HomeMy WebLinkAbout8/9/1994 - Minutes MINUTES
Industrial Development Authority of Roanoke County, Virginia
August 9, 1994
Members Present: Others Present:
Carson Quarles, Acting Chair Brian Duncan
Rick Cranwell Paul Grice
Wayne Dunman Paul Mahoney
Ron Martin
Darn911 Vinyard Members Absent:
Edward Natt, Counsel Bill Branch
Timothy Gubala, Secretary
Charles Saul, Chair
Mr. Quarles was elected acting chair and called the meeting to order at 9 a.m. in the
Conference Room, 4th Floor, Roanoke County Administration Center, 5204 Bernard Drive.
Mr. Vinyard made a motion to approve the minutes of the July 7, 1994, meeting as
presented. Mr. Martin seconded. There being no discussion, the motion passed
unanimously.
Mr. Heslep and Mr. Carter appeared on behalf of Dominion Lodging which trades as
Tanglewood Sleep-Inn located on Route 419. Mr. Heslep explained that the proposed
refinancing package being prepared by Mr. Carter would not be a burden on the credit of
the IDA. Mr. Cranwell made a motion to approve the resolution endorsing the concept of
the preliminary refinancing statement. Mr. Dunman seconded the motion and it passed
unanimously.
Regarding the Board's request for proposals from firms desiring to conduct the annual audit,
Mr. Natt reported that he had received three (3) responses from the several firms that were
contacted. Mr. Natt reported that the three responding firms were:
Kennett & Kennett $1,100
Schwarz & Company $1,075
Young & Prickitt $1,350
Mr. Martin made a motion to accept the proposal from Schwarz & Co.,with a second from
Mr. Cranwell. The Board approved the motion unanimously.
Continued
s
A discussion regarding the formalization of the financial management of the IDA was led
by Mr. Mahoney. Mr. Mahoney, who was assisted by Mr. Grice in this discussion, reported
that while certain situations make it easy for the IDA's Treasurer to prepare checks and
reports, other situations make the payment of debt and report making cumbersome and
slow. Mr. Grice stated that while the County could take over the financial management of
the IDA, that he and Mr. Mahoney felt that the current system,while not perfect,protected
each entity with some level of separation. Mr. Natt discussed the two current accounts and
their purpose and suggested that the Secretary of the IDA, Mr. Gubala, could become the
Treasurer. Mr Quarles asked if the bank could take over the management of the accounts
to resolve this issue. Mr. Cranwell then made a motion that the Secretary of the IDA would
also serve as the Treasurer and that Mr. Natt,would_serve as the Assistant Treasurer. The
motion was seconded by Mr. Vinyard and passed unanimously. In addition, the Board
requested the Secretary/Treasurer coordinate this transition with the IDA's bank.
Mr. Natt presented a revised Real Estate Fee Policy for the Board's review. Mr. Quarles
suggested that the changes could be highlighted and mailed to all Board members for their
review.
Mr. Duncan reported that Valley TechPark was slightly behind schedule. In addition, Mr.
Duncan said that the.County was trying to arrange a tour of both the Hanover Direct project
and Valley TechPark for the.Board of Supervisors and the IDA Board.
Both Mr. Martin and Mr. Quarles expressed interest in serving an additional term with the
IDA. There being no other business, the meeting was adjourned at 9:45 a.m.
Respectfully submitted,
Brian T. D.uncan, Acting Secretary
2