Economic Development Authority of the City of Richmond, Virginia Rescheduled Board Meeting August 8, 2011 Members present: Ms. Jane Ferrara, Executive Director Richard Johnson, Chair Julious Smith Greta Harris Kelvin Hanson Others present: Karl Holsten, Esq., City Attorneys Office Alan Reese, Reese and Associates Lisa Jones, Reese and Associates Ron Johnson, Department of Economic and Community Development Lee Downey, Director, Department of Economic and Community Development Paul McClellan, Department of Economic and Community Development Sharon Kerrick, Economic Development Authority Call to Order Mr. Richard Johnson called the meeting to order at 4:05 pm in the 8th floor boardroom at the Advantech Building located at 501 E Franklin Street, Richmond, Virginia. Public Comment No members of the public were present. Approval of Minutes of the Previous Meeting Upon motion of Mr. Hanson, seconded by Mr. Smith, the minutes of the prior meeting of June 30, 2011 were approved unanimously. Unfinished Business None New Business No new business Committee Reports Executive/Development Committee The Executive Committee and Development Committee held their joint monthly meeting at the Starbucks in River Road Shopping Center at 9:00 AM on July 15, 2011. There was detailed discussion by the Executive and Development Committee for implementing the next steps toward an RFP for the 2nd and Marshall Street property as well as for procedures for the Board. No items needed action. Mr. Richard Johnson announced that the appointment of Ms. Meda Lane to the EDA Board was approved by City Council. Finance Committee No meeting was held in July. Incubator Committee No meeting was held in July. Loan Advisory Committee No meeting was held in June. Mr. Ron Johnson presented to the Board a request for a Loan Amendment for Tys Hauling & Paving, Inc. to increase the loan from $45,000.00 to the original amount of $100,000.00 with additional collateral of equipment, which has no existing liens. The loan to value ratio will be 47.85%. All other terms and conditions of the loan will remain the same. The Loan Advisory Committee recommended approval of the Amendment to Loan with the collateral to included the additional equipment and the unencumbered residential real estate. Mr. Hanson moved to approve the loan as presented. Ms. Harris seconded the motion, which carried unanimously. Mr. Ron Johnson presented to the Board a request from Pasture, LLC for $100,000.00 from the City Wide Loan Fund for acquisition of furniture, fixtures and equipment for a new restaurant under construction located at 416 E. Franklin Street, which is located in the revitalization area of the City of Richmond. The loan will be for 18 months, 4% interest, and 1% commitment fee. This loan will be paid by tax credits from the state and personal resources. Mr. Hanson confirmed this was recommended for approval by the Loan Advisory Committee. Mr. Hanson moved to approve the loan as presented. Mr. Smith seconded the motion, which was carried unanimously. Mr. Ron Johnson presented to the Board five (5) Co-Operation Agreements for fiscal year 2012. Each Agreement is for a period of one (1) year. The Agreements presented were 1. Contractor Assistance Loan and Grant Program (CAP) 2. Citywide Revolving Loan Fund (CW RLF) 3. Eighteenth Commercial Revitalization Effort Program (CARE) 4. Eight Extra Commercial Revitalization Effort Program (ExtraCARE) 5. Economic Development Revolving Loan Fund (EDRLF) Upon approval and signature by the EDA, the agreements will be presented to City Council in September 2011. Mr. Richard Johnson asked that Mr. Reese confirm that all costs of the EDA are covered in these agreements. Financial Overview Mr. Reese summarized the monthly financial statements for June 30, 2011 prepared by Reese and Associates. Mr. Reese stated that all outstanding items on the balance sheet have cleared except the Federal EDA loan. Mr. Richard Johnson stated that he has been in touch with Ms. Bonnie Ashley and she is in contact with the Federal EDA and some progress is being made towards resolution. Mr. Reese has been working on procedures for internal controls for loan administration. The auditor has been provided with the procedures and will review prior to audit. Mr. Resse will have the procedure recommendations from the auditor to present to the Board at the regular August meeting. Mr. Reese stated that the EDAs annual audit will begin August 29, 2011. Report of Officers Report of the Chairman Mr. Richard Johnson reported that in addition to what was reported for the Executive Committee that Ms. Kerrick is continuing the work to get the vacant Advantech office suites ready for rental, which includes painting, floor repairs, and carpeting. Ms. Kerrick reported that the retrofitting of the fluorescent light fixtures is completed and has applied for a rebated from Dominion VA Power for approximately $3,000.00. The new fixtures will contribute to the reduction of energy cost of the building. Mr. Johnson represented the EDA on the Citys task force to select a public relations company to develop the DECDs website. The procurement procedures to select a company were followed precisely and a decision to award a company and proceed to contract negotiations should be made this week. The EDA may have the opportunity to participate in the website, but level of participation and cost has not been defined and more information will be needed before any presentation to or action by the EDA Board. Report of the Secretary: Ms. Jane Ferrara introduced Mr. Paul McClellan, Program Administrator of Real Estate Strategies for the DECD. Other Business None Executive Session There was no Executive Session. Announcements None Adjournment The meeting was adjourned at 4:45 pm.
HOMEPAGE
December 15 2011
RFP
2ndMarshallMap
TAP REPORT
October 27 2011
November 18 2011
September 29 2011
June 30th 2011
May 26 2011
Julious P Smith Jr
April 28 2011
March 31 2011
February 24 2011
March 7 2011
January 29 2009
February 26 2009
March 26 2009
April 30 2009
May 28 2009
June 25 2009
July 30 2009
August 27 2009
September 24 2009
October 29 2009
November 11 2009
December 9 2009
January 28 2010
February 25 2010
May 4 2010
June 3 2010
June 24 2010
July 29 2010
August 26 2010
September 30 2010
October 28 2010
November 18 2010
December 20 2010
January 27 2011
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Jane Ferrara
Richard Johnson
Anne Greever
Kelvin Hanson
Dennis Ryan
Greta Harris
William Hardy
Zarina Fazaldin