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Home My WebLink About10/17/2012 - Minutes The Economic Development Authority of Roanoke County.. Roanoke County Administration Center 5204 Bernard Drive Roanoke,Virginia 24018 Minutes Wednesday, October 17; 2012, 9:00 A.M..: Members Present Chairman-Bill Branch : Vice-Chairman, Steve Musselwhite Woody Windley . Sunny Shah GregA ostolou ... Counsel, Paul Mahoney Secretary-Treasurer, Jill Loope Recording Clerk, Glenna Ratcliffe :. . Members Absent Paul Henkel .. Kirtesh Patel . Tommy Wood.. Guest Rebecca Owens, Director of finance Brian Carter, Finance Manager The Economic Development Authority of Roanoke County, Virginia met this day at the Roanoke County Administration Center, this being their regularly scheduled monthly meeting. Call to order Chairman, Billy Branch, called the meeting to order at 9:00 A.M. Minutes Upon motion by Steve Musselwhite and second by Greg Apostolou the minutes of August 15, 2012 were approved as written following a unanimous voice vote. Finance Report Brian Carter, Manager of Finance, presented the financial report for the month ending September. 30, 2012 and reviewed the transactions for the month. He stated the cash balance is currently $650;489.09. Page 2 October 17. 2012 Economic Development Authority Minutes Upon motion by Woody Windley and second by Sunny Shah, the financial report was accepted as presented following a unanimous voice vote. BRIEFNGS Novozymes Biologicals,Inc. Deed & Deed of Release Lot 2 -13 Acres Ms. Loope reviewed the Novozymes Biologicals, Inc. Deed & Deed of Release (Lot 2 -13 acres) and gave background information regarding the Performance Agreement with Novozymes. In November, 2001, the County entered into an agreement with Novozymes to expand their operation in two phases. Novozymes met the requirements of Phase I of the Agreement,but failed to implement Phase II of the project within 10 years of the date of the agreement(no later than December 31, 2011). As a result,Novozymes was required to re-convey the property(13 acres in Phase II back to the Authority. The Deed &Deed of Release for Lot 2-12 acres has been executed &recorded (copy attached) and the property is now back in the ownership of the Authority. Ms. Loope expressed disappointment that Novozymes could not go forward as planned and felt it was a reflection of the challenging economic times. EDA Financial Overview Ms. Loope and Brian Carter gave a power point presentation reviewing the Economic Development Authority projects and a summary of significant cash transactions, detailing EDA property ownership and a history of the Authority's financial position. (Attached) Ms. Loope stated the work regarding the Broadband study was ongoing. After a query by Steve Musselwhite regarding the status of the Roanoke Regional Chamber's Entrepreneurial Center, Ms. Loope stated she would request a written report from Joyce Waugh, Executive Director of the Chamber, as to the success of the Center. Ms. Loope stated she would be prepared to present an update at the next meeting. Mr. Branch asked for clarification regarding the funds committed to the Plantation Road project. Ms. Loope clarified that the EDA only formally supported the program and provided a letter of support for the grant application. No formal action has been taken regarding the amount of funding as the final grant award amount would determine the "match" needed. The funds required for the match would be requested from the Public Private Partnership, the EDA and in- kind services. The request for funding would be presented to the EDA when the final details are complete. Ms. Loope reviewed the land transactions of the Authority including Glenmary Drive, Prunty Drive, Valley Tech Park easement (VDOT), Jack Smith Industrial Park in Botetourt County and the Valley Gateway Shell Building Property. Page 3 October 17. 2012 Economic Development Authority Minutes Brian Carter reviewed the significant cash transactions including Novozymes water/sewer connections fees in 2002, the sale of CRT land and VDOT easement payment in 2008 and payment from Novozymes per the 2009 incentive agreement. These transactions represent a large portion of the EDA budget which had cash balance at the end of June 30, 3012 of $640,241.48. UPDATES Ms. Loope stated she is currently reaching out to large water users including food processors and beer brewers. She is currently working with a brewery as this seems to be a very popular business enterprise and they are looking at the County for expansions. The Hanover Direct Building is currently being aggressively marketed and the County has several prospects looking at the building. ITT Exelis has announced another reduction in force and will be letting go of another 200 employees. They currently have approximately 800 employees. The company has indicated this to be their last round of cuts. Reports and Inquiries of Board Members In response to a query by Greg Apsotolou regarding any joint endeavors with the City, County, Salem, etc., Ms. Loope stated there is a monthly Administrator Roundtable where regional projects are discussed. However, she did not confirm any joint activities at the present time. Mr. Branch asked about the new motel on Peters Creek Road. Ms. Loope stated an agreement was negotiated; however, a large drainpipe on the property was more expensive to replace than originally anticipated. Therefore, negotiations are ongoing as the initial incentives requested were more than the Board of Supervisors/EDA would support. Adjournment Billy Branch, Chairman, adjourned the meeting at 9:40. Next Scheduled Meeting November 21, 2012 Respectfully submitted, JL iIT"Loo e p Secretary-Treasurer