Economic Development Authority of the City of Richmond, VirginiaBoard MeetingSeptember 29, 2011Members present:Ms. Jane Ferrara, Executive DirectorRichard Johnson, ChairAnne Greever, Vice ChairZarina FazaldinKelvin HansonMeda LaneJulious SmithOthers present:Bonnie Ashley, Esq., City Attorneys OfficeLisa Jones, Reese and AssociatesAlan Reese, Reese and AssociatesHugh Jones, Department of Economic and Community DevelopmentRon Johnson, Department of Economic and Community DevelopmentSharon Kerrick, Economic Development AuthorityCall to OrderMr. Richard Johnson called the meeting to order at 4:05 pm in the 3rd floor conference room at Main Street Station located at 1500 E Main Street, Richmond, Virginia.Public CommentNo members of the public were present.Approval of Minutes of the Previous MeetingUpon motion of Ms. Lane, seconded by Mr. Smith, the minutes of the prior meeting were approved unanimously.Unfinished BusinessMs. Bonnie Ashley stated that, at the present time, there is no progress to report in the resolution of the Federal EDA loan settlement.New BusinessA Resolution listing authorized signatories for the Economic Development Authoritys bank accounts was presented to the Board for approval. Mr. Smith moved to approve the Resolution as presented with the deletion of account ending in #7391, which will be closed. Mr. Hanson seconded the motion, which carried unanimously. Committee ReportsExecutive/Development Committee The Executive Committee and Development Committee did not hold their joint monthly meeting in September. Finance Committee Ms. Lane reported the Administrative Loan Fees for July, August and September were billed at $1050.00 a month. An additional invoice was billed to the City for $950.00 per month for the months of July, August and September for the prorated audit fees for the FYE 2012. The invoices have been paid to the EDA. Effective October 1, 2011, the Administrative Loan Fees will be $3000.00 per month and will be billed to the City each month; this amount includes the pro-rata share of the FYE 2012 audit fees. Mr. Ron Johnson requested the minutes for the September Financial Committee meeting be amended to clarify that the Administrative fees of $1050 a month were paid as agreed and a separate bill was issued for the audit fees for the months July, August and September.A letter dated September 26, 2011 from the auditors, Robinson, Farmer, Cox Associates, stated that, in their opinion, it is acceptable for the EDA to appoint a person within the City of Richmonds Department of Economic and Community Development to sign on behalf of the EDA on loan closing documents so long as the EDAs Board has approved the amount and terms of the loan in advance and have recorded same in their official minutes. In addition to the above, a certification letter from the Chief Credit Officer of the DECD is required to be sent to the EDA certifying that the loan closed under terms agreed by the Loan Committee and the EDA Board and within 15 days of the loan closing a copy of the loan documents should be submitted to the EDA office. The EDA office will provide a monthly report to the Finance Committee on received loan documents.Incubator Committee The Incubator Committee met and discussed several items including current rent roll, collections, and building repairs needed that were caused by recent storms. Discussion was held regarding the need of another EDA member on the committee and the assistance from the staff of the DECD and Minority Business Development to help with marketing and improving the incubator program. The Incubator Committee received a marketing proposal from a tenant to perform marketing research in exchange for past due and future rents. The committee felt that this strategy was not desired at this time and declined the proposal. It is the desire of the Incubator Committee be a member of the National Business Incubator Committee and will gather membership information to present at the October Board meeting.The contract for the leasing of the 8th floor was reviewed by Ms. Fazaldin and was sent to Mr. Johnson for review and signature.Ms. Greever moved that the Board authorize the Chairman to execute a listing agreement on the behalf of the EDA with the terms previously provided subject to approval of counsel of the form of agreement for the leasing of the 8th floor of the Advantech Building. Ms. Fazaldin seconded the motioned, which carried 5-0-1, with Ms. Lane abstaining.Ms. Greever reported that she met with the Atlas Advertising during their recent visit to Richmond to share information with them on the EDA and the Incubator Program at the Advantech building. Loan Advisory Committee Four (4) Cooperation Agreements between the City of Richmond and the Economic Development Authority were approved by City Council on September 25, 2011 and presented by Mr. Ron Johnson to the Board for approval and signature. Mr. Ron Johnson stated that the CARE and EXTRA CARE programs were awarded extra funds but there were no other changes to any of the agreements from the previous year but need to be renewed annually. The four agreements presented were1. Eighteenth Commercial Area Revitalization