proof of payment;
• Inspection documentation;
• Photographs;
• Lien waivers;
• Progress reports; and
• Other documentation before funds are released.
The EDA may withhold disbursement when work does not conform to the approved project scope
or loan requirements.
21. Project Completion
Loan recipients must complete approved improvements within the timeframe established by the
EDA or loan documents.
Material changes to the approved project scope, budget, ownership, financing, or use of loan
proceeds require prior approval.
Upon completion, the EDA or City may require:
• Final invoices;
• Proof of payment;
• Photographs;
• Inspections;
• Certificate of occupancy, when applicable;
• Documentation of private investment;
• Evidence of completed improvements; and
• Other appropriate closeout documentation.
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22. Ongoing Monitoring
The EDA and Economic Development & Tourism Department may monitor financed projects
throughout the term of the loan.
Loan recipients may be required to periodically provide:
• Financial statements;
• Proof of insurance;
• Tax payment status;
• Property occupancy information;
• Project status information;
• Documentation regarding collateral;
• Marketing or redevelopment status; and
• Other information reasonably necessary to monitor compliance.
23. Default and Delinquency
Events of default may include, but are not limited to:
• Failure to make required payments;
• Misuse of loan proceeds;
• Material misrepresentation in the application or loan documents;
• Failure to complete the approved project;
• Unauthorized disposition of collateral;
• Failure to maintain required insurance;
• Failure to pay applicable taxes;
• Unauthorized transfer of the property or borrower interest;
• Violation of material program or loan requirements; or
• Other events identified in the loan documents.
Available remedies may include:
• Late fees;
• Default interest;
• Suspension of undisbursed loan proceeds;
• Acceleration of outstanding principal and interest;
• Enforcement against collateral;
• Enforcement of guarantees;
• Collection costs and reasonable legal expenses; and
• Other remedies available under the loan documents or applicable law.
Specific default provisions, cure periods, late fees, default interest rates, and remedies will be
established in the applicable loan documents.
24. Taxes and Governmental Obligations
Applicants and loan recipients must remain in good standing with applicable City taxes, fees,
utility obligations, licenses, and other governmental requirements unless an alternative
arrangement has been formally approved by the appropriate governmental entity.
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The EDA may require verification of good standing before closing or disbursement.
25. Insurance
Borrowers must maintain insurance appropriate to the property, project, and collateral
throughout the loan term.
Required coverage may include:
• Commercial property insurance (replacement-cost basis where appropriate);
• Commercial general liability insurance;
• Builder's risk insurance during construction;
• Worker’s Compensation;
• Contractor/subcontractor insurance;
• Automobile liability insurance (if used in connection with project or operations);
• Flood insurance when applicable;
• Environmental pollution liability; and
• Other coverage required by the EDA.
The EDA may require designation as mortgagee, loss payee, or additional insured when
appropriate. The EDA should have the right to review:
• Certificates of insurance;
• Actual policies or endorsements upon request;
• Additional insured endorsements;
• Waivers of subrogation where appropriate; and
• Evidence that coverage remains current.
26. Conflict of Interest
Loans will be administered in accordance with applicable federal, state, and local conflict-ofinterest requirements.
Loans may not be made to EDA members, City officials, employees participating in
administration or approval of the program, or their immediate family members except when
expressly permitted by applicable Virginia law and approved through all legally required
procedures.
Applicants must disclose actual or potential conflicts of interest.
27. No Guarantee of Additional Assistance
Approval of a Sites Ready Property Activation Loan does not guarantee eligibility for or receipt of
additional City, EDA, state, federal, or other financial assistance.
When appropriate, Economic Development & Tourism staff may assist applicants in identifying
complementary financing, grants, tax credits, or other economic development resources.
28. No Entitlement to Funding
Submission of an application does not create an entitlement to EDA financing.
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All loans are subject to:
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Availability of funds;
EDA approval;
Satisfactory underwriting;
Adequate collateral;
Completion of required documentation;
Legal review;
Satisfaction of closing conditions; and
Other requirements established by the EDA.

The EDA reserves the right to deny any application when it determines that financing is not in
the best interest of the EDA or does not sufficiently advance the purposes of the program.
29. Program Administration
The Sites Ready Property Activation Loan Program will be administered collaboratively by the
Hopewell Economic Development Authority and the City of Hopewell Department of Economic
Development & Tourism.
Economic Development & Tourism staff will serve as the primary point of contact for prospective
applicants, coordinate application intake and staff review, assist with project evaluation, and
monitor approved projects as appropriate.
The Hopewell Economic Development Authority will retain final authority over approval of
financial assistance and loan terms.
The City Attorney's Office will prepare or oversee preparation of applicable loan documents and
provide legal review as necessary.
30. Program Amendment
The Hopewell Economic Development Authority reserves the right to amend, suspend, modify, or
discontinue the Sites Ready Property Activation Loan Program at any time.
The EDA may establish additional underwriting standards, administrative procedures, funding
limitations, loan conditions, or other requirements necessary to protect public resources and
advance the economic development objectives of the City of Hopewell.
Changes to these guidelines will not alter the contractual obligations contained in previously
executed loan documents unless otherwise modified and/or agreed to by the parties in writing.

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