HomeMy WebLinkAbout11/27/1990 - Minutes MINUTES.
Roanoke County Industrial Development Authority
9 a.m. , November 27, 1990
Members Present: Members Absent:
Charles Saul, Chairman Rick Cranwell
Bill Branch Bill Triplett
Carson Quarles
Darnell Vinyard
Ron Martin
Timothy Gubala, Secretary
Edward Natt, Counsel
Chairman Saul called the meeting to order at 9: 00 a.m. in the
Community Room of the Roanoke County Administration Center.
Minutes of the September 25, 1990 meeting were previously
distributed by mail. Upon a motion by Carson Quarles and seconded
by Bill Branch, the minutes were approved by unanimous voice vote.
A new business item concerning the consideration and approval of
all documents relating to Options previously acquired on the Salem
West, the George Fitzwater and the Properties, Inc. , property was
presented by resolution prepared by Ed Natt.
Charles Saul indicated that the Authority was being requested to
approve the resolution. Ed Natt explained that the resolution
authorized the purchase of the Salem West property on behalf of
Allied-Signal and the assignment of it and the Fitzwater and
Properties, Inc. optionsto Allied-Signal. On motionby Bill
Branch and seconded by Carson Quarles, the resolution was passed
by unanimous voice vote.
Under old business, Ed Natt indicated that the Authority's_ audit
had been completed. There was a management note that recommended
that someone other than the Authority's counsel reconcile bank
statements with the checkbook. Upon a motion by Bill Branch and
seconded by Ron Martin, the Authority requested the Chairman and
Secretary to periodically review the checkbook during the year.
The motion: passed by unanimously voice vote.
Ed Natt reported that Congress had extended the "sunset" provisions
to December 31, 1991, which would enable the Authority to continue
to issue Industrial Revenue bonds for qualified manufacturing
facilities.
Tim Gubala reported that the Authority had received the required
insurance coverage from Roanoke County.
There being no ` further business, the Authority adjourned at 9:10
a.m.
Respectfully submitted,
1---til-NU°\44(41
Timothy W. Gubala, Secretary
INDUSTRIAL DEVELOPMENT AUTHORITY
OF ROANOKE COUNTY, VIRGINIA
WHEREAS, the Industrial Development Authority of Roanoke
County, Virginia, has heretofore entered into certain Purchase
Option Agreements to acquire three parcels of land; namely: a) a
tract of land containing 159.256 acres owned by Salem-West
Corporation (Option to Purchase dated September 4, 1990, of record
in Deed Book 1329, page 1988, in the Clerk's Office of the Circuit
Court of Roanoke County) , b) a tract of land containing 1. 311
acres owned by George H. Fitzwater (Option to Purchase dated
September 11, 1990 of record in Deed Book 1330, page 928 in the
Clerk' s Office of the Circuit Court of Roanoke County) , and c) a
tract of land containing 15. 014 acres owned by Properties, Inc.
(Option to Purchase dated September 7 , 1990, of record in Deed
Book 1330, page 937 in the Clerk's Office of the Circuit Court of
Roanoke County) ; and
WHEREAS, Allied-Signal, Inc. and The Industrial
Development Authority of Roanoke County, Virginia, have entered
into an Exclusive Right to Purchase Agreement whereby Allied-
Signal, Inc. , upon the payment of certain consideration, has been
granted the exclusive right to purchase the Salem-West Property
upon certain terms and conditions all as set forth in said
Exclusive Rights to Purchase; and
WHEREAS, Allied-Signal, Inc. has requested the Authority
to exercise its rights under the Option to Purchase Agreements
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herein above stated and to assign its rights thereunder to Allied-
Signal, Inc.
NOW THEREFORE, be it resolved by the Industrial
Development Authority of Roanoke County, Virginia:
1. That said Authority is hereby authorized to acquire
from Salem-West, Inc. a parcel of land containing 159 .256 acres
for the consideration of $800, 000. 00.
2 . That the Authority shall convey said tract of land
containing 159.256 acres to Allied-Signal, Inc.
3 . That the Authority enter into an Exclusive Right
to Purchase Agreement with Allied-Signal, Inc. for the Properties,
Inc. and Fitzwater properties.
4. That the Authority does hereby assign its rights to
purchase the Fitzwater and Properties, Inc. properties hereinabove
described to Allied-Signal, Inc.
5. That the appropriate officers and directors of the
Authority are hereby authorized to execute any and all documents
necessary to accomplish the transfer of said properties from the
existing owners to Allied-Signal, Inc. .
res.enl.i
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