HomeMy WebLinkAbout5/20/2015 - Minutes The Economic Development Authority of Roanoke County
Roanoke County Administration Center
5204 Bernard Drive
Roanoke,Virginia 24018
Minutes
Wednesday,May 20,2015, 9:00 A.M.
Members Present
Chairman-Steve Musselwhite
Woody Windley, Vice-Chair
Ssunny Shah
Steve Anderson
Dan Toti
Greg Apostolou
Bill Branch
Secretary-Treasurer,Jill Loope
Recording Clerk, Glenna Ratcliffe
Members Absent
Paul Henkel
Leon McGhee
Paul Mahoney, Counsel
Guest
Rebecca Owens, Director of Finance
Brian Carter, Finance Manager
Ann Whitehurst,Financial Analyst
Anita McMillan, Planner, Town of Vinton
The Economic Development Authority of Roanoke County,Virginia met this day at the
Roanoke County Administration Center this being a regular meeting.
CALL TO ORDER
Chairman, Steve Musselwhite called the meeting to order at 9:00 a.m.
APPROVAL OF JANUARY 21, 2015 AND MARCH 18,2015 MINUTES
After a motion by Dan Toti and second by Woody Windley, the minutes of January 21, 2015 and
March 18, 2015 were approved by unanimous voice vote.
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FINANCE REPORT
Rebecca Owens, Director of Finance,presented the financial report for the month ending April
30, 2015. She stated the cash balance is currently$644,145.03. (copy attached)
Ms. Owens presented for approval the EDA Budget for FY2015-16 which included board
member fees and the audit which is now included as part of the County audit. (copy attached)
A motion was made by Woody Windley and seconded by Ssunny Shah, to accept the financial
report and the 2015-2016 Budget as presented. The motion carried by unanimous voice vote.
NEW BUSINESS
Request to Adopt a Resolution Authorizing an Amendment to the 2008 Series Lease
Revenue Bonds
Rebecca Owens, Director of Finance, stated in 2008, the EDA of the County of Roanoke issued
$58,595,000 in bonds to finance infrastructure in Roanoke County. The bonds were used to
construct and purchase the following facilities, which were then leased to the County for an
amount equal to the debt service on the bonds:
Garage $ 6,525,000
South County Library 16,495,000
Green Ridge Rec Center 28,220,000
800 MHZ Radios 3,870,000
North County Fire Station 3,485,000
These bonds were issued with a true interest cost of 4.8151599%. The bonds that are currently
outstanding have a principal balance of$48,555,000 and interest rates from 3.5% to 5.1%.
Based on the current market conditions, there is an opportunity to refund some of these 2008
lease revenue bonds. The savings are currently projects to be in the range of$2 million over the
remaining life of the bonds;however,the market is difficult to predict.
Ms. Owens stated she had discussed this with the Board of Supervisors and reviewed several
options regarding the refinance. The refinance will not shorten the life of the loan but because
County debt is a topic of concern, Ms. Owens pointed out that the upfront savings could be used
to pay off some County debts. In order to proceed in this direction, a resolution must be
approved.
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After discussion, a motion was made by Woody Windley, seconded by Greg Apostolou to adopt
the Resolution authorizing the issuance of lease revenue refunding bonds. The motion carried
by a unanimous voice vote.
VINTON FACADE GRANTS
Vinton Appliance Center-Jeff Janney; Owner
Anita McMillan, Planner for the Town of Vinton,presented the application. Ms. McMillan gave
a background summary regarding the history of grant requests from Vinton Appliance Center.
On May 20, 2009, the EDA approved a request for.funding to make improvements to the
building. The total cost of the improvements which included the replacement of windows, doors,
awnings, window casing, and painting was $21,372.50. On November 18, 2009, a total
reimbursement of.$10,686.26 was awarded by the EDA. This request was considered as two
requests as the building fronted on two different streets, Lee and Pollard.
On April 22, 2015, Mr. Janney submitted to the Town of Vinton an application with an estimated
total cost of improvements in the amount of$5,791.50, allowing a grant request of one-half of
the total cost which is $2,895.75. This request was to remove four existing awnings and replace
them with three new awnings; two small awnings facing East Lee Avenue and one awning facing
South Pollard Street.. The existing awnings were installed in June 2009 and have since faded.
In response to a query by Steve Musselwhite, Ms. McMillan stated the grant guidelines did not
address how often an application can be submitted by the same business. Therefore, she felt the
request was within the guidelines of the Downtown Vinton Facade Grant program.
