05-18-2022 IDA Agenda Packet
Wednesday, May 18, 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 April Meeting Minutes
B. Review/Approval of April Financials
VII. OLD BUSINESS
A. ODAC PER Study Update (M. Rowe & J. Faucette)
B. Cyber Park Shell-Building Update (M. Rowe)
VII. NEW BUSINESS
A. Consideration of Panaceutics Signage (J. Faucette)
B. FY2021 Audit (K. Van Der Hyde)
C. Approval of Moral Obligation Agreement for Project Doswell (M. Rowe)
D. Approval of Joint Shell Building Inspection Agreement (M. Rowe)
VIII. ECONOMIC DEVELOPMENT UPDATES
A. Overview of announced projects (M. Rowe)
IX. MATTERS FROM IDA MEMBERS
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 Doswell, Project White Oak, Project Luminous Dragon, Project
Matterhorn
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 May 18, 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 April Minutes
Staff Contact: MDR
Agenda Date: May 18, 2022
Attachments: 1 (April Meeting Minutes)
SUMMARY:
A copy of the April 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 April meeting minutes as presented.
MOTION:
“I make a Motion to approve the April meeting minutes as presented.”
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PITTSYLVANIA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY
WEDNESDAY, APRIL 20, 2022; 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 5:58 PM.
II. ROLL CALL
IDA Members Present: Faucette, Daniel, Haymore, Reynolds, Nuckols, and Minter.
IDA Members Absent: Merricks
County Staff Present: Hunt (by Zoom), Rowe (by Zoom), Van Der Hyde, Saunders, Monday
III. REVISIONS TO AGENDA
Add item VII B. Approve Revised Staunton River Plastics Support Agreement
IV. APPROVAL OF AGENDA
On a motion by Haymore, second by Nuckols, the Agenda was approved by IDA Members
present.
V. APPROVAL OF CONSENT AGENDA
On a motion by Daniel, second by Nuckols, the Consent Agenda was approved by IDA Members
present.
VI. COUNTY ADMINISTRATOR COMMENTS, CLARENCE MONDAY
Monday provided appreciative comments to the IDA members present. Monday thanked the IDA
members for all they do for Pittsylvania County and how their role pays a vital role in the
success of the County.
VII. OLD BUSINESS
A. ODAC PER Study Overview
Reynolds provided the IDA members with an overview of the ODAC PER study that was
recently completed by Reynolds-Clark Development, Inc. Roger Jefferson, member of ODAC
board, was present to hear the update from Reynolds.
B. Approve Revised Staunton River Plastics Support Agreement
On a motion by Nuckols, second by Haymore, the Revised Staunton River Plastics Support
Agreement was approved by IDA Members present.
VIII. ECONOMIC DEVELOPMENT UPDATES
A. Invenergy Update
Van Der Hyde provided IDA members with an update on Invenergy regarding the first option
payment.
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B. Gretna Industrial Park Update
Rowe provided IDA members with an update on the Gretna Industrial Park. A client has closed
on 8 acres of land and plans to build a 20,000 sq/ft warehouse facility.
IX. MATTERS FROM IDA MEMBERS
There were none.
X. 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 6:59 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
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 Nuckols 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 Haymore, second by Nuckols, and by unanimous vote at 7:31 p.m., the IDA
returned to open meeting.
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D. Motion to Certify Closed Meeting
On a motion by Haymore, second by Nuckols, 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.
XI. ADJOURNMENT
On a motion by Haymore, second by Nuckols, Faucette adjourned the Meeting at 7:32 PM.
Agenda Section: Consent Agenda (Section V(B))
Agenda Title: Approval of Financials
Staff Contact: Kim Van Der Hyde
Agenda Date: May 18, 2022
Attachments: 1 (April Financial Report)
SUMMARY:
A copy of the April 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 April financial report as presented.
MOTION:
“I make a Motion to approve the April financial report as presented.”
