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HomeMy WebLinkAbout6/18/2008 - Minutes The Economic Development Authority of Roanoke County Roanoke County Administration Center 5204 Bernard Drive Roanoke,Virginia 24018 Minutes: Wednesday,June 18, 2008, 9:00 A.M. Members Present Chairman-Billy Branch Greg Apostolou. . Carole Brackman = Allan "Cap" Robinson Woody Windley Anthony Conner. Counsel, Dan Barnes Secretary-Treasurer, Doug Chittum Recording Clerk, Glenna Ratcliffe Members Absent Steve Musselwhite Guest . Rebecca Owens, Director of Finance Elizabeth Atkinson, 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 A motion was made by Cap Robinson: and seconded by Carole Brackman to approve the minutes as read. The motion carried by unanimous voice vote. Finance Report Elizabeth Atkinson, Manager of Finance, presented financial reports for the current period through May 31, 2008. These reports include 'a detail report and summary report The cash available is $443,498. ti Page 2 June 18,2008 Economic Development Authority Minutes New Business Valley Tech Park Doug Chittum, Director of Economic Development, briefed the Board concerning a request from the Virginia Department of Transportation (VDOT)for a sewer easement at the entrance of Valley Tech Park. He related to the Board this was the site acquired by VDOT in August of 2007 for the construction and/or maintenance of Route 460, Parcel 074. Mr. Chittum pointed out no compensation is involved in this easement request. A motion was made by Mr. Robinson and seconded by Ms. Brackman to approve the easement request by VDOT. The motion carried by unanimous voice vote. Richfield Retirement Community Mr. Dan Barnes, EDA Counsel, briefed the EDA regarding a request from VDOT. In seeking to acquire right of way, it became apparent Richfield had not executed a Certificate of Satisfaction to remove the Deed of Trust from the property. Therefore, VDOT is requesting written authorization from the EDA to negotiate directly with Richfield, authorization to pay Richfield all funds as may be agreed upon for the purchase of right of way and a willingness by the EDA to sign any closing documents with Richfield thereby ensuring that VDOT will obtain title to the property. In November, 1976, the Industrial Development Authority issued certain revenue bonds to assist the McVitty House, Inc. in financing the acquisition, construction, and equipment of certain facilities for a nursing care center. As part of that financial transaction, an indenture of Mortgage and Deed of Trust was executed between the IDA and the Bank of Virginia Trust Company. The McVitty House is the predecessor of Richfield. Richfield has made payment on all of its financial obligations under the revenue bond. Richfield, however, has not executed a Certificate of Satisfaction to remove the Deed of Trust from the property. Until Richfield is able to locate the present Trustee, the Deed of Trust will act as a cloud upon the title of the property owned by Richfield. A motion was made by Greg Apostolou, seconded by Anthony Conner to give written authorization to VDOT to negotiate directly with Richfield and to pay Richfield all funds as may be agreed upon for the purchase of the right of way and to authorize the EDA Chairman to sign any closing documents ensuring that VDOT will obtain title to the property. The motion carried by unanimous voice vote. Page 3 June 18,2008 Economic Development Authority Minutes Commercial Corridor Grant Kroger Limited Partnership applied for a Commercial Corridor Matching Grant for a new sign to be located at their renovated store at 7223 Williamson Road. Mr. Chittum reviewed the application with members and stated the application was within required guidelines. The request is in the amount of$15,000. After brief discussion regarding the application guidelines, a motion was made by Carol Brackman and seconded by Greg Apostolou to approve the grant as requested. The motion carried by unanimous voice vote. Authority to Execute a Performance Agreement Doug Chittum presented a Performance Agreement for PD Lodging Associates, LLC (Hollins Road Hampton Inn). This agreement is for one year reimbursement of infrastructure and will equal a total of one year of"New Local Tax Revenues". A motion was made by Cap Robinson and seconded by Greg Apostolou to approve the Performance Agreement and to give the Economic Development Chairman authorization to execute the agreement between.PD Lodging Associates, LLC (Hollins Road Hampton Inn), EDA and the Board of Supervisors. This agreement is subject to review by EDA Counsel. Amendment of Virginia Blue Ridge LLC(Candlewood) Mr. Chittum apprised the'Board of the request of Virginia Blue Ridge, LLC for an amendment to their performance agreement approved in June of 2007 for the construction of Candlewood Suites on Thirlane Road. Since the agreement was approved, a storm drainage pipe was discovered on the site which would add an additional $400,000 to the project cost to replace such pipe. Since the pipe is 35 years old and belongs to the County, parties involved met and discussed ways to resolve the issue and continue with the construction of Candlewood Suites. After lengthy discussions, the County Board of Supervisors voted to pay $300,000 toward replacement cost and Virginia Blue Ridge LLC would be responsible for $100,000. Therefore, it is necessary to amend the current performance agreement to reflect changes. A motion was made by Greg Apostolou and seconded by Anthony Conner to allow an amendment to the current performance agreement. The motion carried by unanimous voice vote. Page 4 June 18,2008 Economic Development Authority Minutes Dan Barnes, EDA Counsel, will review the agreement and return to the Board for authorization. Briefin Doug Chittum stated the county continues to work on the Hollins Road Corridor Study in an effort to maintain an area free of billboards, neon signs, etc. The Hollins community supports this study and has held several community meetings with county representatives. The study will also be in the Vinton, Route 460 and Glenvar areas of the county. Reports and Inquiries of Board Members Mr. Branch asked the Board to think about an idea he had regarding the goals of the Board. He stated he would like to entertain the idea of additionalgoals above and beyond normal business. He stated he would like to bring in expert speakers, maybe in conjunction with Virginia Tech or Roanoke College, to educate the County and EDA regarding emerging future issues such as energy alternatives, research on latest insulation, wind turbines, and similar issues of the future. He stated he would like everyone to be better educated and would like to explore the feasibility of forming a committee to bring this idea to fruition. Adjourment Billy Branch, Chairman, adjourned the meeting at 9:50 a.m. Next Scheduled Meeting July 16, 2008 Respectfully submitted, E. Douglas C ittum Secretary-Treasurer