A motion was made by Steve Anderson, seconded by Dan Toti to approve the request for a
facade grant in the amount of$2,895.75. The motion carried by the following recorded vote:
AYES: Steve Musselwhite, Ssunny Shah, Steve Anderson,Dan Toti, Greg Apostolou,Bill
Branch and Kirtesh Patel
NAYS: Woody Windley
The Advancement Foundation-Annette Patterson, Owner
Ms. McMillan, Planner for the Town of Vinton, presented this application. She stated The
Advancement Foundation would like to obtain a grant in order to improve the appearance of the
building and visibility of The Foundation through signage and site accessories.
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It was pointed out that the grant request included an outdoor entry mat. It was discussed by the
members and the consensus was that any features not attached-to the building should not be
allowed as site accessories and therefore ineligible for grant funding.
Also,Ms. McMillan stated the owners have agreed to remove the previous sign that is still on the
building.
A motion was made by Greg Apostolou to approve the application in the amount of$1,870.00
which excludes the entry mat in the amount of$250 and approval to be contingent on removal of
the previous sign at the owner's expense. Steve Anderson seconded the motion which carried
by unanimous voice vote.
The Advancement Foundation,The HIVE Town of Vinton,Owner,
Ms. McMillan, Planner for the Town of Vinton, presented the application. She stated the
Advancement Foundation would like to obtain a grant in order to provide innovative and
attractive signage, upfront lighting, site accessories and facade improvements for the new
Business Incubator, The HIVE(Home of Innovative Visionary Entrepreneurs).
The Town of Vinton leased the building to The Advancement Foundation for use as an incubator
for business entrepreneurs. The building was previously occupied by the VA Department of
Health and has been vacant since the Health Department moved to their location on Williamson
Road.
It was pointed_out that this request also included an entry mat as well as flags and hardware
stakes.
Woody Windley made a motion to approve the grant in the amount of$1,265.00,which excludes
the cost of the entry mat, flags and hardware stakes in the amount of $445.00. Kirtesh Patel
seconded the motion which carried by unanimous voice vote.
New.Century Properties—Bruce Mayer, Owner
Ms. McMillan, Planner for the Town of Vinton, presented the application. She stated Mr.
Mayer requested the grant in order. to repair the existing roof structure. Also, he proposes to
construct a parapet addition to the existing building located at 126 Lee Avenue. The total cost of
the facade improvement and roof repair is $19,120.64. The grant request is in the amount of
$5,000.
Woody Windley made a motion to approve the application request of$5,000. Steve Anderson
second the motion which carried by unanimous voice vote.
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Ms. McMillan stated Mr. Meyer was also participating in the revolving loan program established
to help small businesses to obtain low-income loans.
ECONOMIC DEVELOPMENT UPDATES
Apptech Solutions Ms. Loope stated AppTech Solutions held a Ribbon Cutting on April 23,
2015 to announce their Grand Opening. Apptech was founded in Roanoke in 2006 by two
entrepreneurs and has grown into a manufacturer and engineering service provider of
Structurally Reinforced Thermoplastic(SRTP)based water and wastewater systems. Products
include septic tanks, rainwater harvesting systems,wastewater treatment systems and potable
water systems. The company currently employs 30 people and anticipates hiring more than 100
new employees over the next three years.
Enterprise Rent-A-Car Ms. Loope stated Enterprise Rent-a-Car has located on Williamson
Road and a Ribbon Cutting is scheduled for June 1 at 2:30 p.m. She encouraged everyone to
attend. When completed,renovations will be approximately$80,000.
William Byrd and Roland E. Cook Ms. Loope stated work continues on the negotiation
process regarding both William Byrd and Roland E. Cook. She stated both projects are
complicated and ongoing. She stated she will keep members apprised of any progress. She also
stated the process of disposal of surplus property in the William Byrd building is ongoing and
has been successful to date.
Ms. McMillan added that the Town of Vinton has been working with Jill regarding zoning on the
property. An amendment was adopted in April to allow mixed use. The property was zoned
residential prior to the amendment.
419 Library Ms. Loope stated that Kissito has requested an extension regarding execution of
the contract for purchase of the 419 Library. The County granted the contract extension until
July.
The Western Virginia Industrial Facilities Authority continues work on assessing large tracts
of land for development opportunities. She stated several of the sites identified are in Roanoke
County. The joint acquisition of property with other jurisdictions is currently being evaluated.
Ms. Loope stated she is scheduling listening tours with the County Administrator and business
leaders throughout the community for future economic development strategic planning.
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REPORTS AND INQUIRIES OF BOARD MEMBERS
None
ADJOURNMENT
Steve Musselwhite, Chairman, adjourned the meeting at 10:05 a.m.
NEXT SCHEDULED MEETING
June 17, 2015
Respectfully submitted,
1,60-
Jill Loope,
Secretary-Treasurer