10-13-2015-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
OCTOBER 13, 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 A enda
Motion was made by Mr. Haymore, seconded by Mr. Anderson, to approve the meeting's Agenda.
Motion carried unanimously by IDA members.
Approval of the Minutes
Motion was made by Mr. Mahan, seconded by Dr. Faucette, to approve the minutes for August 11,
2015, meeting. September meeting was cancelled. Motion carried unanimously by IDA members.
October 13, 2015
IDA Minutes
Page 2
Financial Reports
The IDA Checking Account balance as of September 8, 2015, was $298,010.58. The IDA Checking
Account balance as of October 5, 2015, was $300,262.73. The Axxor Debt Reserve Account balance
as of September 8, 2015, was $263,555.72, and the Axxor Debt Reserve Account balance as of
October 5, 2015, was $269,251.06. BB&T Loan Account balance as of September 8, 2015, was
1,643,237.81. BB&T Loan Account balance as of October 5, 2015, was $1,637,269.53. Motion was
made by Mr. Anderson, seconded by Mr. McMahon, to approve the financial reports for both months.
Motion carried unanimously by IDA members.
New Business for Discussion
Axxor LPA Report
IDA Attorney informed IDA that Axxor is contractually obligated to purchase the building under its
Lease Purchase Agreement with the IDA on or by September 30, 2016.
VCC Certifcate of Satisfaction, Modification A reement, Promissorv Note, Commercial Loan
Agreement, Deed of Trust, and AssiEnment of Leases and Rents for loan (#100000548) Report
IDA Attorney informed IDA that the VCC loan has been paid off in its entirety. A Certificate of
Satisfaction was recorded in the Pittsylvania County Circuit Court, on Wednesday, September 9,
2015.
Countv Reimbursement Renort
IDA clerk informed IDA that the County has reimbursed the IDA $3,550.00 for the 2014 audit.
Intertape Amendment to Lease A reement Renort
IDA Attorney informed IDA that Intertape Lease Agreement Amendment has been executed.
Southern Vir inia Aoldings, LLC, Sqecial Use Permit Renort
IDA Attorney notified IDA of above-referenced SUP. IDA had no objection to said SUP.
SIPS of America. Inc., LPA Report
IDA Attorney informed IDA that SIPS has received letter detailing that the CNC Router Machine
must be purchased and/or returned to IDA on or by January 18, 2016.
Updates
Gregorv L. Sides (Assistant Countv Administrator/Planning & Development)
Mr. Sides gave Brosville Industrial Park update.
With there being no further business, motion was made by Mr. Haymore, seconded by Mr. Anderson,
to adjourn meeting. Chairman, Mr. Hite, adjourned meeting at 6:52 P.M.
Respectfully Submitted, Appr d:
W_
W. Stanley Simpsvn IDA, Secretary Eddie L. Hite, Jr., IDA, Chai an