March 2025 Agenda Packet
Wednesday, March 19, 2025; 6:00 P.M; County Administration Conference Room;
1 Center Street, Chatham, Virginia 24531
AGENDA
I. CALL TO ORDER
II. ROLL CALL
III. REVISIONS TO AGENDA
IV. APPROVAL OF AGENDA
V. CONSENT AGENDA
A. Approval of January Meeting Minutes
B. Approval of January Financials
C. Approval of February Financials
VI. OLD BUSINESS
A. Pittsylvania County Strategic Plan Update (G. Payne)
B. Request for Qualification (RFQ) Update (M. Rowe)
VII. NEW BUSINESS
A. Approval of Budget Adjustment for the Pittsylvania County Strategic Plan with
Economic Leadership, LLC (M. Rowe)
B. Approval of SRP Parking Lot Light Pole and Base (M. Rowe)
C. Preliminary Engineering Report (PER) for Gretna Industrial Park Roadway
(T. Reynolds)
VIII. ECONOMIC DEVELOPMENT UPDATES
A. Overview of 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 G, Project 10, Project B
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 March 19, 2025, 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
Timothy Reynolds Yes/No
Bill Nuckols Yes/No
Steven Merricks Yes/No
Charles L. Minter Yes/No
Michael Adkins Yes/No
XII. ADJOURNMENT
Agenda Section: Consent Agenda (Section V(A))
Agenda Title: Approval of January Minutes
Staff Contact: Matthew Rowe
Agenda Date:
Attachments: January 2025 Meeting Minutes- DRAFT
SUMMARY:
For the Board’s review and consideration, attached are the following Meeting Minutes for
January:
1. January 2025 Meeting Minutes- DRAFT
FINANCIAL IMPACT AND FUNDING SOURCE:
Not applicable.
RECOMMENDATION:
County Staff recommends the IDA Board approve the January Meeting Minutes as presented.
MOTION:
“I make a Motion to approve the January Meeting Minutes as presented.”
March 19, 2025
PITTSYLVANIA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY
1/22/25 MEETING MINUTES
I. CALL TO ORDER
Faucette called Meeting to order at 6:04 PM.
II. ROLL CALL
• Saunders conducted Roll Call. The following IDA Members were present:
Faucette, Daniel, Reynolds, Nuckols, Minter, and Adkins (By Zoom).
• Merricks joined the meeting at 6:11pm.
• Adkins joined the meeting at 6:35pm (In-Person).
• Staff present: Shorter, Whittle, Rowe, Van Der Hyde, Saunders (By Zoom), and Van
Allen.
• Others in Attendance: Gary Hodnett (Mayor, Town of Hurt), Rachel del Campo
Gatewood (River District Consulting Group), Hollie Adams (River District Consulting
Group), and Josiah Motley (River District Consulting Group)
III. REVISIONS TO AGENDA
Motion by Nuckols, seconded by Daniel, to move Item VIII (C) Staunton River Plaza
Presentation after VI. Consent Agenda. Motion passed unanimously by IDA Members
IV. APPROVAL OF AGENDA
Motion by Daniel, seconded by Nuckols, to approve Agenda. Motion passed unanimously
by IDA Members present.
V.ELECTION OF NEW OFFICERS
A.Election of Chairman (see Bylaws, Article VI, page 3-4): On a motion by Reynolds,
seconded by Daniel, the IDA Members present approved Faucette as Chairman.
B.Election of Vice Chairman (see Bylaws, Article VI, page 3-4): On a motion by Nuckols,
seconded by Reynolds, the IDA Members present approved Daniel as Vice Chairman.
C.Election of Secretary from the Authority’s staff: On a motion Daniel, seconded by
Nuckols, the IDA Members present approved Rowe as Secretary.
D.Election of Treasurer from the Authority’s Staff: On a motion by Nuckols, seconded by
Reynolds, the IDA Members present approved Van Der Hyde as Treasurer.
VI. CONSENT AGENDA
Motion by Daniel, seconded by Reynolds, to approve Consent Agenda. Motion passed
unanimously by IDA Members present.
VII. STAUNTON RIVER PLAZA PRESENTATION
Gary Hodnett (Mayor, Town of Hurt), Rachel del Campo Gatewood (River District
Consulting Group), Hollie Adams (River District Consulting Group), and Josiah Motley
(River District Consulting Group) were present to discuss and present a PowerPoint on the
Staunton River Plaza.
VIII. OLD BUSINESS
Pittsylvania County Strategic Plan Contract Update- Rowe shared that a kickoff meeting
will be held during the first week of February.
Legal Representation/Request for Qualification (RFQ) Process- Rowe shared that staff is
working on language for the RFQ and will have it completed within the next week. Staff
will share the RFQ with IDA members via email.
present.
