Economic Development Authority of the City of Richmond, Virginia
Board Meeting
March 31, 2011
Members present:
Richard Johnson, Chair
Anne Gordon Greever, Vice-chair
Zarina Fazaldin
Kelvin Hanson
Others present:
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
Mr. Richard Johnson called the meeting to order at 4:05 pm in the 3rd floor conference room of the offices of the Department of Economic Development-Main Street Station at 1500 E. Main Street.
Public Comment
No members of the public were present.
Approval of Minutes of the Previous Meeting
Upon motion of Ms. Greever, seconded by Ms. Fazaldin, the minutes of the prior meeting were approved unanimously with corrections.
Unfinished Business
None
New Business
A.Loan Approval: Loan for 214 E Grace Street Associates, LLC was presented to the Board by Mr. Ron Johnson and he confirmed that the EDA Loan Committee had approved this loan and recommends it to the Board for approval. The loan is for $200,000.00 as a bridge loan for the acquisition and renovation of historic property located at 213 E. Broad Street and 214 E. Grace Street.
Mr. Hanson moved to approve the loan, subject to the confirmation of terms with Virginia Community Capital and the signature of Peter Chapman, Chair of the Loan Committee. Ms. Greever seconded the motion, which carried unanimously.
B.Loan Approval: Loan for Tys Hauling and Paving, Inc. was presented to the Board by Mr. Ron Johnson and he confirmed that the EDA Loan Committee had approved this loan and recommends it to the Board for approval. The loan is for a $100,000.00 Commercial Term Loan for 5 years at 4% interest. The loan will be guaranteed by Mr. Thomas with liens on 2 rental properties and the assignment of a life insurance policy.
Mr. Hanson moved to approve the loan as recommended by the EDA Loan Committee. Ms. Zarina Fazaldin seconded the motion, which carried unanimously.
C.Committee Reports
A. Executive Committee No meeting was held in March.
B.Development Committee - No meeting was held in March
C.Financial Committee No meeting was held in March
D.Incubator Committee Ms. Fazaldin reported that Mr. Kyle Brackett, Department of Economic and Community Development, and Ms. Pat Foster, Office of Minority Business Development, will present their plans for the incubator building at the April 20, 2011 meeting of the Incubator Committee.