Economic Development Authority of the City of Richmond, VA
Board Meeting
June 25, 2009
Members Present:
Rich Johnson, Chair
Anne Gordon Greever, Vice-Chair
Helen Alli
Kelvin Hanson
Dennis Ryan
Tonya Scott-Hickman
Sally Wetzler
Others Present:
Carthan Currin, Department of Economic Development
Denise Lawus, Department of Economic Development
Bonnie Ashley, Assistant City Attorney
Alan Reese, Reese & Associates
Jonathan Ferrell, Guest
Kevin Brown, Economic Development Authority
Ben McDearmon, Economic Development Authority
Mark Ellison, Economic Development Authority
I.Call to Order
Mr. Johnson called the meeting to order at 4:11 pm in the boardroom on the eighth floor of the AdvanTech building at 501 E. Franklin Street.
II. Public Comment
No public comment.
III.Approval of the Minutes of the Previous Meeting
Member moved that the Board approve the minutes from the March Board meeting as drafted. Other member seconded the motion, which carried unanimously.
IV.Unfinished Business
Mrs. Wetzler updated the Board on her departure from the board.
Ms. Wetzler turned over files to Mr. Ellison. Mr. Johnson will now be the point of contact for all banking transactions until a new member is appointed to take over these duties.
Ms. Wetzler recommended a credit card with a $5,000 limit for Mr. Ellison for day-to-day office supplies and other items in which payment is due at time of purchase.
Ms. Wetzler will finish up policies, procedures and controls
Mr. Johnson had meetings with three council members letting them know we are working on replacement for Ms. Wetzler. It is known that we will need a CPA who lives in the City of Richmond. This process will take from 60-90 days
V. Financial Overview
2009 10 budget review
Ms. Wetzler worked off of the budget assumption pages:
oIndustrial Bonds
oParking lot income used contract with assumptions
oLoan Program Income
oBuilding expense rent- leave as is
oCurrent rent roll set by Mr. McDearmon
oMoney Market Pass
oMarketing Monies
oParking Spaces for Generator and Staff Parking
oJanitorial based off prior years
Utilities based on a five percent increase
oMaintenance
Copy Lease
Reese & Associates services
oBad Debt Ten Percent of Projected Rents
oDeficit of about $3500
Ms. Scott-Hickman entered at 4:30pm
Mr. Johnson would like to make travel and entertainment funds up to $7,500. This amount includes expense for any conferences that may be useful for the EDA. Ms. Wetzler, Mrs. Scott- Hickman and Mr. Ryan raised concerns for this account, such as bad press or purchase of alcoholic beverages.
Mr. Currin commented that the EDA of Virginia has this policy in place and there should be no concern.
Mr. Johnson moved to add amendment to budget.
Anthony Dale entered at 4:47pm
The 2009-10 Fiscal Budget was approved as amended with a motion by Ms. Alli. Mr. Hanson seconds.
Ms. Ashley spoke with Willy Taylor and advises that the Board makes sure that the final book is due to payable. Ms. Ashley and Mr. Ellison are working with collections for outstanding clients that have moved out of the building.
Ms. Ashley has the 5th and the 15th for Extra CARE. Both are approved and need signing by the 6th and 16th
oCare introduced on 22nd and goes to council on July 13th.
oFunding amount needs to be determined which will be the 7th and the 17th
Mr. Johnson met with representative from the Mayors office and all items are running in the correct direction.
Mr. Reese advises getting signed copy and then do the drawdowns and transfers.
VI. Financial Overview
Mr. Reese reported that everything is going as planned. Mr. Reese made audit changes and the books are good to go. Mr. Reese is working on the settlement of the EDA Revolving Fund
Denise exits at 5:01pm
Mr. Johnson advises the Board that we need to sign audit for fiscal year 08-09 and produce an engagement letter.
VII. New Business
Mr. Johnson met with representative from mayors office (Kathy Graziano) and is doing exploratory work.
oLoan issues have been cleaned starting fresh
oMr. Johnson discussed larger scale efforts with development work
oMr. Johnson noted that there was a possibility that the CDA and EDA could work together on various projects
VIII. Report of the Officers
Report of Chairman
oHappy to report Ms. Ashleys work on leans
oCity having new CAO Carthan will work with chairman and committee
oThanks Sally and Ben
IX. Committee Reports
A.Mr. Johnson noted to refer to report in minutes of the Executive Committee
B. Anne was out of town no meeting Development Committee meeting.
C. Ms. Wetzler requested the following changes to the Finance Committee meeting:
oLoan and Finance notes were mixed
oPMUSA money wired back to the City. It will be wired in July and then transferred to PMUSA.
Helen exited the meeting at 5:15pm
D. Ms. Scott-Hickman asked that the movement of Mr. Brown please be added to last months minutes.
Anne Greever entered at 5:15pm
E. Mr. Brown discusses several items concerning how loan collecting was coming along.
X. Announcements
Ms. Scott-Hickman discusses the Assistant Secretary position. Mr. Johnson has some revisions to make to the proposed position. Mr. Johnson inquired about changes to the Bylaws- Ms. Ashley advised that the Board must to wait to change. Mr. Johnson asked Ms. Ashley to please review with the assistance of Ms. Greever.
The issue was raised as to whether or not the Board would allow the hiring of a front desk receptionist. It was voted that the position is needed and Mr. Ellison start the interview process however the final decision is to be made by Mr. Curren based on Mr. Ellisons recommendations.
XI. Adjournment
The meeting was adjourned at 5:50pm.