Effort Program (CARE)2.Eighth Extra Commercial Area Revitalization Effort Program (EXTRA CARE)3.Second Economic Development Revolving Loan Fund4.Second Citywide Revolving Loan Fund ProgramMr. Hanson moved to approve all four agreements collectively as presented. Ms. Fazaldin seconded the motion, which carried unanimously.After discussion, Mr. Ron Johnson assured the EDA Board that the agreements are structured so the EDA will be compensated for the agreed amount for Administrative Fees. The fees were also discussed in the September Finance Committee meeting. The fees for July, August and September were $2000.00 a month, which included a prorated audit fee for 2012. Effective October 1, 2011, the fees due the EDA will be invoiced to the City for $3000.00 a month, which includes the audit fee, prorated on a monthly basis for FYE 2012. The audit fees for FYE 2011 will be invoiced to the City for their prorata share once the audit is completed and the EDA receives an invoice.The Loan Committee did not hold a meeting in September.Financial OverviewMs. Jones summarized the monthly financial statements for August 31, 2011 prepared by Reese and Associates. The income and expenses for the 2 months are running very close to the budget amounts. Report of OfficersReport of the Chairman Mr. Richard Johnson reported that he had several meetings with Ron Johnson and Alan Reese regarding loan fees to the EDA. The Cooperation Agreements have been signed as per the Boards approval and delivered to City Council for signature.Report of the Secretary: Ms. Jane Ferrara shared information regarding Atlas Advertising, the company selected for the website design and brand development of The City of Richmond Department of Economic and Community Development. Atlas Advertising has partnered with three local Richmond companies Dream Factory, In Your Ear, and NM Studios. Discussion was held on the scope of work that Atlas Advertising will provide towards the marketing and brand development of the DECD and EDA. Hopefully, the new website will be ready by end of January 2012 to coincide with the State of the City Address by the Mayor.The City of Richmond Department of Economic and Community Development was recently awarded Best In Class for marketing materials at the International Economic Council meeting in Charlotte, NC. The Greater Richmond Partnership also received 3 awards for their marketing tools.The DECD recently met with 3 new prospect companies interested in locating in the City of Richmond. The prospect companies consist of an industrial distribution company, a German solar company, and an existing local company. The new companies collectively would employ up to 600 people and anticipate over the next several years to increase the number of employees by 250-400. The EDA donated an iPad, downloaded with information about the City of Richmond, to present to a new prospect.Ms. Ferrara announced that Richmond, Virginia was selected to host the 2015 Road World Championships. The Road World Championships were last held in America in 1986. This event could create more than $135,000,000 in revenue to the Commonwealth of Virginia. It was announced that a public meeting is being held at VDOT, September 29th, to present a transportation concept for commuters, bicyclist and pedestrians along the Route 5 corridor. The public is invited to attend.Other Business Mr. Richard Johnson discussed the donation of the iPad to the DECD.Ms. Greever moved that the Board ratify and authorize the $566.98 expenditure for purchase of iPad for the Department of Economic and Community Development. The motioned was seconded by Mr. Smith, which carried unanimously.Mr. Richard Johnson announced the Nominating Committee will be appointed at the October meeting. The election of Officers for the EDA Board will be in January 2012.Old BusinessAfter discussion during the Finance Committee report regarding loan procedures and execution of loan closing documents, Mr. Smith moved that the Board authorize the persons holding the position of Executive Director of the Economic Development Authority, the Director of the Department of Economic Community Development, and the Chief Credit Officer of the Department of Economic and Community Development, to execute all loan documents at closing relating to loans so long as the Authoritys Board has approved the amount and terms of the loan in advance and has recorded the same in their official minutes. The motioned was seconded by Ms. Lane, which carried unanimously.Executive Session There was no Executive Session.Announcements October Board meeting is scheduled for October 27, 2011, 4:00 PM on the 3rd floor at Main Street Station.Mr. Alan Reese asked that all executed documents on behalf of the EDA be processed and forwarded to the office of the EDA. This procedure will assure the EDA has complete files and assist in providing proper documents in a timely manner to the auditors during the annual audit of each year.AdjournmentThe meeting was adjourned at 6:10 pm.
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Jane Ferrara
Richard Johnson
Anne Greever
Kelvin Hanson
Dennis Ryan
Greta Harris
William Hardy
Zarina Fazaldin