HomeMy WebLinkAbout11/19/2008 - Minutes The Economic Development Authority of Roanoke County
Roanoke County Administration Center
5204 Bernard Drive
Roanoke,Virginia 24018
Minutes -.
Wednesday,November 19,2008, 9:00 A.M.
Members Present _
Chairman-Bill Branch.
Greg Apostolou
Carole Brockman
Woody Windley ,
Anthony.Conner. .
Allan"Cap"Robinson
Counsel, Dan Barnes
Secretary-Treasurer, Doug Chittum
Recording Clerk, Glenna Ratcliffe:
- Members Absent
Steve Musselwhite,Vice-Chairman
Guest:.. .
Jill Loope, Assistant Director of Economic Development,Roanoke County
Elizabeth Atkinson, Manager of Finance
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 Greg Apostolou, to approve the minutes
of October 15 and October 28 as written._ The motion carried by unanimous voice vote.
Finance Report
Elizabeth Atkinson, Manager of Finance, presented the Financial Reports for the current period
through September, 2008. The cash balance:is .presently.$462,000. The reports were.received . .
and filed
Page 2
t November 19,2008
Economic Development Authority
Minutes
Briefings
Performance Agreement for CORE-Hollins,LLC (Comfort Suites)
Doug Chittum reviewed the CORE Hollins Commercial Development. He provided background
information including a summary of costs which include infrastructure, Hollins Guidelines
Concessions and Outparcel Related Expenses as well as the estimated amount of new revenue
per year. The Board of Supervisors offered a total of approximately one-half year estimated
revenue which is$93,000 payable in installments of$31,000 over a three year period to mitigate
public infrastructure costs. -
Mr. Chittum stated the issue before the Board is to authorize the Chairman, Billy Branch, to
execute a performance agreement in the amount of $93,000 payable over a three year period
should the developer go ahead with the proposed project.
Greg Apostolou made a motion, seconded by Anthony Conner, to authorize the Chairman, Billy
Branch, to execute a performance agreement with CORE Hollins, LLC in the amount of$93,000
payable over a three year period. The motion carried by unanimous voice vote.
The Glebe Retirement Community—Update
Dan Barnes, Counsel to the EDA, briefed the board of the current status of the Glebe bonds,
currently in default. He affirmed that neither the. EDA nor the County of Roanoke have any
financial obligation regarding the current status of the bonds. He stated the U.S. Bank National
Association (the bond trustee) held a meeting of the Bondholders to determine how to proceed.
The Trustee has informed The Glebe and Virginia Baptist Homes that it has been directed by the
Bondholders to begin the foreclosure process. They are providing The Glebe an opportunity to
come up with a plan to rescue the project; however, to date there has been no plan submitted.
Roanoke County Incentive Policy
Mr. Chittum presented to the EDA a copy of the current Roanoke County Incentive Policy. He
stated he felt the Board should review the policy in an effort to be well versed when requests are
presented.
Hollins Corridor Study -
Mr. Chittum reviewed a summary of the Hollins Area Corridor Plan with the EDA and advised
the total plan;is available on the county's web site. He reviewed the goals, study areas and plan
components. The draft plan was approved at the Board meeting on November 18, 2008.
Page 3
November 19,2008
Economic Development Authority
Minutes
Reports and Inquiries of Board Members
Hearing none
Adjournment
Billy Branch, Chairman, adjourned the meeting at 9:50 a.m.
Next Scheduled Meeting
December 17, 2008
Respectfully submitted,
E. Douglas Chittum
Secretary-Treasurer