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HomeMy WebLinkAbout9/17/2008 - Minutes The Economic.Development Authority of Roanoke County Roanoke County Administration Center 5204 Bernard Drive Roanoke,Virginia 24018 Minutes Wednesday,September 17,2008, 9:00 A.M. Members Present Chairman-Bill Branch Steve Musselwhite, Vice-Chairman Greg Apostolou Carole'Brackman Allan"Cap"Robinson Woody Windley Anthony Conner Counsel, Dan Barnes Secretary-Treasurer, Doug Chittum Recording Clerk, Glenna Ratcliffe Members Absent None Guest Jill Loope,Assistant Director of Economic Development, Roanoke County Rebecca Owens, Director of Finance Elizabeth Atkinson, Manager of Finance Brett Landi, Vice President of Finance, Richfield Retirement Community Doug Wright, President/CEO, Richfield Retirement Community Mike Graff, Counsel, McGuire Woods & Battle 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 A motion was made by Cap Robinson and seconded by Woody Windley, to approve the minutes as read. The motion carried by unanimous voice vote.. Page 2 September 17,2008 Economic Development Authority Minutes Finance Report - Elizabeth Atkinson, Manager of Finance, presented the Financial Reports for the current period through August 31, 2008. By unanimous voice vote, the Financial Reports were accepted as read. New Business Vinton Facade Grant Application—New Century Properties Consuella Caudill, Assistant Vinton Town Manager, presented a Façade Grant application and reviewed the request with the Board Members. New Century Properties, Inc. plans to install an awning over the outside dining area of the BarBQue Grill located at 126 E. Lee Avenue in Vinton. The grant request was in the amount of$958.65. A motion was made by Allan "Cap" Robinson, seconded by Carole Brackman, to approve the requested grant. Briefing Review of Revenue Schedule for Bonds Doug Chittum presented to the Board a spreadsheet outlining the payment fee schedule for the. audit fee. This fee covers the audit of bonds held by Roanoke County as well as Performance Agreements and Commercial Corridor Grants. Mr. Chittum felt it was not equitable to have most of the audit fee billed to one or two agencies and was trying to determine a better method and requested guidance from the Board. Presently, the County has five bonds and the majority of the audit fee will be billed to Roanoke County and The Glebe. After discussion, Woody Windley made a motion, seconded by Allan "Cap" Robinson to split the audit cost with the EDA paying half and requested staff to investigate the possibility of adding an audit charge when negotiating performance agreements. The motion was approved by unanimous voice vote. Page 3 September 17,2008 Economic Development Authority Minutes New Business (continued) Richfield Retirement Community—Application for Authority Financing At this time Mr.Doug Wright, President/CEO of Richfield Retirement Community, reviewed the Application for Authority Financing with the Board. Mr. Wright stated Richfield Retirement Community is currently developing a comprehensive financing plan for their Roanoke County facility and in order to accomplish their goal would like to refinance all of their current bonds and taxable debt,thus lowering their interest rates and overall cost of operation. Mr. Wright also stated Richfield had a study prepared approximately two and a half years ago which indicated there was a need for more assisted living units. As a result of that study, he stated they are considering construction of two 10-unit buildings for lease to residents looking for placement at Richfield. Should this plan come to fruition, financing would already be in place. He stated they were in discussion with BBT for an irrevocable letter of credit which would be fully protected by BBT. A motion was made by Steve Musselwhite, seconded by Carole Brackman, to approve the application as requested. CLOSED MEETING At 9:30 a.m.,Allan"Cap" Robinson moved to go into closed session, seconded by Woody Windley,pursuant to the Code of Virginia Section 2.2-3711(A) (3), for discussion or consideration of the disposition of publicly held real property namely the Jack Smith Industrial Park. The closed meeting was held from 9:30 a.m. until 9:55 a.m. Certifying the closed meeting was held in conformity with the Code of Virginia. At 9:55 a.m., Alan "Cap" Robinson moved to return to open session and adopt the certification, seconded by Steve Musselwhite. The motion was filed and carried by unanimous vote. WHEREAS, the Economic Development Authority of Roanoke County, Virginia has convened a closed meeting on September 17, 2008 pursuant to an 'affirmation-recorded vote and in • accordance with the provisions of The Virginia Freedom of Information Act. Page 4 September 17,2008 Economic Development Authority Minutes WHEREAS, the public business matters addressed in the closed meeting were exempt from the open meeting requirements,pursuant to Section §2.2-3711 A (3), in that such matters entailed a discussion regarding the disposition of publicly held real property, where discussion in an open meeting would adversely affect the bargaining position or negotiating strategy of the public body. Section §2.2-3712(D) of the Code of Virginia requires a certification by the Economic Development Authority of Roanoke County, Virginia,that such closed meeting was conducted in conformity with the Virginia Code. NOW THEREFORE, BE IT RESOLVED, that the Economic Development Authority of Roanoke County, .Virginia, hereby certifies that, to the best of each members knowledge only such public business matters as were identified in the motion convening the closed meeting were heard, discussed or considered by the Economic Development Authority of Roanoke County, Virginia On a motion of 7-0 to adopt the Certification or Resolution for a Closed Meeting and carried by the following recorded vote: AYES: Chairman, Bill Branch, Vice-Chairman, Steve Musselwhite, Greg Apostolou, Carole Bradman,Allan"Cap" Robinson, Woody Windley,Anthony Conner NAYS: None ABSENT: None Reports and Inquiries of Board Members Hearing none Adjournment Billy Branch, Chairman, adjourned the meeting at 10:00. Next Scheduled Meeting October 15, 2008 Respectfully submitted, 094-) ((gw". E. Douglas Chittum Secretary-Treasurer