IX. NEW BUSINESS
Approval of FY2024 Audited Financial Statements- Van Der Hyde provided an overview of
the FY2024 Audited Financial Statements.
Approval of 2025 Meeting Schedule- Motion by Reynolds, seconded by Nuckols, to
approve the 2025 Meeting Schedule. Motion passed unanimously by IDA Members
present.
Preliminary Engineering Report (PER) for Gretna Industrial Park Roadway- Rowe provided
updates on the PER Study. Rowe shared that a contract has been signed, and work
should begin soon.
X. ECONOMIC DEVELOPMENT UPDATES
Overview of Projects- Rowe provided updates on the following projects: Cambridge
Pavers, Axxor, and Staunton River Plastics.
Annual Fillings- Saunders reminded IDA members that their annual fillings are due on or
before February 3, 2025.
XI. MATTERS FROM IDA MEMBERS
Reynolds provided an overview of the Balico project.
XII. CLOSED SESSION
Motion to enter Closed Session (see attached Agenda Packet for full Closed Session
information) by Nuckols, seconded by Daniel. Motion unanimously passed by IDA
Members present. IDA entered Closed Session at 8:16 PM.
XIII. RETURN TO OPEN SESSION AND CLOSED SESSION CERTIFICATION
IDA returned to Open Session at 8:50 PM and Saunders read the Closed Session
Certification paragraph (see attached Agenda Packet for same), and conducted a
Closed Session Certification Roll Call, which was unanimously voted “Yes” by IDA
Members present.
XIV. ADJOURNMENT
Faucette adjourned the Meeting at 8:51 PM.
Agenda Section: Consent Agenda (Section V(B))
Agenda Title: Approval of Financials
Staff Contact: Kim Van Der Hyde
Agenda Date:
Attachments: January Financial Report
SUMMARY:
A copy of the January 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 January Financial Report as presented.
MOTION:
“I make a Motion to approve the January Financial Report as presented.”
March 19, 2025
Pittsylvania County Industrial Development Authority
Balance Sheet
As of January 31, 2025
Accrual Basis Tuesday, February 4, 2025 10:48 AM GMT-05:00 1/2
TOTAL
ASSETS
Current Assets
Bank Accounts
10000 BB&T-Regular Checking 0.00
101000 First Citizens Checking 635,251.12
10200 ANB-Axxor Property Account 0.00
10300 FCB-Panacea Reserve Account 0.00
10400 FCB-IDA SR-Plastics 0.00
10500 ANB-IDA SR-Plastics 0.00
Total Bank Accounts $635,251.12
Accounts Receivable
11000 *Accounts Receivable 0.00
Total Accounts Receivable $0.00
Other Current Assets
120000 Accounts Receivable 0.00
Total Other Current Assets $0.00
Total Current Assets $635,251.12
Fixed Assets
110000 Inventory 1,300,310.00
15000 Capital Assets
150100 Land 497,442.00
150200 Industrial Building 13,289,443.07
150500 Construction in Progress 0.00
Total 15000 Capital Assets 13,786,885.07
160000 Accumulated Depreciation -437,901.50
Total Fixed Assets $14,649,293.57
Other Assets
120100 Notes Receivable-Intertape 0.00
120200 Note Receivable-Axxor 0.00
120500 Notes Receivable-Axxor-Land 0.00
121000 Note Receivable-Panacea Equip 0.00
121100 Notes Rec-Panacea Equip Reserve 0.00
121500 Note Receivable-Panacea Upfit 0.00
121600 Note Receivable-VRA Loan-Realty 750,000.00
121700 Note Receivable-ANB-SR Plastics 0.00
121800 Note Receivable-VSBFA-Axxor 2,946,434.14
125000 Other Receivable-ARCO 0.00
125100 Other Receivable-SR-Plastics 55,525.52
125200 Other Receivable-Axxor 0.00
130000 Interest Receivable 0.00
140000 Lease Receivable-Rage Plastics 9,282,364.16
141000 Lease Receivable-Technista 584,814.00
Total Other Assets $13,619,137.82
Pittsylvania County Industrial Development Authority
Balance Sheet
As of January 31, 2025
Accrual Basis Tuesday, February 4, 2025 10:48 AM GMT-05:00 2/2
TOTAL
TOTAL ASSETS $28,903,682.51
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts Payable
