HomeMy WebLinkAbout11/13/2002 - Minutes Minutes of
• Industrial Development Authority of Roanoke County
10:00 AM
November 13, 2002
MEMBERS PRESENT: GUESTS:
Bill Branch, Chairman Diane Hyatt
Steve Musselwhite, Vice-Chairman Chris Lowe
Carole Brackman, Rosemary Trussell
Neil Gallagher
Allan"Cap"Robinson MEMBERS ABSENT:
Linwood Windley Craig Sharp
Doug Chittum, Secretary-Treasurer
Chaiinian Bill Branch called the meeting to order at 10:00 AM in the conference room of
the Roanoke County Administration Building. The minutes of June 12, 2002 were
approved with a unanimous voice vote.
New Business
Doug Chittum announced that Craig Sharp and Allan Robinson were reappointed for
four-year terms to the Industrial Development Authority.
Diane Hyatt, CFO for Roanoke County,presented a request for IDA approval to
refinance the outstanding IDA Lease Revenue Bonds, Series 1993, used to finance the
purchase of the Roanoke County Administration Building. Refinancing at lower interest
rates would render a substantial savings to the County. Bill Branch made a motion that
the IDA approve refinancing the Series 1993 Lease Revenue Bonds, Carole Brackman
seconded, and the motion passed with a unanimous voice vote. Legal documents will be
prepared and presented to the IDA Chairman and secretary for their signatures at the next
IDA meeting.
Chris Lowe recommended two applications for Williamson Road mini-grant funds:
Doug Kidd, Brookside Auto Sales, requesting no more than$5,000 for landscape, runoff,
and lighting improvements; Richard Moore, Homestead Acceptance, Inc. requesting no
more than $2,275 for landscape improvement and privacy fencing. In response to the
question whether other corridors are being considered for the Mini-Grant Program, Chris
informed the Board that guidelines for the Route 11/460 West corridor were close to
completion pending approval from the Planning Commission. The plan is to expand this
program throughout the County. A motion was made to approve the requests by Steve
Musselwhite, seconded by Carole Brackman, and approved with a unanimous voice vote.
Old Business
Valley Gateway shell building update given by Doug Chittum. The Greater Roanoke
Valley Development Foundation has listed the building with Hall and Associates.
Roanoke County is currently working with prospects interested in the building.
Board members were asked their thoughts on the outcome of the meeting with the
Roanoke County Board of Supervisors on September 10, 2002. The consensus was that
the IDA will continue to perform the functions as they have in past years unless they are
directed to do otherwise. Doug pointed out that he intends to promote communication
and keep the IDA board members informed as he considers the IDA an asset as well as a
resource.
Treasurer's Report
Rosemary Trussell handed out IDA Revenues and Expenditures report for period ending
10/31/02.
The IDA audit for fiscal year ending June 30, 2002 was completed on August 20, 2002
by Robinson, Farmer, Cox. Rosemary thanked Betty Wickersham for her assistance in
the audit and in particular, for her follow-up to ensure all confirmations were received.
One issue raised during the audit was the procedure currently being used to reimburse
IDA board members for meetings attended. The auditors reported that IDA board
members should be paid through the county payroll with appropriate deductions being
made. Ms. Trussell stated the auditors presented information to support this and the
change would take place January 2003. Board members disagreed. Ed Natt looked up
legal documentation backing up the procedures currently in use:-Ms. Trussell will
research further and report back to staff.
The next IDA Board meeting was scheduled for Wednesday, December 11, 2002. There -
being no further business,the meeting was adjourned at 10:40 AM. -
Respectfully submitted:
4.
E. Dou las Chittum
Secretary-Treasurer
2