HomeMy WebLinkAbout7/6/2005 - Minutes The Industrial Development Authority of Roanoke County
Roanoke County Administration Center
5204 Bernard Drive
Roanoke, Virginia 24018
Minutes for
Wednesday, July 6, 10:00 A.M.
Members Present Members Absent
Bill Branch, Chairman Neil Gallagher
Carole Brackman Steve Musselwhite
Allan "Cap" Robinson Woody Windley
Craig Sharp
Guest
Ed Natt, Counsel Laurie Gearheart-Assistant Director of Finance, Roanoke County
Doug Chittum, Secretary-Treasurer Elizabeth Atkinson-Financial Analyst, Roanoke County
Terrie Cochran, Recording Clerk Jill Loope-Assistant Director of Economic Development
The Industrial Development Authority of Roanoke County, Virginia met this day at the Roanoke
County Administration Center, in the Finance conference room. This being the regular
scheduled monthly meeting.
Chairman Billy Branch called the meeting to order at 10:00 A.M.
Minutes
A motion was made by Allan "Cap" Robinson to approve the May 4, 2005, minutes, seconded
by Carole Brackman, carried by unanimous voice vote.
Finance Report
Elizabeth Atkinson, Roanoke County Finance Analyst presented the Finance Reports for the
current period through June 30,. 2005. A motion was made to accept the financial reports as
read,carried by unanimous voice vote.
Audit 2005:
Laurie Gearheart, Assistant Director of Finance for Roanoke County, explained to the board that
Foti, Flynn, Lowen & Company will perform a yearly audit the third week in August.:-A question
was presented to the board related to the inclusion of a Management Discussion Analysis in the
audit process. After discussion a motion was made by Allan "Cap" Robinson to decline the
addition of a DMA in the 2005 audit. Seconded by Craig Sharp, and carried by unanimous voice
vote.
New Business
Election of officers:
A motion was made by Allan "Cap" Robinson, for Billy Branch to remain as Chairman, Steve
Musselwhite as Vice Chairman, of the Industrial Development Authority. Seconded by Carole
Brackman, and carried by unanimous voice vote.
A motion was made by Carole Brackman for Doug Chittum to remain as Secretary-Treasurer for
the Industrial Development Authority. Seconded by Allan "Cap" Robinson, and carried by
unanimous voice vote.
Briefings
Public Private Partnership: Doug Chittum briefed the board concerning. several changes by
the Board of Supervisors to the Public Private Partnership policy. The Industrial Development
Authority will continue to play-a major role in facilitating the economic development grants
approved by the Board of Supervisors
Economic Development Authority: The Board of Supervisors -has requested that the
Industrial Development Authority change their name to Economic Development Authority. Ed
Natt, Counsel for the IDA, informed the board that the IDA was created by ordinance, and the
change would have to be done through an ordinance. A motion was made by Craig Sharp to
support the Board of Supervisors desire to -change the name of the -Industrial Development
Authority to Economic Development Authority, and requested Doug Chittum submit a letter to
the Roanoke County Board of Supervisors indicating the IDA's agreement. Seconded by Carole
Brackman, and carried by unanimous voice vote.
Budget 05-06: Doug Chittum briefed the board concerning the 2005-06 budget. The budget
was approved through e-mail by five board members Billy Branch, Steve Musselwhite, Carole
Brackman, Allan "Cap" Robinson, and Woody Windley.
Performance Agreements
Tecton: Doug Chittum briefed the board concerning Tecton Products, LLC. The
agreement has been executed. The closing of the property will be the week of July 4,
2005, and a request for the approved Governors Opportunity Funds -have been
submitted.
Lowe's Bonsack: All parties have been satisfied after a final reimbursement of
$433,624.53.
Wal-Mart: Reimbursement in tax revenue for the years 2002, 2003, -and 2004, in the
amount of $453,000, and a final reimbursement of $167,000, in tax revenue is due for
the year 2005.
Country East-Kroger:All parties have been satisfied.
Billy Branch, Chairman adjourned the meeting with unanimous voice vote.
Respectfully submitted
E. Douglas Chittum
Secretary-Treasurer
Next Scheduled Meeting:
Wednesday, August 3, 2005