Apr 30, 22
ASSETS
Current Assets
Checking/Savings
101000 · First Citizens Checking 866,188.18
10500 · ANB-IDA SR-Plastics 0.01
Total Checking/Savings 866,188.19
Total Current Assets 866,188.19
Fixed Assets
110000 · Inventory 1,035,300.00
15000 · Capital Assets
150100 · Land 1,174,496.00
150200 · Industrial Building 1,875,754.35
Total 15000 · Capital Assets 3,050,250.35
160000 · Accumulated Depreciation -58,514.75
Total Fixed Assets 4,027,035.60
Other Assets
120100 · Notes Receivable-Intertape 2,419,224.63
121000 · Note Receivable-Panacea Equip 129,782.34
121500 · Note Receivable-Panacea Upfit 100,073.65
121600 · Note Receivable-VRA Loan-Realty 1,150,000.00
121700 · Note Receivable-SR Plastics 4,775,160.21
Total Other Assets 8,574,240.83
TOTAL ASSETS 13,467,464.62
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Other Current Liabilities
270100 · SR-Plastics Reserve -104,542.07
Total Other Current Liabilities -104,542.07
Total Current Liabilities -104,542.07
Long Term Liabilities
210000 · Security Deposit-Panacea 6,750.00
250000 · Note Payable-ANB-Intertape 2,506,826.09
253000 · Bond Payable-Panacea 803,072.00
253200 · Note Payabe-First Citizens-Pana 132,831.88
253300 · Note Payable-VRA Loan-Realty 1,150,000.00
253400 · Note Payable-ANB SR Plastics 4,775,160.22
Total Long Term Liabilities 9,374,640.19
Total Liabilities 9,270,098.12
Equity
30000 · Opening Balance Equity 2,204,971.66
32000 · Unrestricted Net Assets 1,086,521.61
Net Income 905,873.23
Total Equity 4,197,366.50
TOTAL LIABILITIES & EQUITY 13,467,464.62
9:34 AM Pittsylvania County Industrial Development Authority
05/10/22 Balance Sheet
Accrual Basis As of April 30, 2022
Page 1
9:35 AM
05/10/22 Pittsylvania County Industrial Development Authority
Transaction List by Date
April 2022
Type Date Num Name Account Split Debit Credit
Deposit 04/01/2022 101000 · First Citizens Checking 120100 · Notes Receivable-Intertape 30,324.97
Check 04/05/2022 1042 American National Bank 101000 · First Citizens Checking -SPLIT-4,257.01
Check 04/05/2022 1043 American National Bank 101000 · First Citizens Checking 270100 · SR-Plastics Reserve 0.00
Check 04/05/2022 1044 Industrial Development Authority 101000 · First Citizens Checking -SPLIT-51,607.83
Deposit 04/05/2022 101000 · First Citizens Checking -SPLIT-11,475.11
Check 04/07/2022 1045 Pittsylvania County 101000 · First Citizens Checking 5030 · 5030 Professional Services 3,391.08
Deposit 04/07/2022 10500 · ANB-IDA SR-Plastics 253400 · Note Payable-ANB SR Plastics 51,607.83
Check 04/07/2022 101000 · First Citizens Checking 5050 · Bank Charges 10.82
Deposit 04/14/2022 10500 · ANB-IDA SR-Plastics 253400 · Note Payable-ANB SR Plastics 594,488.91
Transfer 04/14/2022 10500 · ANB-IDA SR-Plastics 121700 · Note Receivable-SR Plastics 594,488.91
Check 04/14/2022 EFT First Citizens Bank 101000 · First Citizens Checking -SPLIT-4,511.47
Check 04/19/2022 1046 Froehling & Robertson, Inc.101000 · First Citizens Checking -SPLIT-12,038.20
Check 04/19/2022 1047 Christian & Barton, LLP 101000 · First Citizens Checking 62140 · Legal Fees 1,972.00
Check 04/21/2022 1048 Christian & Barton, LLP 101000 · First Citizens Checking 62140 · Legal Fees 3,973.50
Check 04/26/2022 1049 American National Bank 101000 · First Citizens Checking -SPLIT-30,324.97
Deposit 04/26/2022 10500 · ANB-IDA SR-Plastics 253400 · Note Payable-ANB SR Plastics 1,920,034.75
Transfer 04/27/2022 10500 · ANB-IDA SR-Plastics 121700 · Note Receivable-SR Plastics 1,971,642.57
Check 04/28/2022 1050 American National Bank 101000 · First Citizens Checking -SPLIT-1,247.94
Deposit 04/29/2022 101000 · First Citizens Checking 45030 · Interest Revenue 7.59
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