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HomeMy WebLinkAbout2/23/1993 - Minutes MINUTES Industrial Development Authority of Roanoke County, Virginia 8:30 a.m. - February 23, 1993 Members Present: Others Present: Charles Saul, Chairman Brian Duncan Bill Branch Frank Caldwell Rick Cranwell Diane Hyatt Wayne Dunman Paul Mahoney Ron Martin Don Myers Carson Quarles Darnall Vinyard Timothy Gubala, Secretary Edward Natt, Counsel Others Present: Chairman Saul called the meeting to order at 8: 32 a.m. in the Community Room of the Roanoke County Administration Center. He noted that the Authority needed to review and approve minutes of the December 14, 1992 meeting. Upon motion of Carson Quarles, seconded by Bill Branch, minutes of the meeting were approved unanimously. New business: Approval of issuance of lease revenue bonds for Roanoke County:, Charlie Saul inquired about this project. Ed Natt indicated that this was the County' s project for the acquisition of the Travelers Building, renovation of the school administration (building) and renovation of the Roanoke County Administration Center. Paul Mahoney reported that the project called for the sale of $4,750, 000 in revenue bonds. The Industrial Development Authority would acquire the building, lease the building from the County, and lease it back to Roanoke County over the period of the bonds. Diane Hyatt reported that McGuire, Woods, and Battle were the County's Bond Counsel and Wheat First Securities were the financial advisors. Alex Brown & Sons will purchase the bonds. Upon a motion by Carson Quarles, seconded by Bill Branch, the Authority approved a resolution authorizing the issuance of $4,750, 000 in lease revenue bonds. (Rick Cranwell recorded an abstention on the motion. The other members voted for the motion. ) 1 l ' At 8: 39 a.m. , upon motion by Darnall Vinyard, seconded by Carson Quarles, the Authority went into Executive Session pursuant to the Code of Virginia, Section 2 . 1-344 (A) (3) to consider the condition of acquisition of use of real property. The motion passed unanimously. At 9: 02 a.m. , upon motion of Bill Branch, seconded by Carson Quarles, 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. Darnall Vinyard made a motion, seconded by Carson Quarles, for the County Economic Development staff to continue negotiations with adjacent landowners to exchange property at a value equal to or less than Authority property. Staff members were directed to send a map and appraisal information to the Authority members. The motion passed unanimously. Bill Branch made a motion to continue negotiations for the acquisition of the "Hill" property, which was seconded by Carson Quarles. Staff was directed to acquire the property at appraised value or a value not to exceed 15% of that price, with a limit of $75, 000, subject to funds being made available by Roanoke County. The motion passed unanimously. Old business Valley TechPark Brian Duncan reported that the following activities had taken place: - HDH, the County's contract environmental firm, has completed Phase I environmental/archaeological assessment. No problems noted. - Roanoke County had received a Rural Economic Development (RED) Grant for $25, 160 to do preliminary engineering - Frank Caldwell of T.P. Parker & Sons had provided engineering expertise for several recent prospect visits and the surveying under a County contract - Farmers Home Administration (FMHA) had been contacted regarding loan/grant funding for the project - The road construction was targeted to begin in late April 1993. The County has requested industrial access funds from the Virginia Department of Transportation. 2 e - Ed Natt reminded the Authority that they should arrange to have a site visit at Valley TechPark so that they will be more familiar with the project. Restrictive Covenants Brian Duncan and Ed Natt reported that the covenants will be ready to record when the property acquisition/transfers are complete. The Authority discussed page 4 and the requirement for a minimum building size. Brian recommended 25,000 square feet as a minimum. Ed Natt indicated that the authority could waive the size if necessary to locate a "hi-tech" company. There was a consensus from the Authority members that 25, 000 square feet would be the minimum sized building allowed. Shell Building Tim Gubala updated the Authority on the status of the shell building project. Due to staff efforts on road and site development, property exchange, and prospects, he preferred to postpone the shell building project until after June 1993. Charlie Saul noted that he was working on this committee with the Roanoke Valley Economic Development Partnership. The proposed building size is between 60, 000-75, 000 square feet. There being no other business, the Authority adjourned at 9:25 a.m. Respectfully submitted, Timothy W. Gubala, Secretary 3