Economic Development Authority of the City of Richmond
Board Meeting Minutes
February 25, 2010
Members present:
Ms. Jane Ferrara, Executive Director
Mr. Richard Johnson, Chair
Ms. Anne Greever, Vice-chair
Mr. Kelvin Hanson
Mr. Dennis Ryan
Others present:
Ms. Bonnie Ashley, City Attorneys Office
Ms. Lisa Jones, Reese and Associates
Mr. Doug Sbertoli, LeClairRyan
Mr. Robert Dawson, Sands Anderson Marks and Miller
Mr. Darryl Hemminger, Crosland
Mr. Mark Ellison, Economic Development Authority
I. Call to Order
Mr. Johnson called the meeting to order at 4:02pm in the Board Room on the eighth floor of the AdvanTech building at 501 E. Franklin Street.
II. Public Hearing
There was no public comment.
III. Approval of Minutes of the Previous Meeting
Ms. Greever moved that the Board approve the minutes from the January meeting with changes. Mr. Hanson seconded the motion, which carried unanimously.
IV. Unfinished Business
A.Update on EDA Revolving Loan Fund Closeout: Ms. Ashley told the Board that she is expecting to receive a letter updating the Board on the loan fund closeout. She anticipates a successful resolution to this matter.
B.Status of CARE and Extra CARE loan program: Ms. Ashley stated that she had no update from the Administration. Ms. Ashley stated that the scope of this program is due for revision.
V. Financial Overview
Ms. Jones of Reese and Associates shared that all accounts are running smoothly. Reese and Associates has been entering loan payments and has sent out interest statements and 1099s.
VI. Report of the Officers
Report of the Chairman: Mr. Johnson reported that the Department of Economic and Community Development (DECD) will move from the AdvanTech building to Main Street Station, a City-owned facility where the department will not have to pay rent.
Report of the Secretary: Ms. Ferrara summarized items discussed and actions proposed during the EDA work session on February 24th, 2010. With regard to filling the EDA Executive Director position, Ms. Ferrara proposed that EDA and DECD jointly hire a new employee who would serve both the EDA Board and DECD by functioning as an integral part of the Citys economic development effort. Ms. Ferrara suggested that the EDA partly fund this position. The board agreed that this was as viable idea and that hiring an employee inside of DECD would be in the EDAs best interest.
VII. New Business
A.Vote on Final Resolution for Planned Parenthood: Robert Dawson from Sands Anderson Marks and Miller was present to represent Planned Parenthood. Mr. Sbertoli of LeClairRyan, counsel to the Authority, advised the Board that all required procedures had been followed and the documentation was in order. Ms. Ashley advised the Board that Mr. Ryan would need to abstain under conflict of interest rules because of his position at LeClairRyan. Ms. Greever moved to approve the Final Resolution, Mr. Hanson seconded, and it was unanimously approved.
B.Public Hearing on Application of Crosland Services, LLC for Economic Recovery Zone Facility Bond Financing: Darryl Hemminger of Crosland was present to seek approval of Croslands bond proposal to fund a parking garage complex at Stonewall and 700 Cowardin Avenues. Mr. Sbertoli stated that City Council had approved the request and that the transaction was appropriate for EDA approval. Ms. Greever moved to approve, Mr. Hanson seconded, and the motion passed unanimously. Mr. Ryan again abstained due to his affiliation with LeClairRyan.
C.Authorization of negotiations with Gosnell Palmer Holdings, LLC: The Development Committee recommended the proposed hotel as the best option for the 2nd and Marshall Property and submitted an extensive written report from DECD comparing the competing proposals and analyzing the benefits of each for the City, including tax revenue. Ms. Greever moved that the Board authorize Ms. Ferrara to negotiate with Gosnell Palmer Holdings, LLC. To sell the property subject to a development agreement. The motion was seconded by Mr. Hanson and carried unanimously.
VIII. Committee Reports
All Committee Reports were approved by the board.
IX. Board Member Nominations
Mr. Johnson moved to go forward with the nominations. Mr. Ryan moved that the Board defer voting until March when it is understood that there will be full board member attendance. Mr. Hanson seconded and the motion was carried unanimously.
X. Adjournment
The meeting was adjourned at 5:20 pm.