HomeMy WebLinkAbout12/13/1993 - Minutes 1 _
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MINUTES
Ind st ial Development Authority of Roanoke County, Virginia
l fr December 13, 1993
Members Present:. Others Present:
Chari.es Saul, Chairman Webster Day
Bill Branch Brian Duncan
Rick Cranwell Jack Place
Ron Martin Scott Quisenberry
Darnall Vinyard
Members Absent:
Timothy Gubala, Secretary Wayne Dunman
Edward Natt, Counsel Carson Quarles
Chairman Saul called the meeting to order at 9:14 a.m. in the Conference Room of the
former Roanoke County Administration Center, 3738 Brambleton Avenue. He called for
approval of minutes of the August 24, 1993 meeting and certification of the executive
session. Upon motion of Darnall Vinyard, seconded by Bill Branch, minutes of the meeting
were approved unanimously.
Public Hearing - Issuance of revenue refunding bond for C & B Associates
Chairman Saul announced a public hearing on the issuance of bonds. No one spoke at the
hearing. He ordered the public hearing closed.
Consideration of adoption of a resolution authorizing the refunding of the outstanding
principal balance of the C & B Associates note in the original amount of $3,500,000 issued
December 17, 1980.
Webster Day made a brief presentation concerning the request of C & B Associates to
refinance bonds for the Tanglewood Holiday Inn. Mr. Day indicated that C & B Associates
were seeking to obtain a lower annual interest rate with the refinancing bond.
Upon a motion by Bill Branch, seconded by Darnall Vinyard, the Authority approved a
resolution recommending public approval of the bonds by unanimous vote. A copy of the
said resolution is attached to these minutes and made a part hereof.
Webster Day presented a resolution for the Authority to consider regarding the issuance of
the revenue refunding bond for C & B Associates. This resolution set forth various forms
that needed to be executed to issue the bonds.
Upon a motion by Ron Martin, seconded by Darnall Vinyard, the Authority approved the
resolution regarding the issuance of the revenue refunding bond by unanimous vote. A copy
of the said resolution is attached to these minutes and made a part hereof.
Rick Cranwell left the meeting at 9:29 a.m. Upon a motion by Bill Branch, seconded by
Ron Martin, the Authority went into executive session pursuant to the Code of virginia,
Section 2.1-344(A)(5) to discuss a prospective business or industry where no previous
commitment has been made by the business or industry interested in locating in the
community. The motion passed unanimously.
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At 9:35 a.m., upon a motion by Darnall Vinyard, seconded by. Bill Branch, the Authority
voted to return to open session and certified by resolution (attached) that the Executive
Session was held in conformity with the Code of Virginia. The motion passed unanimously.
Ed Natt presented two resolutions for industrial revenue bond financing on behalf of the
company named in executive session.
A motion to approve an: inducement resolution supporting the location of an economic
development prospect in Jack. C. Smith industrial Park and the possible financing with
Industrial Revenue Bonds was made by Darnall Vinyard and seconded by Bill Branch. The
motion passed unanimously. A copy of the said resolution is attached to these minutes and
made a part hereof.
A motion was made to approve an inducement resolution supporting the location of an
economic development prospect on the Friendship Manor property and the possible
financing.by Industrial. Revenue Bonds was made by Ron Martin and seconded by Bill
Branch. The motion passed unanimously. A copy of the said resolution is attached to these
minutes and made a part hereof.
Ed Natt presented two resolutions'regarding the refunding/repayment of expenditures by the
Authority on behalf of the inducement resolutions just approved.
A motion was made to approve a resolution for refunding/repayment of expenditures by the
Authority for the Jack C. Smith Industrial Park project by Bill Branch, seconded by Ron
Martin. The motion passed unanimously. A copy of the said resolution is attached to these
minutes and made a part hereof.
A motion was made to approve a resolution for refunding/repayment of expenditures by the
Authority for the Friendship Manor property by Bill Branch, seconded by Darnall Vinyard.
The motion passed unanimously. A copy of the said resolution is attached to these minutes
and made .a part hereof.
At 9:39 a.m., upon motion by Bill Branch, seconded by Darnall Vinyard, the Authority went
into executive session pursuant to the Code of Virginia, Section 2.1-344(A)(3) to discuss a
real estate matter. The motion passed unanimously.
At 9:50 a.m., upon a motion by Bill Branch, seconded by Ron Martin, the Authority voted
to return to open session and certified by resolution (attached) that the Executive Session
was held in conformance with the Code of Virginia. The motion passed unanimously.
There being no further business, the Authority adjourned at 9:52 a.m.
Respectfully submitted, '
Timothy Gubala, Secretary
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