January 2022 Agenda _ Packet
Wednesday, January 19, 2022; 6:00 P.M; Elections and Training Center; 18 Deport Street,
Chatham, Virginia 24531
AGENDA
I. CALL TO ORDER
II. ROLL CALL
III. ANY ADDITIONS/REVISIONS TO AGENDA
IV. APPROVAL OF AGENDA
V. CONSENT AGENDA
A. Approval of November Meeting Minutes
B. Review/Approval of November and December Financials
VI. OLD BUSINESS
A. Follow up with Tim Reynolds regarding Olde Dominion Agriculture Center (ODAC) –
Water and Sewer Improvements (T. Reynolds)
B. Report on Olde Dominion Agriculture Center’s (ODAC) contribution of $1,000
(K. Saunders)
VII. NEW BUSINESS
A. Election of Officers for Calendar Year 2022– J. Vaden Hunt, Pittsylvania County Attorney,
Legal Counsel to the Authority:
i. Election of Chairman (see Bylaws, Article VI, page 3-4)
ii. Election of Vice Chairman (see Bylaws, Article VI, page 3-4)
iii. Election of Secretary from the Authority’s staff – Matthew D. Rowe, Director of
Economic Development, Pittsylvania County
iv. Election of Treasurer from the Authority’s staff – Kim Van Der Hyde, Finance
Director, Pittsylvania County
VIII. ECONOMIC DEVELOPMENT UPDATES
A. Report on the VSBFA Loan for Staunton River Plastics (M. Rowe)
B. Report on the Virginia Business Ready Sites Program (VBRSP) Grant in the amount of
$1,312,400 for the Southern Virginia Megasite at Berry Hill (M. Rowe)
IX. MATTERS FROM IDA MEMBER
X. CLOSED SESSION
A. Discussion concerning a prospective business or industry or the expansion of an existing
business or industry where no previous announcement has been made of the business or
industry’s interest in locating or expanding its facilities in the community.
Authority: Virginia Code §2.2-3711(A)(5)
Subject Matters: Project Blue Sky
Purpose: Updates on Prospective Unannounced Businesses/Industries
XI. RETURN TO OPEN SESSION AND CLOSED SESSION CERTIFICATION
A. Closed Session Certification
PITTSYLVANIA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY CLOSED
MEETING CERTIFICATION
BE IT RESOLVED that at the meeting of the Pittsylvania County Industrial Development
Authority (“Authority”) on January 19, 2022, the Authority hereby certifies by a recorded vote
that to the best of each Authority member’s knowledge only public business matters lawfully
exempted from the Open Meeting requirements of the Virginia Freedom of Information Act
(“Act”) and identified in the motion authorizing the closed meeting were heard, discussed, or
considered in the closed meeting. If any authority member believes that there was a departure
from the requirements of the Act, he shall so state prior to the vote indicating the substance of the
departure. The statement shall be recorded in the Authority’s minutes.
Vote
Joey Faucette Yes/No
John Daniel Yes/No
Ronnie L. Haymore Yes/No
Timothy Reynolds Yes/No
Bill Nuckols Yes/No
Steven Merricks Yes/No
Charles L. Minter Yes/No
XII. ADJOURNMENT
Agenda Section: Consent Agenda (Section V(A))
Agenda Title: Approval of November Minutes
Staff Contact: MDR
Agenda Date: January 19, 2022
Attachments: 1 (November Meeting Minutes)
SUMMARY:
A copy of the November meeting minutes is included in the packet for your review, comment,
and approval.
FINANCIAL IMPACT AND FUNDING SOURCE:
None
RECOMMENDATION:
County Staff recommends the IDA approve the November meeting minutes as presented.
MOTION:
“I make a Motion to approve the November meeting minutes as presented.”
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PITTSYLVANIA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY
WEDNESDAY, NOVEMBER 17, 2021; 6:00 P.M.; ELECTIONS AND TRAINING CENTER; 18
DEPOT STREET, CHATHAM, VA 24531
MEETING MINUTES
I. CALL TO ORDER
Faucette called Meeting to Order at 6:02 PM.
II. ROLL CALL
IDA Members present: Faucette, Daniel, Haymore, Reynolds, Nuckols, Merricks, and Minter.
County Staff present: Hunt, Rowe, Saunders, Van Der Hyde.
III. REVISIONS TO AGENDA
Rowe requested to add a New Business item (VI Resolution of the Industrial Development
Authority of Pittsylvania County, Virginia, authorizing the amendment of certain documents in
connection with the partial prepayments of its $1,803,802 Lease Revenue Bond (County
Projects), Series 2018A (Federally Tax-Exempt). There was no objection from other IDA
Members present.
