Economic Development Authority of the City of Richmond
Board Meeting Minutes
September 30, 2010
Members present:
Ms. Anne Greever, Vice-chair
Mr. Dennis Ryan
Ms. Greta Harris
Mr. Bill Hardy
Others present:
Mr. Alan Reese, A.G. Reese and Associates
Ms. Bonnie Ashley, City Attorney’s Office
Mr. Ron Johnson, Department of Economic and Community Development
Mr. Greg O’Halloran, City Attorney’s Office
Mr. Randolph Shelton, REDC Community Capital Group
Mr. Harpal Malik, REDC Community Capital Group
Ms. Jeannie Welliver, Department of Economic and Community Development
Mr. Mark Ellison, Economic Development Authority
I. Call to Order
Ms. Greever 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. REDC- Emerald Car Wash Care Loan
Mr. Shelton and Mr. Malik from the REDC Community Capital Group told the Board that Emerald Car Wash is attempting to refinance its loan with Consolidated Bank and REDC, and that the EDA’s consent would be needed as the EDA is also party to the loan. After brief discussion, Ms. Greever asked that the Finance Committee and Mr. Ron Johnson review the matter at their next meeting and make a recommendation to the Board at the October board meeting.
IV. Minutes of the Previous Meeting
Ms. Greever moved that the Board approve the Minutes from the September board meeting. Mr. Hardy seconded the motion, which carried unanimously.
V. Unfinished Business
A. Update on EDA Revolving Loan Fund Closeout
Ms. Ashley reported that she is still waiting to hear from the Federal EDA. She is hopeful that the matter will be fully resolved by the end of the current calendar year.
B. Status of CARE and Extra CARE loan program
Mr. Johnson reported that Denise Lawus is preparing the Ordnances and Resolutions for City Council for 7 and 17 as well as for 8 and 18. Mr. Johnson expects these to be introduced at the October City Council meeting. Mr. Johnson explained that the Contractor Assistance Program (CAP) is complete and ready to be submitted to City Council. Once City Council approves it, the City and the EDA can enter into a Cooperation Agreement associated with the program. Ms. Greever asked for an executive summery of the CAP program, and Mr. Johnson agreed to have it delivered to Mr. Rich Johnson.
VI. Financial Overview
Mr. Reese’s review of accounts assured the Board that all accounts were running smoothly. Reese and Associates has continued entering loan payments until notice from Mr. Johnson with the DECD.
Ms. Greever asked Mr. Hardy and Mr. Reese to include an asterisk beside the item line “losses†to clarify that the EDA losses reflect CARE loan abatements.
VII. Report of the Officers
A. Report of the Chairman
No report was given.
B. Report of the Secretary
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.
IX. New Business
A. Motion to Approve Signature Authority
Action on signature authority was deferred until the next Board meeting of the EDA. Ms. Greever asked Ms. Ashley to redraft the motion as a Delegation of Signatory Approval, delegating power to the Board Chair to sign specific types of documents already approved by the EDA and the IDA, limited to previously approved matters. Ms. Greever asked Ms. Ashley to contact Board Bond Counsel Doug Sbertoli to draft a list of items to be included on the Delegation of Signatory Approval draft.
B. Jefferson Hotel Reimbursement Grant
Ms. Jeannie Welliver of the DECD was present to request that the EDA approve a Grant Agreement to reimburse the Jefferson Hotel for street-side lighting work performed at the request of the City. Ms. Welliver stated that all of the work has been completed in a satisfactory manner and that the grant is appropriate for approval. Ms. Ashley stated that she had prepared the documents and that she believes that it is in the interest of the EDA Board to move forward with grant approval. After several questions from the Board concerning the appropriate level of inquiry into the details of this matter, Mr. Ryan moved that the Board approve The Jefferson Hotel Reimbursement Grant. Ms. Harris seconded the motion which carried unanimously.
C. Stony Point Easement and Maintenance Agreement
Mr. O’Halloran from the City Attorney’s Office asked the EDA to approve an amendment to the Stony Point Easement and Maintenance Agreement, which is deemed necessary to correct an easement description error in the original document and to permit a new enterprise to function at Stony Point. Ms. Ashley stated that she had reviewed the document and recommended the Board approve it. Mr. Ryan moved that the Board approve the Stony Point Easement and Maintenance Agreement and authorize Chair Rich Johnson to sign it on behalf of the Board. Ms. Harris seconded the motion, which carried unanimously.
X. Adjournment
The meeting was adjourned at 5:32 p.m.