HomeMy WebLinkAbout11/15/2023 - Special1
MINUTES OF A REGULAR MEETING OF VINTON TOWN COUNCIL HELD AT 4:00 P.M.
ON TUESDAY, NOVEMBER 15, 2023, IN THE COUNCIL CHAMBERS OF THE VINTON
MUNICIPAL BUILDING LOCATED AT 311 SOUTH POLLARD STREET, VINTON, VIRGINIA
MEMBERS PRESENT: Bradley E. Grose, Mayor
Michael W. Stovall, Vice Mayor
Keith N. Liles
Sabrina McCarty
Laurie J. Mullins
STAFF PRESENT: Pete Peters, Town Manager
Cody Sexton, Deputy Town Manager
Antonia Arias-Magallon, Town Clerk/Administrative Manager
Jeremy Carroll, Town Attorney
Timothy Lawless, Deputy Police Chief
The Mayor called the meeting to order at 4:00
p.m. The Town Clerk called the roll with Council
Member Liles, Council Member McCarty, Council
Member Mullins, Vice Mayor Stovall, and Mayor
Grose present.
Under items requiring action under the
agenda, there was a motion to consider the
Town of Vinton, the Roanoke County Economic
Development Authority, and Gish Mill Davii LLC.,
pertaining to the redevelopment of Gish Mill.
Town Manager Peters commented that the Town
is currently scheduled for closing on Friday,
December 1, 2023. The Town was at the same
stage about a year ago. The developers had
used Virginia Community Capital
financing regarding the tax credit at the time.
There
language in some of the agreements
bank could not agree to. After a certain time, the
developer
opportunities. They ended up selecting the Bank
of Botetourt to provide the financing
documents associated
package have been changed minimally
meeting is to review and go over the documents
to seek additional authorization
document is the only new document.
presented to the Roanoke
Development Authority t
received authorization.
Mill will be transferred on the first of December
this year. Construction should start around the
Approval of adoption of Resolution No. 2574
authorizing
Authority, and Gish Mill Davii LLC., pertaining to
the redevelopment of Gish Mill.
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Mr. Carroll commented that the documents are
by in large what was previously approved. The
performance agreement sets out what the local
contribution is to the grant. There is an IRF loan
that comes from the Department of Housing and
Community Development. With the IRF, there is
a loan agreement, promissory note, deed of trust,
and restriction agreement. There is also a local
construction loan that will be paid out over time
provided that Gish Mill meets all requirements.
The construction loan also has a loan agreement,
promissory note, and deed of trust. B
Botetourt is providing a construction loan as well.
The Town’s two loans will be subordinate to the
Bank of Botetourt’s loan. The SNDA is a new
document driven by tax credits. The Town, as
lenders, are agreeing that should Gish Mill
default, the Town
tenant from the property. The
would still have to pay rent
tenants for 5 years for the tax credits to kick in.
The Town consents to the lease and agrees that
should the Gish Mill foreclose then the Town will
allow the tenants to stay.
Town Manager Peters commented that if Gish
Mill was privately owned, there may not be a lot
of investment but with public help, there is more
of an incentive for the property. It is not all town
funds going into the project. There are a number
of sources making this project possible.
Mayor
expressed appreciation for the work put into the
redevelopment and are excited to see what will
come of it.
Vice Mayor Stovall made a motion to approve
the Resolution authorizing the Town Manager to
Vinton, the
Development Authority and Gish Mill Davii LLC.,
pertaining to the redevelopment of Gish Mill; the
motion was seconded by Council Member Liles
and carried by the following roll call vote, with all
members voting: Vote 5-0; Yeas (5) – Liles,
McCarty, Mullins, Stovall, Grose; Nays (0) –
None.
Council Member Mullins made a motion to
adjourn the meeting; the motion was seconded
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following vote, with all members voting: Vote 5-
0; Yeas (5) –
Grose; Nays (0) – None.
Meeting adjourned
APPROVED:
_________________________________
Bradley E. Grose, Mayor
ATTEST:
_________________________________
Antonia Arias-Magallon, Town Clerk