Finance/Government Operations and Economic Development Committee

meeting

Loudoun County Board of Supervisors 3h 11m 6 speakers 8 agenda items transcribed 2 days ago official recording ↗

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What items are on the consent agenda and how are they approved?

Juli E. Briskman 4:09

I would like to call to order the November 14th, 2023 Loudoun County Board of Supervisors Finance Government Operations and Economic Development Committee meeting. This room has a hearing loop. If you need hearing assistance, switch your hearing aids to telecoil mode. If you need a headset, we have those available as well. Please see the clerk to request one. Committee members will have three minutes to ask questions for all items with as many rounds as we need. The proposed consent agenda is as follows. Item 3, contract award, task order roadway and transportation design services for federal projects. Item 4, contract award and capital improvement program amendment. architectural and engineering services for the Western Loudoun Recreation Complex.

Juli E. Briskman 5:01

Item 5, contract award roadway and civil design services for the Route 50 North Collector Road. Item 6, contract renewal job order contract for general construction. Item 7, waiver of an affordable multi-family housing loan program requirement for an application submitted by SCG development partners in the 2023-2024 program year. Item 8, waiver of an affordable multi-family housing loan program requirement. for an application submitted by Wellington Development Partners and Cornerstones Housing Corporation in the 2023-2024 program year. Item nine, reallocation of unspent community development block grant consolidated coronavirus funds. Is there a motion? I will make the motion to adopt the consent agenda.

Juli E. Briskman 6:00

Is there a second? Second. Second by Vice Chair Sainz. Madam Chair.

Walter L. Alcorn 6:06

Yes, sir. I forgot to ask you this earlier in the day. I apologize. Would you be open to adding item number 11 to consent with the motion that's in the packet?

Juli E. Briskman 6:17

All right. Let's see.

Walter L. Alcorn 6:18

That's recommended by staff.

Juli E. Briskman 6:19

Item number 11 is the Muddy Branch Flooding Study. Does any member of the committee object to adding that? All right, then we'll add that and let the record reflect if we can do so that item 11 is now going to be part of the consent agenda. So we have a motion by myself, second by Vice Chair Sainz, to add item 11 and to move the entire consent agenda. All in favor, please say aye. Aye. Any opposed say nay. That will pass unanimously. All right. We now go to information items. Item number one, the monthly Department of Economic Development report. Buddy Riser is here, Siobhan, Dana.

What does the Economic Development report say about inflation and local employment?

Juli E. Briskman 7:18

Dana, OK. All right. Welcome. Welcome back.

Walter L. Alcorn 7:25

Good evening, everyone. Some good news earlier today. Inflation, the inflation eased some in October. The report of the Federal Reserve gives the Federal Reserve some evidence that the battle against rapid inflation is working. The Consumer Price Index slowed to 3.2% last month on a year-over-year basis, lower than the 3.7% in September and the coolest since July. The biggest driver of the decrease was energy prices. Nationally, jobs increased by 150,000 in October, the second lowest monthly increase in the past three years. The overall labor participation rate was 62.7 in October. That's still down from pre-pandemic, but still pretty good. September is the most recent month for local unemployment data.

Walter L. Alcorn 8:16

The rate was 2.7 for Loudoun, 3.0 for Virginia, and 3.8 for the U.S. The one area where there is some concern is in the commercial real estate market, especially around office, where about $1.2 trillion of commercial real estate is termed potentially troubled. Vacancy rate for office buildings in major U.S. cities were at record highs and landlords are walking away from some properties even as close as in Herndon. Loudoun isn't really very exposed to this trend because of our product mix heavy with flex and data centers and our low office vacancy rate. We won't be as impacted as some downtown areas are. Right now, we actually think that that is probably an advantage for us because the office market is seeing a real flight to quality in the idea of being in a mixed use environment, especially proximate to transit.

Walter L. Alcorn 9:14

So we think that that's a great thing for us. Our office vacancy right now is 6.9% compared to 16.6 in Arlington, 15.9 in Fairfax, and 15% in Montgomery County.