HomeMy WebLinkAbout10/18/1994 - Minutes MINUTES
Industrial Development Authority of Roanoke County, Virginia
October 18, 1994
Members Present: Absent:
Charles Saul, Chairman Ron Martin
Bill Branch Carson Quarles
Rick Cranwell Darnall Vinyard
Wayne Dunman
Timothy Gubala, Secretary-Treasurer Others present:
Edward Natt, Counsel Wayne Heslep
Chairman Saul called the meeting to order at 11:04 a.m. in the
Conference Room of the Roanoke County Administration Center, 5204
Bernard Drive. The minutes of the October 4, 1994 meeting were
approved upon a motion by Wayne Dunman, seconded by Rick Cranwell.
Ed Natt presented the real estate policy. The members discussed it
briefly but no action was taken. Ed asked that the members please
review it so that action could be taken at a subsequent meeting.
Final Resolution of Dominion Lodging
Wayne Heslep, Attorney for Dominion Lodging, made a brief
presentation. The purpose is to refinance an amount of $3,400,000
for the existing debt of the Sleep-Inn Motel on Route 419 in
Roanoke County. This will be a taxable IRB with an interest rate
up to 11%. The bond is needed because the original note was issued
by a Savings and Loan that is now under the supervision of the RTC.
The resolution authorizing the issuance of $3,400, 000 of taxable
Industrial Development Revenue bonds by the Industrial Development
Authority of Roanoke County was approved upon a motion by Bill
Branch, seconded by Rick Cranwell. The motion passed unanimously.
At 11:25 a.m. , upon a motion by Rick Cranwell, seconded by Bill
Branch, and passed by unanimous vote, the Authority went into
Executive Session pursuant to the Code of Virginia, Section 2 . 1-
344 (A) (3) to consider a real estate matter.
At 11:35 a.m. , upon a motion by Bill Branch, Seconded by Rick
Cranwell, the Authority returned to open session by unanimous vote
and certified by the attached resolution that the Executive Session
was held in conformity with the Code of Virginia.
i
There being no further business, the Authority adjourned at 11: 38
a.m.
Respectfully submitted,
T4ttw. aarAa_
Timothy W. Gubala, Treasurer
Attachment
2