Economic Development Authority of the City of Richmond, VirginiaBoard MeetingJune 30, 2011Members present:Anne Greever, Vice ChairJulious SmithZarina FazaldinGreta HarrisKelvin HansonOthers present:Bonnie Ashley, Esq., City Attorneys OfficeAlan Reese, Reese and AssociatesLisa Jones, Reese and AssociatesRon Johnson, Department of Economic and Community DevelopmentHugh Jones, Department of Economic and Community DevelopmentPeter Chapman, Department of Economic and Community DevelopmentLee Downey, Director, Department of Economic and Community DevelopmentVicki Rivers, Office of Minority Business DevelopmentSharon Kerrick, Economic Development AuthorityCall to OrderMs. Greever called the meeting to order at 4:03 pm in the 3rd floor conference room of the offices of the Department of Economic & Community Development-Main Street Station at 1500 E. Main Street.Public CommentNo members of the public were present.Approval of Minutes of the Previous MeetingUpon motion of Mr. Smith, seconded by Ms. Fazaldin, the minutes of the prior meeting were approved unanimously with correction of a typographical error.Unfinished BusinessNoneNew BusinessMr. Hanson moved to ratify the signatures for the M B Mechanical loan closing. Ms. Harris seconded the motion, which carried unanimously.Mr. Ron Johnson summarized the loan servicing recommendations for the CARE and EZIL loans. After discussion, Mr. Hanson moved to approve the write-downs and charge-offs that are itemized on the list attached hereto. Ms. Harris seconded the motion, which carried unanimously.Mr. Ron Johnson requested the Board to approve certain staff members of the DECD to have authority to sign required documents for the loan closing process. After discussion, the request was deferred until the Board has obtained an opinion from its auditor, which is anticipated to be completed by the July meeting. Mr. Ron Johnson presented the renewal contract for Ballato Law Firm, PC for legal services. After discussion, Ms. Harris moved to approve the renewal of the contract between Ballato Law Firm, PC and the EDA dated June 30, 2011 included in the packet.Ms. Fazaldin seconded the motion, which carried unanimously.Mr. Ron Johnson presented the payment to the EDA from the City of Richmond for the loan administrative fees for fiscal year 2010. Mr. Johnson also presented the Seventeenth CARE and the Seventh Extra CARE Cooperation Agreements for the EDAs signature. Mr. Smith moved that the Board approve the cooperation agreement for the Seventeenth CARE and the Seventh Extra CARE and to authorize the Vice-chair of the EDA, Anne Greever, to sign on the behalf of the EDA. Ms. Fazaldin seconded the motion, which carried unanimously.Committee ReportsExecutive Committee No meeting was held in June. Development Committee No meeting was held in June.Finance Committee No meeting was held in June.Mr. Reese presented to the Board a letter from the Ballato Law Firm which listed the rental accounts deemed uncollectible. Mr. Hanson moved that the Board approve the write-off of itemized accounts in Mr. Ballatos letter dated May 10, 2011, deemed by counsel as uncollectible with no further action to be taken. Ms. Fazaldin seconded the motion, which carried unanimously.Future collections of rental accounts will be reviewed by the Incubator Committee instead of the Finance Committee.Incubator Committee No meeting was held in June. Ms. Fazaldin reported that she and Sharon Kerrick met with Ms. Susan Haas with Joyner Fine Properties regarding the marketing of the 8th floor and recommends signing a leasing agreement with Ms. Haas. After discussion, the Incubator Committee recommends the Board approve retaining Susan Haas of Joyner Fine Properties to find a suitable tenant for the 8th floor at the Advantech Business Incubator, 501 E. Franklin Street, with the tenant to pay a minimum of $12.00 per sq. ft. Ms. Haas is to provide marketing services as outlined in her letter of June 29, 2011and services mentioned in her listing agreement. Compensation shall be $2500.00 for the 1st year to be pay from rent collected, and the 2nd lease year and any subsequent lease years of the lease term to be a $500.00 annual fee paid out of rent so long as the tenant is not in default. Further, it is requested that Ms. Bonnie Ashley draft a contract and Mr. Richard Johnson to sign. The motion carried unanimously Loan Advisory Committee Minutes sufficed as a report.Financial OverviewMs. Jones summarized the monthly financial statements for May 31, 2011 prepared by Reese and Associates. Report of OfficersReport of the Chairman No report was givenReport of the Secretary No report was givenOther Business NoneExecutive Session There was no Executive Session.Announcements NoneAdjournmentThe meeting was adjourned at 5:40 pm.
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Jane Ferrara
Richard Johnson
Anne Greever
Kelvin Hanson
Dennis Ryan
Greta Harris
William Hardy
Zarina Fazaldin