06-09-2015-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
IDA Members Present
Eddie L. Hite, Jr., Chairman
Charlie Mahan, Vice-Chairman
Stanley Simpson, Secretary/Treas.
Randy Anderson
Ron McMahon
Dr. Joey Faucette
Ronnie Haymore
Staff Present
J. Vaden Hunt,
Clerk).
June 9, 2015
Esq. (County Attorney/IDA Attorney). Brenda O. Robertson (Legal Secretary/IDA
Staff Absent
Gregory L. Sides, (Assistant County Administrator/Planning).
Also Present
Stephen 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.
Roil 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 meeting's Agenda.
Motion carried unanimously by IDA Members.
June 9, 2015
IDA Minutes
Page 2
Approval to Ratifv Minutes
Motion was made by Mr. Mahan, seconded by McMahon, to ratify the April 14, 2015, Meeting
Minutes. Motion carried unanimously by IDA members.
Financial Renorts
The IDA Checking Account balance as of May 11, 2015, was $337,494.77. The IDA Checking
Account balance as of June 5, 2015, was $347,212.40. The Axxor Debt Reserve Account balance as
of May 11, 2015, was $240,779.75, and the Axxor Debt Reserve Account balance as of June 5, 2015,
was $246,469.81. BB&T Loan Account balance as of May 11, 2015, was $1,667,353.97. BB&T
Loan Account balance as of June 5, 2015, was $1,661,235.15. Motion was made by Mr. Haymore,
seconded by Dr. Faucette, to approve the financial reports for both months. Motion carried
unanimously by IDA Members.
New Business
2014 Audit Presentation bv Stephen Gav, CPA
Mr. Stephen Guy, CPA, of Harris, Harvey, Neal & Co., LLP, presented the IDA board with the
December 31, 2014, Audit Financial Report ("Audit"). Following a review of said Audit, there were
no comments or questions from the IDA Members or Staff. Motion by Dr. Faucette, seconded by Mr.
Mahan, to approve the Audit as presented. Motion carried unanimously by IDA members present.
U dates
J. Vaden Hunt, Esq. Countv Attornev/IDA Attornev
Mr. Hunt, informed the IDA Members that Intertape Refinancing Closing was on June 1, 2015, at
Clement & Wheatley. Mr. Hunt explained that Intertape's loan payments, beginning July 1, 2015,
will now be $30, 324.97 for a seven (7) year note, and then a balloon payment will be due for the
remaining balance. Mr. Hunt stated that he would amend the Lease Agreement, and have it ready
for execution at the next meeting.
With there being no further business, motion was made by Mr. Simpson, seconded by Mr. Anderson,
to adjourn meeting. Chairman, Mr. Hite, adjourned meeting at 7:00 P.M.
Respectfully Submitted,
J.
W. Stanley Simpson IDA, Secretary
I : ',
Eddie L. Hite, Jr., IDA, Chairman