IV. APPROVAL OF AGENDA
On a motion by Nuckols, second by Daniel, the revised Agenda was unanimously approved by
IDA Members present.
V. APPROVAL OF CONSENT AGENDA
A. October Meeting Minutes Approval
B. Financials Approval
On a motion by Daniel, second by Nuckols, the Consent Agenda was unanimously approved by
IDA Members present.
VI. NEW BUSINESS
A. Resolution of the IDA of Pittsylvania County, Virginia
Van Der Hyde presented the resolution to the IDA Members. The resolution presented
authorized the amendment of certain documents in connection with the partial prepayments of its
$1,803,802 Lease Revenue Bond (County Projects), Series 2018A (Federally Tax-Exempt). The
Lease Revenue Bond, Series 2018A, was issued to finance various capital improvements projects
for the County.
On November 17, 2021, the County issued its $3,430,000 Taxable Solid Waste System Revenue
and Refunding Bond, Series 2021A (Landfill Projects), and $3,885,000 Taxable Solid Waste
System Revenue and Refunding Bond, Series 2021B (Convenience Center Project), and used a
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portion of the proceeds thereof to prepay a portion of the outstanding principal installments of
the 2018A Bond.
The County administration has requested that the Industrial Development Authority of
Pittsylvania County, Virginia authorize such changes to the 2018A Bond and related financing
documents as may be necessary to provide for the unrefunded portion of the 2018A Bond.
On a motion by Haymore, second by Merricks, the Resolution of certain documents in
connection with the partial prepayments of its lease revenue bond, Series 2018A, was
unanimously approved by IDA Members present.
VII. ECONOMIC DEVELOPMENT UPDATE
Rowe reminded IDA Members that the contract for Preliminary Engineering Report for Water
and Sewer Service for the Olde Dominion Agriculture Complex (ODAC) has been awarded to
Reynolds & Clark and awaiting the $1,000 contribution from ODAC to move forward. A request
for the $1,000 has been sent to ODAC. In addition, the IDA’s contribution will be $12,400.
Rowe provided the IDA Members with a copy of the Press Release for Project Yo-Yo, the Press
Release is also published on the County’s website. The Press Release stated that Pittsylvania
County IDA Enters Option Agreement with Energy Company; $150 Million Capital Investment
Expected.
VIII. MATTERS FROM IDA MEMBERS
There were none.
IX. CLOSED SESSION
[During the closed session, all matters discussed shall involve receiving advice from legal
counsel, and as such all communications during the closed session shall be considered attorney-
client privileged.]
At 6:16 p.m., Haymore motioned that the meeting of the IDA be recessed in a closed meeting for
the following purposes:
A. As permitted by Section 2.2-3711(A)(5) of the Code of Virginia, 1950, as amended (“Virginia
Code”), for discussion concerning one or more prospective businesses where no previous
announcement has been made of that business’s interest in locating its facilities in one or more of
the Authority’s projects located in Pittsylvania County, Virginia;
B. As permitted by Virginia Code § 2.2-3711(A)(39) for discussion or consideration of records
excluded under Virginia Code § 2.2-3705.6(3) (including without limitation (i) those certain
confidential proprietary records voluntarily provided by private business pursuant to a promise of
confidentiality from the Authority, and used by the Authority for business and trade development
and (ii) those certain memoranda, working papers, or other information related to businesses that
are considering locating or expanding in Virginia, prepared by the Authority, where competition
or bargaining is involved and where disclosure of such information would adversely affect the
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financial interest of the Authority); such information being excluded from mandatory disclosure
under Virginia Code§ 2.2-3705.1(12) and Virginia Code § 2.2-3705.1(8) (appraisals and cost
estimates of real property in one or more of the Authority's projects subject to a proposed
purchase, sale, or lease, prior to the completion of such purchase, sale, or lease); and
C. As permitted by Virginia Code §§ 2.2-3711(A)(3) for discussion or consideration of the
acquisition and/or the disposition of publicly held real property commonly known as the
Brosville Industrial Park, in Brosville, Virginia, and Ringgold East Industrial Park, in Ringgold,
Virginia, where discussion in an open meeting would adversely affect the bargaining position or
negotiating strategy of the Authority.
A second was made by Minter and unanimously approved by IDA Members present.
RETURN TO OPEN SESSION
C. Confirmation of Motion and Vote to Reconvene in Open Meeting
On a motion by Daniel, second by Minter, and by unanimous vote at 6:45 p.m., the IDA returned
to open meeting.
