Economic Development Authority of the City of Richmond, Virginia
Board Meeting
February 24, 2011
Members present:
Anne Gordon Greever, Vice-chair
Bill Hardy
Others present:
Jane Ferrara, Executive Director
Bonnie Ashley, Esq., City Attorneys Office
Alan Reese, Reese and Associates
Ron Johnson, Department of Economic and Community Development
Sharon Kerrick, Economic Development Authority
Call to Order
Ms. Greever called the meeting to order at 4:10 pm in the boardroom on the 3rd floor of the Main Street Station at 1500 E. Main Street.
Public Comment
No members of the public were present.
Approval of Minutes of the Previous Meeting
No quorum was present to vote.
Loan Program
As there was no quorum present, those present discussed the loan program and the process of determining the public purposes of the loans, criteria for loan approval, credit worthiness of the company applying for a loan, and the use of funds by the recipient for creating and sustaining jobs.
Ms. Ferrara requested that a specially-called Board meeting be held as soon as possible to vote on the loan presented to the Board by the Loan Committee.
Financial Overview
A.Audit for 2011: Mr. Hardy discussed sending out RFP(s) for the 2011 audit. Ms. Ashley stated that the process could be treated as a small purchase by obtaining and documenting a price from three different firms as opposed to a RFP.
B.EDA loans: Those present agreed on the need to work on procedures between the Economic Development Authority and Department of Economic and Community Development for loan payments being delivered to the Advantech building instead of the correct address.
C.The Finance Committee will be setting up on-line banking with Wachovia to be used to obtain account information by Reese and Associates and any other designated persons as deemed necessary by the Finance Committee.
Adjournment
The meeting was adjourned at 4:55 pm.