03-10-2015-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
March 10, 2015
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. Anderson, to approve the meeting's Agenda.
Motion carried unanimously by IDA members.
Anproval of the Minutes
Motion was made by Mr. Mahan, seconded by Mr. Anderson, to approve the January 13, 2015,
Meeting Minutes. Motion carried unanimously by IDA members. There were no minutes for
February; meeting was cancelled.
March 10, 2015
IDA Minutes
Page 2
Financial Renorts
The IDA Checking Account balance as of February 6, 2015, was $140,252.47. The IDA Checking
Account Balance as of March 6, 2015 was $139,653.32. The Axxor Debt Reserve Account balance as
of February 6, 2015, was $223,694.58, and the Axxor Debt Reserve Account balance as of March 6,
2015, was $229,389.49. BB&T Loan Account balance as of February 6, 2015, was $1,685,537.67.
BB&T Loan Account balance as of March 6, 2015, was $1,679,231.26. The CD Account balance as
of February 6, 2015, and March 6, 2015, is $193,824.87. Motion was made by Dr. Faucette, seconded
by Mr. McMahon, to approve the financial reports for both months. Motion carried unanimously by
IDA Members.
Closed Session
Motion by Mr. Haymore, seconded by Dr. Faucette to enter into Closed Session for the following:
Consultation with legal counsel pertaining to actual or probable litigation, where such consultation
or briefrng in open meeting would adversely affect the negotiating or litigating posture ofthe public
body; and consultation with legal counsel employed or retained by a public body regarding specific
legal matters requiring the provision oflegal advice by such counsel.
Authority
Subject:
Purpose:
2.2-3711(A)(7) of the Code of Virginia, 1950, as amended
Intertape Loan Refinancing
Consultation with and Provision of Legal Advice by Legal Counsel Regarding
Commitment Letter and Financing Collateral Documents
Motion was made by Dr. Faucette, seconded by Mr. Haymore, to re-enter into Open Session.
PITTSYLVANIA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY
CERTIFY CLOSED MEETING
BE IT RESOLVED that at the Meeting of the Pittsylvania County Industrial
Development Authority on March 10, 2015, the Board hereby certifies by a recorded vote that to
the best of each Board member's knowledge only public business matters lawfully exempted from
the open meeting requirements of the Virginia Freedom of Information Act and identified in the
motion authorizing the closed meeting were heard, discussed or considered in the closed meeting.
If any member believes that there was a departure from the requirements of the Code, he shall so
state prior to the vote indicating the substance of the departure. The statement shall be recorded
in the minutes of the Board.
Eddie L. Hite, Jr., Chairman
Charlie Mahan, Vice-Chairman
Stanley Simpson, Secretary/Treas.
Randy Anderson
Ron McMahon
Ronnie Haymore
Dr. Joey Faucette
The IDA Board members returned to Open Session at 6:35 p.m.
Vote
Yes
Yes
Yes
Yes
Yes
Yes
Yes
March 10, 2015
IDA Minutes
Page 3
Unfinished Business
Ratifv Extension Fee of $300 navable to VCC
Motion was made by Dr. Faucette, seconded by Mr. Anderson, to ratify the extension fee payment of
300, to Virginia Community Capital to allow the IDA, more time to pay the total loan amount due.
The extension date is June 1, 2015. Motion carried unanimously by IDA Members.
New Business
AFID Grant Renavment — Dan River Plants, LLC
Dan River Plants, LLC, has suspended its business operation at the Ringgold East Industrial Park
location. Dan River Plants, LLC, failed to meet the requirement in their Performance Agreement. An
AFID grant in the amount of $150,000, to assist with their new facility, was paid to the Locality, and
they disbursed to the IDA, the IDA disbursed the funds to the Company. By defaulting the
Performance Agreement, Dan River Plants, LLC is now required to repay the entire AFID Grant to
the Authority. The repayment of the AFID Grant was received by the County. Motion was made by
Dr. Faucett, seconded by Mr. Haymore, to authorize the County to accept the repayment check in the
amount of $150,000, to repay the AFID Grant by March 23, 2015.
CD Maturitv
The IDA Certificate of Deposit ("CD") will mature on March 31, 2015. The IDA members desires to
transfer the CD plus interest, into their Checking Account. Motion was made by Mr. Simpson,
seconded by Mr. Haymore to authorize the chairman to transfer the CD funds to the Checking
Account. Motion carried unanimously by IDA Members.
Stipend for Members and Clerk
The reimbursement request to County has been granted. The IDA received a check in the amount of
5200, for July 2014 to February 2015. The IDA Chairman authorized the Clerk to request for future
reimbursement, every six (6) months.
Updates
Gregorv L. Sides (Assistant Countv Administrator/Plannin & Development)
Mr. Sides gave updates on ongoing projects.
With there being no further business, motion was made by Mr. Haymore, seconded by Mr. McMahon,
to adjourn meeting. Chairman, Mr. Hite, adjourned meeting at 7:00 P.M.
Respectfully Submitted, Approved•
W. Stanley Simps IDA, Sec etary Eddie L. Hite, Jr., IDA, Chairman