Economic Development Authority of the City of Richmond
Board Meeting Minutes
May 4, 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. Lisa Jones, Reese and Associates
Mr. Doug Sbertoli, LeClairRyan
Mr. Mark Ellison, Economic Development Authority
I. Call to Order
Mr. Johnson called the meeting to order at 8:08 a.m. 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 February meeting as presented in the Board Packet. Mr. Ryan seconded the motion, which carried unanimously.
IV. Unfinished Business
A.Update on EDA Revolving Loan Fund Closeout: This matter is still under review by Board Counsel.
B.Status of CARE and Extra CARE loan program: This matter is still with the City.
V. Financial Overview
Ms. Jones of Reese and Associates stated that all accounts are running smoothly. Reese and Associates has continued entering loan payments.
VI. Report of the Officers
Report of the Chairman: Mr. Johnson reported on his attendance at the real estate round table meeting with the Mayor. Mr. Johnson also reported on the new location of the Department of Economic and Community Development.
Mr. Johnson announced the appointment of the following to the EDA Board by City Council: Greta Harris, Zarina Fazaldin and William Hardy.
Report of the Secretary: Ms. Ferrara reported that DECDs move to Main Street Station went smoothly and invited the Board to hold its next meeting at the new location.
Ms. Ferrara told the Board that she is staying in touch with Palmer Gosnell concerning the Development Agreement now being negotiated for the EDA-owned lot at Second and Marshall Streets. Mr. Johnson asked that she continue to be kept the Board up-to-date with the status of this project.
Ms. Ferrara told the Board that the Executive Director position has been posted and candidates are being reviewed.
VII. Committee Reports
No Committee Reports were presented except via minutes of their meetings.
VIII. New Business
A.Inducement Resolution- Cephas Industries, Inc.: Mr. Sbertoli of LeClairRyan, counsel to the Authority, told the Board that all required procedures, including a public hearing, had been followed and the documentation was in order. Ms. Greever moved to approve the inducement resolution, Mr. Hanson seconded, and the motion passed unanimously, except that Mr. Ryan abstained due to his affiliation with LeClairRyan.
B.Approval of Contract to Complete Tuck-point Work: Upon motion of Mr. Ryan, seconded by Mr. Hanson, the Board unanimously approved a proposed contract for repair work to the building, with the addition of a clause to budget $10,000 extra in case of unforeseen additional repair needs. Mr. Ellison was asked to work with Ms. Ashley, Board Counsel, to make this change to the contract and get it to Mr. Johnson for his signature.
C.AdvanTech/EDA Collections Attorney Agreement Letter: After review of the proposed agreement to retain Mike Ballato as collections attorney, the Board asked Ms. Ashley to make two changes to the agreement: (1) change the termination notice period from 90 to 30 days, and (2) include a clause that Mr. Ballato or his designee would provide the Board a monthly report of pending and active matters. Mr. Ryan moved to approve the contract contingent upon the specified changes being made, Mr. Hanson seconded, and the motion passed unanimously.
D.Election of New Officers: Voting on new officers was deferred to the next meeting.
IX. Adjournment
The meeting was adjourned at 9:31 a.m.