HomeMy WebLinkAbout12/12/2018 - Minutes The Economic Development Authority of Roanoke County
Roanoke County Administration Center
Fourth Floor Training Room,5204 Bernard Drive
Roanoke,Virginia 24018
Minutes
Wednesday,December 12,2018
The Economic Development Authority of Roanoke County,Virginia met this day at the
Roanoke County Administration Center.
Members Present
Chairman-Steve Musselwhite
Vice Chairman-Woody Windley
Greg Apostolou
Kyle Richardson
Michael Cagle
Ssunny Shah
Kirtesh Patel
Steve Anderson
Ruth Ellen Kithnel,Counsel
Webster Day,Counsel
Jill Loope, Secretary-Treasurer
Glenna Ratcliffe,Recording Clerk
Members Absent
Leon McGhee
Max Beyer(arrived at 9:00 a.m.just as the meeting adjourned)
Guest
John Mehrkens, Principal,Baile Senior Development;Rebecca Owens,Director of
Finance;Evan Malone,Financial Analyst;Ashley Anderson,Finance Manager; George
Child, CEO Richfield Living; Cherie Grisso, CFO Richfield;
CALL TO ORDER
Chairman Steve Musselwhite determined a quorum was established and called the meeting to
order at 8:30 a.m.
REQUEST TO POSTPONE, ADD TO, OR CHANGE THk: ORDER OF THE AGENDA
ITEMS
Ms. Loope added the following agenda item under OLD BUSINESS—RICHFIELD LIVING
BOND ISSUANCE as recommended by Webster Day,Counsel to the EDA:
Consideration of a reduction in the maximum annual administrative fee to be charged by
the Authority in connection with the issuance of bonds,from 1/8 of 1% to 1/16tb of 1% of
the bonds outstanding and corresponding amendments to the Authority's Fee Schedule and
Rules and Procedures
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APPROVAL OF October 24,2018 MINUTES
A motion was made by Mr. Shah and seconded by Mike Cagle to approve the minutes of
October 24,2018 as presented. The motion carried on the following vote:
Aye:Musselwhite,Windley,Apostolou,Richardson,Cagel, Shah,Patel and Anderson
Nay: None
FINANCE REPORT
Evan Malone, Financial Analyst, reviewed the information provided on the financial report for
the month ending November 30, 2018. Greg Apostolou asked for the balance in the EDA
account. Mr. Evans stated he would provide that information. On motion by Kirtesh Patel to
accept and approve the financial report as presented, seconded by Kyle Richardson the motion
carried on the following vote:
Aye: Musselwhite, Windley,Apostolou,Richardson, Cagel, Shah,Patel and Anderson
Nay: None
Mr. Malone presented the proposed budget(July 1,2018—June 30, 2019). On motion by Steve
Anderson to accept and approve the proposed budget as presented,seconded by Mike Cagle the
motion carried on the following vote:
Aye: Musselwhite, Windley,Apostolou,Richardson,Cagel, Shah,Patel and Anderson
Nay:None
OLD BUSINESS
Consideration of a reduction in the maximum annual administrative fee to be charged by
the Authority in connection with the issuance of bonds,from 1/8 of 1% to 1/16th of 1% of
the bonds outstanding and corresponding amendments to the Authority's Fee Schedule and
Rules and Procedures.
Steve Musselwhite, Chairman, reviewed the Rules and Procedures recently put in place and
stated after much discussion with members and hearing their input regarding the administrative
fee to be charged by the Authority, the members felt it should be lowered from 1/8th of. 1% to
1/16h of 1%. He stated that Richfield was the first business to be affected by the new policy and
fee structure, and that each request should be decided on a case-by-case basis. The City of
Roanoke's fee is 1/16th of 1%and he felt that the County should be competitive with neighboring
jurisdictions.
On motion by Woody Windley to set the fee for this project at 1/16th of 1%, seconded by Ssunny
Shah the motion carried on the following vote:
Aye: Musselwhite,Windley,Apostolou,Richardson, Cagel, Shah,Patel and Anderson
Nay:None
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Consideration of a resolution titled"RESOLUTION OF THE ECONOMIC
DEVELOPMENT AUTHORITY OF ROANOKE COUNTY,VIRGINIA AUTHORIZING
THE ISSUANCE AND SALE OF REVENUE BONDS IN AN AMOUNT NOT TO
EXCEED$99,000,000 FOR THE BENEFIT OF RICHFIELD LIVING"
On motion by Woody Windley,to approve the issuance and sale of revenue bonds in an amount
not to exceed$99,000,000 for the benefit of Richfield Living,seconded by Ssunny Shah the
motion carried on the following vote:
Aye:Musselwhite,Windley,Apostolou,Richardson,Cagel, Shah,Patel and Anderson
Nay:None
George Childs, CEO of Richfield Living, stated on behalf of the Board of Directors and the
seniors housed at Richfield, this action was greatly appreciated and they looked forward to
working on this project with Roanoke County. The closing is scheduled for the end of January
2019.
Ms. Owens stated she would work on the Fee Restructure by putting together boundaries and a
graded scale and stated she would bring before the members at the next meeting.
NEW BUSINESS
Authorization to execute a contract of sale between the Roanoke County Economic Development
Authority and Appalachian Power Company,property described in the option agreement.
On motion by Mike Cagle,to authorize the sale of the parcel to Appalachian Power Company as
presented, and that the Chairman or Jill Loope are authorized to sign any documents related to
this sale including pre and post-closing documents. The motion was seconded by Ssunny Shah
and was carried on the following vote:
Aye: Musselwhite,Windley,Apostolou,Richardson, Cagel, Shah,Patel and Anderson
Nay:None
Ms. Loope reminded the Authority members of the CRT rezoning scheduled for January,which
will allow for the development of a substation within the park. After a query by Kyle Richardson
regarding the adjoining property owners, Ms. Loope stated she has spoken with two property
owners so far and they were supportive of the project.
ECONOMIC DEVELOPMENT UPDATES
Ms. Loope stated the Tru by Hilton is open for business and doing well. A ribbon cutting was
held November 15.
Mark your calendar for Monday, December 17th at 10:30 for the new opening of Rosies Off-
Track Betting in Vinton.
M = J I
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The Vinton Macados opened and held a ribbon cutting on December 1 and is an excellent
example of repurposing public property for taxable reuse.
The William Byrd property is moving slowly by the project is expected to be completed
sometime this summer.
The former Allstate building is almost at full occupancy, only one 30,000 sq. ft. office space
available for lease.
Dan O'Donnell has been promoted to County Administrator. He has served as Assistant County
Administrator for 18 years and is very familiar with County operations, which will ensure a
smooth transition in County leadership
Greg Apostolou inquired about Tanglewood Mall. Ms. Loope stated that there is currently
nothing new to share. Outparcel development plans have been prepared and the owners continue
to work on securing new commercial leases. Many of the tenants have short-term leases today.
She stated the 419 Plan is still being finalized,but should be formally adopted early next year.
Staff is still implementing the Fallowater Extension project to facilitate a new multi-family
residential development. Fallowater will ultimately connect to Elmview and the signalized
intersection at Route 419.
She stated that most everything the department is working on today are multi-year projects.
•
ADJOURNMENT
After a motion by Kyle Richardson,the meeting was adjourned at 9:00 am.
Mr. Beyer arrived at the meeting.
Respectfully submitted,
Jill Loope
Secretary-Treasurer