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EDA hears updates: 460 Commerce Center near completion; new park signage estimated at $124,000; May finances reported
Summary
Staff reported 460 Commerce Center is largely on track for a substantial completion around Aug. 1, Goldie Way extension paving is complete, and a signage program for the park is estimated at $124,000. The EDA also received the May financial report showing an ending cash balance of $3,295,863.63 (unaudited).
Staff gave a series of operational updates to the Isle of Wight County EDA.
Construction and site work: WM Gordon continues work at 460 Commerce Center (Phase 2) on utilities and interior/exterior finishes, with staff anticipating substantial completion by Aug. 1. Goldie Way extension (about 1,000 feet) is paved and a preliminary inspection was expected; Dominion Power work order submitted for 16 light poles to provide lighting along the roadway.
Signage proposal: staff presented a proposed signage program that would place a new monument sign on 460 at Old Mill, refaced monument signs at existing park entries, two wayfinding signs on Old Mill and four driveway address signs (two for 460 Commerce Center, one for Safeco and one for the former Cary facility). Early procurement work by WM Jordan produced an estimate of approximately $124,000 to cover surveying, civil and landscaping design, sign fabrication and solar lighting. Staff said the PDA would bear costs and that additional quotes and a third estimate are pending. Community Development staff indicated signage in the right‑of‑way requires a land‑use permit but administrative approval, not a board hearing.
Finance and activity metrics: fiscal staff reported no revenue in May; operating expenses for the month were $2,237.38, resulting in a net loss of $2,237.38; ending cash balance as of May 31, 2025 was $3,295,863.63 (unaudited). Prospect activity: three new leads in May and three in June; 11 new business licenses in each month; year‑to‑date new business licenses 97 versus 159 in the prior year. Marketing: staff published a refreshed OWL newsletter and placed an ad in Virginia Business Magazine featuring three industrial projects.
Next steps: staff will obtain additional signage estimates, firm up signage procurement and permit steps with Community Development, and follow up on Dominion Power scheduling and the preliminary inspection for Goldie Way.
