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HomeMy WebLinkAbout12/19/2007 - Minutes The Economic Development Authority of Roanoke County Roanoke County Administration Center 5204 Bernard Drive Roanoke, Virginia 24018 Minutes Wednesday, December 19, 2007, 9:00 A.M. Members Present Chairman-Bill Branch Vice Chairman-Steve Musselwhite Greg Apostolou Carole Brackman Allan "Cap" Robinson Woody Windley Anthony Conner Counsel, Dan Barnes Secretary-Treasurer, Doug Chittum Recording Clerk, Glenna Ratcliffe Members Absent (Mr. Chittum left the meeting at 9:10) Guest Jill Loope, Assistant Director of Economic Development, Roanoke County Rebecca Owens, Director of Finance Diane Hyatt, Chief Financial Officer 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. Announcement Mr. Chittum introduced Mr. Anthony Conner, who was appointed to the EDA to compete the term of Craig Sharp who resigned. This term will expire September 26, 2010: Minutes A motion was made by Steve Musselwhite and seconded by Carole Brackman to approve the minutes as read. The motion carried by unanimous voice vote. Finance Report Rebecca Owens, Director of Finance, presented the Financial Reports for the current period through November 30, 2007. These reports included roll-overs from FY 2007. The cash balance at the end of November is $294,365. The balance after sale of land at CRT is posted in December will be $444,365. Page 2 December 19,2007 Economic Development Authority Minutes A motion was made by Allan "Cap" Robinson and seconded by Woody Windley to accept the financial report as given. The motion carried by unanimous voice vote. New Business Authorization of the Issuance of Lease Revenue Bonds, Series 2008 (Public Facility Proiects) Diane Hyatt, Roanoke County CFO, gave a presentation to the EDA regarding the issuance of lease revenue bonds to partially fund the following capital projects: 1. 800MHz public safety radio upgrade — a complete upgrade from a 20 year old Public Safety analog radio system to a state of the art digital system, including replacement of the system infrastructure and subscriber radios. The cost of this upgrade will be approximately $9 million with $5.2 million of County funds being used with the remainder financed over 10 years. 2. Multi-generational recreational facility — a 75,750 sq. ft. center to include indoor aquatic spaces, gymnasiums, fitness areas, a walking track, community program space, and outdoor aquatics. The project will serve to enhance sports marketing efforts in the valley and will be immediately adjacent to a new planned 200 acre business park in North Roanoke County. The cost of this project will be approximately $30.2 million with $2.3 million of County funds being used with the remainder financed over 30 years. 3. North County fire station — a new 15,400 sq. ft. fire & rescue station in the north county area. It will be a three-bay station to house a pumper and two ambulances. It will also include adequate living areas, offices, male/female sleeping/restroom/shower areas, storage areas, and meeting rooms. This facility will more evenly distribute fire and rescue calls currently handled by other stations in order to provide more efficient services. The cost of this project will be approximately $4.2 million with $700,000 of County funds being used with the remainder financed over 20 years. 4. New County garage — a new 23,000 sq. ft. fleet maintenance facility that will reduce costs currently associated with maintaining two older garages and those associated with outsourcing the repair of public safety vehicles. It will also allow for more efficient workflow, more effective service and provide a safer, more comfortable work environment for the garage staff. The cost of this project will be approximately $7.7 million with $1.3 million of County funds being used with the remainder financed over 30 years. Page 3 December,2007 Economic Development Authority Minutes 5. South County library — Replace the existing Headquarters/419 library with a 56,000 sq. ft. state of the art library to better serve the community. It will include a themed children's area, a quiet reading room, individual study rooms, a variety of computer access stations, meeting rooms, an auditorium, a computer lab, a coffee shop, and lockers for after-hours pick-up and drop-off of materials. The cost of this project will be approximately $18 million with $1.7 million of County funds being used with the remainder financed over 30 years. The total project cost for the five capital projects is $69,242,632. Because of the capital financing plan that the Board has implemented, the County has been able to appropriate available funds of $11,151,508 to the projects. This leaves a balance of $58,091,124 to be financed through the bond sale. The resolution will authorize the sale of up to $65 million of bonds. This is a maximum amount, so that the underwriters will have the flexibility to price the bonds to achieve the lowest net cost to the County. The $65 million would include a debt service reserve fund (if required), and the possibility that the bonds could be sold at a discount. Ms. Hyatt pointed out the facilities will be collateral for the transaction and the County of Roanoke is responsible for the debt. She also assured the Authority of adequate public hearings for input from citizens. A motion was made by Steve Musselwhite, seconded by Woody Windley to approve a resolution authorizing the issuance of Lease Revenue Bonds, Series 2008 up to $65 million. The motion carried by unanimous voice vote. CLOSED MEETING At 9:20 a.m., Greg Apostolou moved to go into closed meeting, seconded by Woody Windley, pursuant to the Code of Virginia Section 2.2-3711.A (3) discussion or consideration of the acquisition of real property for public purposes. The closed meeting was held from 9:20 a.m. until 9:30 a.m. Certifying the closed meeting was held in conformity with the code of Virginia. At 9:30 a.m., Woody Windley moved to return to open session and adopt the certification, �_, seconded by Greg Apostolou. The motion was filed and carried by unanimous vote. Page 4 December 19,2007 Economic Development Authority Minutes WHEREAS, the Economic Development Authority of Roanoke County, Virginia has convened a closed meeting on the date pursuant to an affirmation-recorded vote and in accordance with the provisions of The Virginia Freedom of Information Act. WHEREAS, Section 2.2-3711.A (3) discussion or consideration of the acquisition of real property for public purpose. Sections §2.2-3711.A (3) 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 Law. NOW THEREFORE, BE IT RESOLVED, that the Economic Development Authority of Roanoke County, Virginia, hereby certifies that, to the best of each members knowledge on such public business matters as were identified in the motions convening the closed meeting were heard, discussed or considered by the Economic Development Authority of Roanoke County, Virginia On a motion of 6-0 to adopt the Certification or Resolution for a Closed Meeting and carried by the following recorded vote: AYES: Chairman, Bill Branch, Greg Apostolou, Carole Brackman, Allan "Cap" Robinson, Woody Windley and Anthony Conner NAYS: None Reports and Inquiries of Board Members Hearing none Adjourment Billy Branch, Chairman, adjourned the meeting at 9:30. Next Scheduled Meeting January 19, 2007 Respectfully submitted, tO Gijr- E. Douglas Chittum Secretary-Treasurer