D. Motion to Certify Closed Meeting
On a motion by Daniel, second by Minter, the IDA unanimously approved adoption of the
following resolution:
WHEREAS, the Authority convened in Closed Meeting on this date pursuant to an affirmative
recorded vote and in accordance with the provisions of the Freedom of Information Act; and
WHEREAS, Section 2.2-3711 of the Code of Virginia, 1950, as amended, requires a
Certification by the Authority that such Closed Meeting was conducted in conformity with
Virginia Law;
NOW, THEREFORE, BE IT RESOLVED that the Authority hereby certifies that, to the best of
each Member’s knowledge, (i) only public business matters lawfully exempted by the open
meeting requirements of Virginia Law were discussed in the Closed Meeting to which this
Certification Resolution applies, and (ii) only such public business matters as were identified in
the motion convening the Closed Meeting were heard, discussed, or considered by the Authority.
X. ADJOURNMENT
On a motion by Haymore, second by Daniel, Faucette adjourned the Meeting at 6:46 PM.
Agenda Section: Consent Agenda (Section V(B))
Agenda Title: Approval of Financials
Staff Contact: Kim Van Der Hyde
Agenda Date: January 19, 2022
Attachments: 1 (November Financial Report)
SUMMARY:
A copy of the November financial report is included in the packet for your review, comment, and
approval.
FINANCIAL IMPACT AND FUNDING SOURCE:
None
RECOMMENDATION:
County Staff recommends the IDA approve the November financial report as presented.
MOTION:
“I make a Motion to approve the November financial report as presented.”
Nov 30, 21
ASSETS
Current Assets
Checking/Savings
101000 · First Citizens Checking 956,822.77
10400 · FCB-IDA SR-Plastics 280,370.21
Total Checking/Savings 1,237,192.98
Total Current Assets 1,237,192.98
Fixed Assets
110000 · Inventory 1,035,300.00
15000 · Capital Assets
150100 · Land 1,174,496.00
150200 · Industrial Building 1,491,339.24
Total 15000 · Capital Assets 2,665,835.24
160000 · Accumulated Depreciation -58,514.75
Total Fixed Assets 3,642,620.49
Other Assets
120100 · Notes Receivable-Intertape 2,570,849.48
121000 · Note Receivable-Panacea Equip 152,339.69
121500 · Note Receivable-Panacea Upfit 106,891.85
121600 · Note Receivable-VRA Loan-Realty 1,150,000.00
Total Other Assets 3,980,081.02
TOTAL ASSETS 8,859,894.49
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Other Current Liabilities
270100 · SR-Plastics Reserve 280,357.30
Total Other Current Liabilities 280,357.30
Total Current Liabilities 280,357.30
Long Term Liabilities
210000 · Security Deposit-Panacea 6,750.00
250000 · Note Payable-ANB-Intertape 2,615,858.42
253000 · Bond Payable-Panacea 851,105.00
253200 · Note Payabe-First Citizens-Pana 152,934.53
253300 · Note Payable-VRA Loan-Realty 1,150,000.00
Total Long Term Liabilities 4,776,647.95
Total Liabilities 5,057,005.25
Equity
30000 · Opening Balance Equity 2,204,971.66
32000 · Unrestricted Net Assets 1,086,521.61
Net Income 511,395.97
Total Equity 3,802,889.24
TOTAL LIABILITIES & EQUITY 8,859,894.49
8:54 AM Pittsylvania County Industrial Development Authority
12/03/21 Balance Sheet
Accrual Basis As of November 30, 2021
Page 1
8:54 AM
12/03/21 Pittsylvania County Industrial Development Authority
Transaction List by Date
November 2021
Type Date Num Name Account Split Debit Credit
Deposit 11/05/2021 101000 · First Citizens Checking 120100 · Notes Receivable-Intertape 30,324.97
Check 11/05/2021 101000 · First Citizens Checking 5050 · Bank Charges 197.71
Check 11/10/2021 1023 Pittsylvania County 101000 · First Citizens Checking 65020 · Postage, Mailing Service 7.47
Deposit 11/10/2021 101000 · First Citizens Checking -SPLIT-11,375.11
Check 11/10/2021 EFT First Citizens Bank 101000 · First Citizens Checking -SPLIT-4,511.47
Check 11/18/2021 0991 Froehling & Robertson, Inc.10400 · FCB-IDA SR-Plastics -SPLIT-1,124.00
Check 11/29/2021 1024 Robinson, Farmer, Cox Associates 101000 · First Citizens Checking 62150 · Professional Services 6,180.00
Check 11/29/2021 1025 American National Bank 101000 · First Citizens Checking -SPLIT-30,324.97
Deposit 11/29/2021 101000 · First Citizens Checking 43450 · Individ, Business Contributions 1,000.00
Deposit 11/30/2021 101000 · First Citizens Checking 45030 · Interest Revenue 364.82
Deposit 11/30/2021 10400 · FCB-IDA SR-Plastics 45030 · Interest Revenue 2.31
Page 1 of 1
Agenda Section: Consent Agenda (Section V(B))
Agenda Title: Approval of Financials
Staff Contact: Kim Van Der Hyde
Agenda Date: January 19, 2022
Attachments: 1 (December Financial Report)
SUMMARY:
A copy of the December financial report is included in the packet for your review, comment, and
approval.
