12-09-2014 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
December 9, 2014
IDA Members Present
Eddie L. Hite, Jr., Chairman
Charlie Mahan, Vice-Chairman
Stanley Simpson, Secretary/Treas.
Randy Anderson
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 Agenda
Motion was made by Mr. Haymore, seconded by Mr. Mahan, to approve the meeting's Agenda.
Motion carried unanimously by IDA members.
Approval of the Minutes
Motion was made by Dr. Faucette, seconded by Mr. Mahan, to approve the October 14, 2014,
Meeting Minutes. Motion carried unanimously by IDA members. There were no minutes for
November 11, 2014; meeting was cancelled.
Financial Reports
The IDA Checking Account balance as of November 7, 20l 4, was $142,199.64. The IDA Checking
Account Balance as of December 5, 2014 was $141,900.53. The Axxor Debt Reserve Account
balance as of November 7, 2014, was $241,308.82, and the Axxor Debt Reserve Account balance as
r
December 9, 2014
IDA Minutes
Page 2
of December 5, 2014, was $247,003.99. BB&T Loan Account balance as of November 7, 2014 was
1,702,900.22. BB&T Loan Account balance as of December 5, 2014, was $1,697,234.93. The CD
Account balance as of December was $193,824.87. Motion by Dr. Faucette, seconded by Mr.
McMahon, to approve the financial reports for both months. Motion carried unanimously by IDA
Members.
New Business
Landlord Collateral A reement
Motion by Dr. Faucette, seconded by Mr. Haymore, to ratify the Landlord Collateral Agreement.
Motion carried unanimously
Axxor Tobacco Re ion Opportunitv Fund (TROF)
The Performance Agreement between the Tobacco Commission and A or N.A., LLC (TROF
2423), was discussed for potential repayment of grant funds back to the Tobacco Commission by
February 2015.
Election of Officers for 2015
Motion by Mr. McMahon, seconded by Mr. Anderson, to re-elect Mr. Hite as Chairman. Motion
carried unanimously by IDA Members.
Motion by Mr. Anderson, seconded by Mr. Haymore, to re-elect Mr. Mahan as Vice-Chairman.
Motion carried unanimously by IDA Members.
Motion by Mr. McMahon, seconded by Mr. Haymore, to re-elect Mr. Simpson as Secretary.
Motion carried unanimously by IDA Members.
Mr. Hite will serve as Chairman, Mr. Mahan will serve as Vice-chairman, and Mr. Simpson will
serve as Secretary/Treasurer for 2015.
Updates
Gregorv L. Sides (Assistant County Administrator/Planning & Development)
Mr. Sides gave updates on ongoing projects.
With there being no further business, motion by Mr. Simpson, seconded by Mr. Haymore, to adjourn
meeting. Chairman, Mr. Hite, adjourned meeting at 6:59 P.M.
Respectfully bmitt d, Approve. • ,
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W. Stanle Sim son IDA, Secreta Eddie L. Hite Jr. IDA Chairm nYP ' , , ,