06-10-2014 IDA MinutesINDUSTRIAL DEVELOPMENT AUTHORITY
OF PITTSYLVANIA COUNTY, VIRGINIA
Pittsylvania County Board of Supervisors' Conference Room
1 Center Street
Pittsylvania County Industrial Development Authority
6:00 P.M.
Minutes
June 10, 2014
IDA Members Present
Eddie L. Hite, Jr., Chairman
Randy Anderson
Stanley Simpson, Secretary/Treas.
Charlie Mahan, Vice-Chairman
Ron McMahon
Ronnie Haymore
Dr.Joey Faucette
Staff Present
J. Vaden Hunt, Esq. (County Attorney/IDA Attorney), Gregory L. Sides, (Assistant County
Administrator/Planning), and Brenda O. Robertson (Legal Secretary/IDA Clerk).
Guest Present
Stephen M. Gay, CPA (Harris, Harvey, Neal & Co., LLP)
Call to Order
The meeting of the Industrial Development Authority of Pittsylvania County, Virginia (the "IDA"),
was called to order by Mr. Hite-Chairman at 6:00 P.M. in the Pittsylvania County Board of
Supervisors' Conference Room, 1 Center Street, Chatham, Virginia, 24531.
Roll Call
IDA roll call by Ms. Robertson (IDA Clerk). All IDA members present.
Approval of Agenda
Motion was made by Mr. Simpson, seconded by Mr. Anderson, to approve the Agenda for the
meeting. Motion carried unanimously by IDA members.
Apnroval of the Minutes
June 10, 2014
IDA Minutes
Page 2
Motion was made by Mr. Mahan, seconded by Mr. McMahon, to approve the April 8, 2014, Meeting
Minutes. There were no minutes for May 13, 2014, meeting cancelled. Motion carried unanimously
by IDA members.
Financial Report
The IDA Checking Account balance as of May 5, 2014, was $146,961.39. The IDA Checking
Account Balance as of June 5, 2014 is $146,661.39. The Axxor Debt Reserve Account balance as of
May 5, 2014, was $207,147.79, and the Axxor Debt Reserve Account balance as of June 5, 2014 is
212,842.72. Motion by Mr. Mahan, seconded by Mr. Anderson, to approve the financial report.
Motion carried unanimously by IDA Members.
New Business
IDA Audit Presentation
Mr. Stephen M. Gay, CPA (Harris, Harvey, Neal & Co., LLP), was introduced to each IDA Board
member, by the IDA Clerk. Following the introduction Mr. Gay, presented the Board and Staff with
the 2013 Financial Statement. As reviewed, Mr. Gay explained page by page to the Board and Staff.
After completion of review, Mr. Gay accepted questions; there were no questions from Board
members.
Resolution to Authorize Issuance of Refunding Bond and other Matters for Refnancin Town
of Chatham Fire Station
Mr. Hunt explained to the IDA members, that a request from Paul Jacobson, Esq., Attorney for the
Town of Chatham Fire Station project had been made, in need to refinance a loan originally made in
2004 to finance the construction of the Town's Fire Station. Mr. Jacobson's proposal of a new
resolution to be approved by the IDA members, and signed by the IDA chairman and secretary to
authorize issuance of refunding bond for refinancing, from the previous process of the 2004 Bond, to
extend the term of the payment to the 2014 Bond. Mr. Hunt also explained to the board that there will
be absolutely no financial obligations by the IDA. Motion by Dr. Faucette, seconded by Mr.
Anderson, to approve the proposed resolution extending the term to 2014, and authorizing signatures
of chairman, and secretary. Roll call by the clerk. Mr. Hite-Ayes, Mr. Anderson-Aye, Mr. Simpson-
Aye, Mr. Mahan-Aye, Mr. McMahon-Aye, Mr. Haymore-Aye, and Dr. Faucette-Aye. There were 0-
Nays. Roll call carried unanimously by IDA Members.
Matters from the Board
Mr. Simpson had questions concerning Axxor Debt Reserve Account. Mr. Hunt gave a brief
clarification of how that account is set up according to the Moral Obligation Agreement with Axxor.
The IDA cannot touch these funds in the event that Axxor discontinue paying the loan, the IDA will
be liable to pay the loan amount off.
Mr. Sides discussed the Mega Park permitting issues that had been ongoing with the Army Corps of
Engineers.
With there being no further business, motion by Mr. Haymore, seconded by Dr. Faucette, to adjourn
meeting. Chairman, Mr. Hite, adjourned meeting at 6:45 P.M.
Respectfully Submitted, Approved:
vCJ . .
W. Stanley Simps DA, Secre ry Eddie L. Hite, Jr., IDA, Chairman