FINANCIAL IMPACT AND FUNDING SOURCE:
None
RECOMMENDATION:
County Staff recommends the IDA approve the December financial report as presented.
MOTION:
“I make a Motion to approve the December financial report as presented.”
Dec 31, 21
ASSETS
Current Assets
Checking/Savings
101000 · First Citizens Checking 959,565.86
10400 · FCB-IDA SR-Plastics 278,387.33
Total Checking/Savings 1,237,953.19
Total Current Assets 1,237,953.19
Fixed Assets
110000 · Inventory 1,035,300.00
15000 · Capital Assets
150100 · Land 1,174,496.00
150200 · Industrial Building 1,493,324.49
Total 15000 · Capital Assets 2,667,820.49
160000 · Accumulated Depreciation -58,514.75
Total Fixed Assets 3,644,605.74
Other Assets
120100 · Notes Receivable-Intertape 2,540,524.51
121000 · Note Receivable-Panacea Equip 147,828.22
121500 · Note Receivable-Panacea Upfit 105,528.21
121600 · Note Receivable-VRA Loan-Realty 1,150,000.00
Total Other Assets 3,943,880.94
TOTAL ASSETS 8,826,439.87
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Other Current Liabilities
270100 · SR-Plastics Reserve 278,372.05
Total Other Current Liabilities 278,372.05
Total Current Liabilities 278,372.05
Long Term Liabilities
210000 · Security Deposit-Panacea 6,750.00
250000 · Note Payable-ANB-Intertape 2,594,428.62
253000 · Bond Payable-Panacea 851,105.00
253200 · Note Payabe-First Citizens-Pana 148,939.68
253300 · Note Payable-VRA Loan-Realty 1,150,000.00
Total Long Term Liabilities 4,751,223.30
Total Liabilities 5,029,595.35
Equity
30000 · Opening Balance Equity 2,204,971.66
32000 · Unrestricted Net Assets 1,086,521.61
Net Income 505,351.25
Total Equity 3,796,844.52
TOTAL LIABILITIES & EQUITY 8,826,439.87
12:29 PM Pittsylvania County Industrial Development Authority
01/08/22 Balance Sheet
Accrual Basis As of December 31, 2021
Page 1
12:29 PM
01/08/22 Pittsylvania County Industrial Development Authority
Transaction List by Date
December 2021
Type Date Num Name Account Split Debit Credit
Check 12/03/2021 1026 Invenergy 101000 · First Citizens Checking 62890 · Rent, Parking, Utilities
Deposit 12/03/2021 101000 · First Citizens Checking 120100 · Notes Receivable-Intertape 30,324.97
Check 12/07/2021 101000 · First Citizens Checking 5050 · Bank Charges 197.26
Check 12/10/2021 0992 Froehling & Robertson, Inc.10400 · FCB-IDA SR-Plastics -SPLIT-1,985.25
Check 12/13/2021 EFT First Citizens Bank 101000 · First Citizens Checking -SPLIT-4,511.47
Deposit 12/13/2021 101000 · First Citizens Checking -SPLIT-11,675.11
Check 12/16/2021 1027 Industrial Dev. Authority of Danville 101000 · First Citizens Checking 503500 · Loan Fees 4,145.00
Check 12/27/2021 1028 Pittsylvania County Treasurer 101000 · First Citizens Checking 5045 · Taxes on Land 455.92
Check 12/29/2021 1029 American National Bank 101000 · First Citizens Checking -SPLIT-30,324.97
Deposit 12/31/2021 101000 · First Citizens Checking 45030 · Interest Revenue 377.63
Deposit 12/31/2021 10400 · FCB-IDA SR-Plastics 45030 · Interest Revenue 2.37
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