01-13-2015-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
January 13, 2015
IDA Members Present
Eddie L. Hite, Jr., Chairman
Charlie Mahan, Vice-Chairman
Stanley Simpson, Secretary/Treas.
Ron McMahon
Ronnie Haymore
Dr. Joey Faucette
IDA Members absent
Randy Anderson
Staff Present
J. Vaden Hunt, Esq. (County Attorney/IDA Attorney), Gregory L. Sides, (Assistant County
Administratar/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). Six (6) members present, Mr. Anderson was absent.
Approval of A enda
Motion was made by Mr. Mahan, seconded by Mr. McMahon, to approve the meeting's Agenda.
Motion carried unanimously by IDA members present.
Approval of the Minutes
Motion was made by Mr. Haymore, seconded by Dr. Faucette, to approve the December 9, 2014,
Meeting Minutes. Motion carried unanimously by IDA members present.
January 13, 2015
IDA Minutes
Page 2
Financial Renorts
The IDA Checking Account balance as of January 9, 2015, was $140,701.44. The Axxor Debt
Reserve Account balance as of January 9, 2015, was $252,699.28. BB&T Loan Account balance as
of January 9, 2015, was $1,691,263.09. The CD Account balance as of January 9, 2015, was
193,824.87. Motion by Dr. Faucette, seconded by Mr. McMahon, to approve the financial reports
for January. Motion carried unanimously by IDA members present.
New Business
IDA Bv-Laws
There were no amendments to the IDA By-laws.
VACORP Insurance Renewal
The IDA received their annual VACORP Insurance 2015-2016 renewal update, for review,
amendments, and Chairman's signature. Motion by Mr. Haymore, seconded by Dr. Faucette,
authorizing Mr. Hite, Chairman, to execute the necessary documents on behalf the IDA Board.
Motion carried unanimously by IDA members present.
Unfinished Business
Axxor Debt Reserve Account Pavment to TROF
Brenda Robertson (IDA Clerk) received approval from Mr. Greg L. Anderson, BB&T, Market
President, to write a check for $34,700.00, from the Debt Reserve account ending 7017, to
reimburse the Virginia Tobacco Indemnification & Community Revitalization Commission, for
TROF Grant #2423). Motion by Mr. Haymore, seconded by Mr. McMahon, authorizing IDA
Clerk to make payment to the Tobacco Commission. Motion carried unanimously by IDA
members present.
Updates
Gre orv L. Sides (Assistant Countv Administrator/Planning & Develonment)
Mr. Sides gave updates on ongoing projects.
As February 1, 2015, deadline approaches for the full payment to the Virginia Community Capital
Bank ("VCC"), regarding Intertape, the loan debt modification will need to be further extended.
Motion by Dr. Faucette, seconded by Mr. McMahon, to request an extension from VCC. Motion
carried unanimously by IDA members present.
With there being no further business, motion by Mr. Simpson, seconded by Mr. Haymore, to adjourn
meeting. Chairman, Mr. Hite, adjourned meeting at 7:00 P.M.
Respectfully Submitted, A ved:
W,
W. tanley Simps n IDA, Se retary Eddie L. Hite, Jr., IDA, Chairman