10-14-2014 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
October 14, 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).
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 A enda
Motion was made by Mr. Haymore, seconded by Mr. Anderson, to approve the Agenda for the
meeting. Motion carried unanimously by IDA members.
Approval of the Minutes
Motion was made by Mr. Mahan, seconded by Mr. McMahon, to approve the August 12, 2014,
Meeting Minutes. Motion carried unanimously by IDA members. There were no minutes far
September 9, 2014, meeting was cancelled.
Financial Reaorts
The IDA Checking Account balance as of September 9, 2014, was $144,350.69. The IDA Checking
Account Balance as of October 9, 2014 is $143,148.69. The Axxor Debt Reserve Account balance as
October 14, 2014
IDA Minutes
Page 2
of September 9, 2014, was $229,922.58, and the Axxor Debt Reserve Account balance as of October
9, 2014, is $235,613.65. Motion by Mr. Simpson, seconded by Mr. Haymore, to approve the financial
reports for both months. Motion carried unanimously by IDA Members.
New Business
Virginia Communitv Canital Bank Loan Extension Si nature bv Chairman; and
The V rginia Community Bank ("VCC") Loan Maturity date was October 1, 2014, which the amount
of $935,355.42 was due. This invoice amount approached without notice, with surprise to the clerk of
the IDA board. The original invoiced amount was $ l 0,O l 5.13. The IDA needed to get an extension
from VCC bank to allow us more time to decide on what to do with the loan balance of $935,355.42,
which was due October 1, 2014. A Debt Modification Agreement was submitted by VCC bank, which
required signature by the IDA chairman. The Debt Modification Agreement would allow payments of
the original note amount starting November 1, 2014, until the extended time of February 1, 2015.
Motion by Dr. Faucette, seconded by Mr. Haymore, authoring Chairman Hite to sign the Debt
Modification Agreement. Motion carried unanimously by the IDA members.
Authorization of Pavment for Virginia Communitv Capital Bank Extension Fee of $500 00
Along with the executed Debt Modification Agreement there would be a processing fee of $500.00,
payable to the VCC Bank, for the extension by IDA, which at some point may be reimbursed. Motion
by Dr. Faucette, seconded by Mr. Haymore, to authorize payment to VCC in the amount of $500.00.
Motion carried unanimously by the IDA Members.
U dates
J. Vaden Hunt, Esq. (County Attornev/IDA Attornev
Mr. Hunt explained to the IDA members about the sudden maturity date which approached us by
surprise. He also explained the intense interest rate of the loan, and the possible refinancing at a
lower rate. Also, Mr. Hunt mentioned Mr. David Bennett's interest in purchasing the property.
Gre orv L. Sides (Assistant Countv Administrator/Planning & Develonment)
Mr. Sides gave an update on Economic Development activities involving various partners
including the City of Danville, the Chamber of Commerce, the Southern Virginia Regional
Alliance, the Longwood Small Business Development Center and the Dan River Business
Development Center. Also mentioned, was the new Tobacco Commission Application for a
program at the Career & Technical Center in Industrial Maintenance which will follow the same
structure as the Precision Machining Program, where the students would enroll within the last two
years of high school, then transfer to Danville Community College. This will give the student an
opportunity to advance in their education, and allow them to be job ready upon completion.
Mr. Sides mentioned the Economic Strategy Work Session with the Board of Supervisors. He
mentioned that the BOS came up with a vision and mission for an Economic /Development
Director, Clerical, and Project Manager. The IDA members thanked Mr. Sides, for explaining
the Economic Development report, and thanked him for the updates he has provided for the IDA
board.
With there being no further business, motion by Mr. Haymore, seconded by Mr. Mahon, to adjourn
meeting. Chairman, Mr. Hite, adjourned meeting at 6:55 P.M.
espectful Submitted, ` Approved:
W. Stanley Simpsor DA, Secreta Eddie L. Hite, Jr., IDA, Chairman