HomeMy WebLinkAbout10/2/2003 - Minutes Minutes
Industrial Development Authority
Thursday, October 2, 2003, 10:00 AM
MEMBERS PRESENT GUESTS
Bill Branch, Chairman Rebecca Owens, Finance
Steve Musselwhite, Vice-Chair Jill Loope, Economic Development
Carole Brackman
Craig Sharp MEMBERS ABSENT
Linwood Windley Allan "Cap" Robinson
Ed Natt, Counsel Neil Gallagher
Doug Chittum, Secretary-Treasurer
Terrie Cochran
Bill Branch, Chairman called the meeting to order at 10:10 A.M.
Steve Musselwhite moved to approve the minutes of the June 4, 2003 meeting. Carole
Brackman seconded the motion that carried by unanimous voice vote.
Treasurer's Report
Rebecca Owens, Director of Finance presented the Treasurer's Report through the month of
June 30, 2003. She noted no change in revenue or expenditures, with the exception of the
revenue from the sale of the Shell Building totaling $260,440.50. Two checks have been
disbursed from The Greater Roanoke Valley Department Foundation, the first check being in the
amount of$50,000.00, the second check and final settlement was in the amount of$210,440.50.
This money will be retained in the IDA bank account. The audit from Robinson-Farmer-Cox
went very well. After general discussion the audit was filed and received.
Old Business
Doug Chittum gave the board members an update on the settlement of the Shell Building. The
total affidavit of satisfaction for the Shell Building was in the amount of $260,440.50. WWW &
Strauss Construction purchased the Shell Building. Doug ask the board to consider purchasing
twenty-five (25) acres of land (Hampton Property), next to the Center for Research &
Technology & Novozymes for the benefit of the park. These proceeds would be used for the
purchase if negotiations were successful. He informed the board that he was negotiating with
Owens Realty and the landowner. Craig Sharp asked if there were limitations on the money
received from the sale of the Shell Building? Ed Natt responded with no. After discussion the
Chairman & members encouraged Doug to proceed with the negotiations. Attached is the
Certificate and Affidavit of satisfactions.
New Business
Bill Branch discussed the IDA By-Laws concerning some changes and updates that were
needed. Steve Musselwhite asked Ed Nail to re-work the By-Laws and compare them to the
state statue and update. Seconded by Craig Sharp, carried by unanimous voice vote.
Doug Chittum gave an update on the Lowes Project located at 460. The Performance
Agreement insures an enhanced quality project in return for financial incentives to Lowes. Steve
Musselwhite made the motion to authorize Chairman to sign the agreement. Seconded by
Linwood Windley and carried by unanimous voice vote. (Attachment- copy of the Agreement)
Doug Chittum briefed the board on a new manufacturing company that will be locating in the
Vinton Business Center. Cardinal Glass out of Minnesota plans to invest $24 million. The
announcement was made on October 1, 2003. The company is a major glass supplier to
Integrity Windows, a product of Marvin Windows and Doors. The Governors Opportunity Fund
awarded $300,000.00 for this project to the County of Roanoke and the Town of Vinton.
Financial incentives will be provided through a Performance Agreement between County of
Roanoke, Town of Vinton, Cardinal Glass and the Industrial Development Authority.
Re-Appointment
Doug Chittum notified the board that Neil Gallagher was re-appointed to the IDA Board by the
Board of Supervisors on September 23, 2003.
Being no further business, the meeting was adjourned at 11:00 A.M.
Respectfully,
E. Douglas Chittum
Secretary-Treasurer
Next Scheduled Meeting: November 6, 2003