Economic Development Authority of the City of Richmond
Board Meeting Minutes
July 29, 2010
Members present:
Mr. Richard Johnson, Chair
Ms. Anne Greever, Vice-chair
Mr. Dennis Ryan
Ms. Greta Harris
Mr. Kelvin Hanson
Ms. Zarina Fazaldin
Others present:
Ms. Jane Ferrara, Executive Director
Mr. Alan Reese, A.G. Reese and Associates
Ms. Bonnie Ashley, City Attorneys Office
Mr. Doug Sbertoli, LeClairRyan
Mr. Ron Johnson, Department of Economic and Community Development
Mr. Stephen Staats, Roof Over My Head Corporation
Mr. Robert Rogers, Roof Over My Head Corporation
Mr. Mark Ellison, Economic Development Authority
I.Call to Order
Mr. Rich Johnson called the meeting to order at 4:06 p.m. in the Board Room on the eighth floor of the AdvanTech building at 501 E. Franklin Street.
II.Public Comment (Maximum of Three Minutes Per Person)
There was no public comment.
III.Roof Over My Head Corporation Bond
Ms. Greever introduced Mr. Sbertoli, Bond Counsel, who in turn opened a public hearing on the Inducement Resolution for tax-exempt financing submitted by Roof Over My Head Corporation. During the public hearing, spokespersons for the company presented a summary of the proposed project (to build prefabricated housing for use in emergency need situations, such as floods and hurricanes), where the manufacturing facility would be located, the number and types of jobs it would create, and the tax benefits it would generate for the City. After the corporate representatives responded to a number of questions from EDA Board members, Ms. Greever made a motion to approve the Inducement Resolution. The motion was seconded by Mr. Hanson and the motion carried unanimously. Mr. Ryan and Mr. Johnson abstained from voting.
IV.Minutes of the Previous Meeting
Mr. Ryan moved that the Board approve the Minutes from the June Board Meeting with style changes made by Ms. Greever. Mr. Hanson seconded the motion which carried unanimously.
V.Unfinished Business
A.Update on EDA Revolving Loan Fund Closeout
The Federal EDA requested of Ms. Ashley specific information concerning four of the remaining loans, which has now been supplied by Ms. Ashley and Mr. Reese. They reported that this issue should be done and closed by the September Board Meeting.
B.Status of CARE and Extra CARE loan program
Mr. Ron Johnson is now working on loan programs with the Department of Economic and Community Development. The 7th and 17th loans have not been advanced by the DECD. They have been supplied a requested cost breakdown from the EDA.
VI.Financial Overview
Mr. Reeses review of accounts assured the Board that all accounts were running smoothly. Reese and Associates has continued entering loan payments.
VII.Report of the Officers
A.Report of the Chairman
Mr. Rich Johnson distributed committee assignments, noting that the appointments needed no action, however if any Board Member would like to be moved to a different committee, to please let him know.
Mr. Rich Johnson asked for Board approval for signature authority for a document concerning a previous 9th and Cary Bond. The document was a Resignation and Appointment Agreement. A motion granting Mr. Rich Johnson approval to sign the Resignation and Appointment Agreement was made by Mr. Ryan and seconded by Ms. Harris. The motion was carried unanimously.
B.Report of the Secretary
Ms. Ferrara reported to the Board that she had recently traveled to Fredericksburg where she met with the hotel manager of the property built by Palmer Gosnell, the company chosen by EDA to develop the 2nd and Marshall Property. Ms. Ferrara also was able to meet with the Economic Development Director of Fredericksburg, who was very complimentary of the project. Ms. Ferrara reported that the hotel is a good fit for the historic area there and that she is continuing to work on a development agreement with Ms. Ashley.
Ms. Ferrara reported that an organization has been selected to conduct the Shockoe Bottom study with a kick-off meeting slated for August 16. The CEDS study is still in progress and a draft is expected by the end of September or early October.
Ms. Ferrara also told the Board that the old Reynolds property had been purchased and that the DECD is working with the new owner concerning zoning.
VIII.Committee Reports
A.Executive Committee- No Committee Report was presented.
B.Development Committee- No Committee Report was presented.
C.Finance Committee- No Committee Report was presented.
D.Incubator Committee- No Committee Report was presented.
E.Loan Committee- No Committee Report was presented.
IX.New Business
A.Budget Approval
Mr. Hanson made a motion to approve the amended budget with changes from A.G. Reese and Associates. The motion was seconded by Ms. Harris and carried unanimously.
B.Executive Committee Signature Approval
Mr. Greever asked Ms. Ashley to work on verbiage for a list of appropriate documents that the Chair of the Board could sign.
C. Write-Down of Richmond Recreation and Parks Foundation Loan
Ms. Greever moved that the Economic Development Authority approve the write-down in the amount of $35,000 plus any accrued interest and additional charges on the account of Richmond Recreation and Parks Foundation, borrower under a certain note dated July 7, 2004 relating to the EDA Revolving Loan Fund Program. The motion was seconded by Ms. Harris and carried unanimously.
D. Charge-off and Authorization of Legal Action Visure Corporation
Mr. Hanson moved that the Economic Development Authority approve the Charge-off of the account of Visure Corporation and Michael K. Song as guarantor and authorize and all legal action necessary in relation thereto. The motion was seconded by Ms. Greever and carried unanimously.
X.Adjournment
Ms. Greever moved to adjourn the meeting at 6:03 p.m., motion seconded by Mr. Ryan and carried unanimously.