20000 *Accounts Payable 0.00
225000 Due To Danville City IDA 0.00
Total Accounts Payable $0.00
Other Current Liabilities
200000 Accounts Payable 0.00
252500 Note Payable-ANB Axxor Note -29,047.48
252600 Closing Costs 0.00
253700 Note Payable-TIC-Cyber Park 500,000.00
253800 Note Payable-Cyber Park 976,000.74
260000 Interest Payable 0.00
270000 Reserve-Panacea 0.00
270100 SR-Plastics Reserve 0.00
Total Other Current Liabilities $1,446,953.26
Total Current Liabilities $1,446,953.26
Long-Term Liabilities
210000 Security Deposit-2311 Cane Creek Pkwy 11,583.00
250000 Note Payable-ANB-Intertape 0.00
253000 Bond Payable-2311 Cane Creek Pkwy Building 488,521.00
253200 Note Payabe-First Citizens-Pana 0.00
253300 Note Payable-VRA Loan-Realty 750,000.00
253400 Note Payable-Atlantic Union SR Plastics 8,287,334.80
253500 Note Payable-VSBFA-Axxor 2,975,481.62
253600 Note Payable-VSBFA-SR-Plastics 992,815.49
2750 Deferred Inflow of Resources-Leases 7,701,584.50
Total Long-Term Liabilities $21,207,320.41
Total Liabilities $22,654,273.67
Equity
30000 Opening Balance Equity 1,943,527.66
32000 Unrestricted Net Assets 4,307,815.77
Net Income -1,934.59
Total Equity $6,249,408.84
TOTAL LIABILITIES AND EQUITY $28,903,682.51
Check Number Date Vendor Name Paid Amount
FEE 1/8/2025 First Citizens Bank 212.27$
1223 1/13/2025 VSBFA 4,546.00$
1224 1/14/2025 VSBFA 36,133.85$
1227 1/9/2025 Dewberry Engineers, Inc.3,760.00$
1228 1/9/2025 Dewberry Engineers, Inc.5,000.00$
1229 1/3/2025 Sellers Brothers, Inc.390.00$
1230 1/3/2025 Sellers Brothers, Inc.390.00$
1231 1/17/2025 Trophy & Sign Center 1,030.00$
1232 1/15/2025 Atlantic Union Bank 43,887.71$
1234 1/30/2025 Robinson, Farmer, Cox Associates, PLLC 8,250.00$
1238 1/31/2025 Truist 66,642.09$
Pittsylvania County Industrial Development Authority
Monthly Disbursements
January, 2025
Cash Current YTD
Balance Rev/Exp Rev/Exp Budget Balance
Funding
Locality Contributions:
Pittsylvania County 67,843.16 134,485.00 66,641.84
Rent:
Axxor 1,500.00 10,500.00 18,000.00 7,500.00
Rage SR-Plastics 7,500.00 18,000.00 10,500.00
Other Receivables:
Invenergy 50,000.00 50,000.00 -
Fund Balance - - 59,154.00 59,154.00
Total Funding 1,500.00 135,843.16 279,639.00 143,795.84
Expense
Accounting-Audit Fees 8,250.00 8,250.00 7,725.00 (525.00)
Legal Fees 5,340.83 50,000.00 44,659.17
Bank Service Charges 212.27 912.94 240.00 (672.94)
Engineering 8,760.00 13,760.00 20,000.00 6,240.00
Insurance 13,525.00 13,525.00 -
Property & Equipment Services 1,810.00 18,152.00 20,000.00 1,848.00
Postage, Mailing Service - 100.00 100.00
Prospect Visit - 20,000.00 20,000.00
Professional Services -Board 6,690.60 13,564.00 6,873.40
2311 Cane Creak Facility 66,642.09 134,485.25 134,485.00 (0.25)
Total Expense 85,674.36 201,116.62 279,639.00 78,522.38
Pittsylvania County Industrial Development Authority
General Expenditures for Fiscal Year 2025
As of January 31, 2025
Total
OPERATING ACTIVITIES
Net Income $ (1,934.59)
Adjustments to reconcile Net Income to Net Cash provided by operations:
20000 *Accounts Payable $ (4,135.30)
225000 Due To Danville City IDA $ (10,605.38)
252500 Note Payable-ANB Axxor Note $ (29,047.48)
260000 Interest Payable $ (23,388.52)
Total Adjustments to reconcile Net Income to Net Cash provided by operations: $ (67,176.68)
Net cash provided by operating activities $ (69,111.27)
INVESTING ACTIVITIES
121000 Note Receivable-Panacea Equip $ 83,203.45
121800 Note Receivable-VSBFA-Axxor $ 235,194.89
125100 Other Receivable-SR-Plastics $ 5,125.44
130000 Interest Receivable $ 12,450.89
140000 Lease Receivable-Rage Plastics $ 125,721.84
141000 Lease Receivable-Technista $ (584,814.00)
Net cash provided by investing activities $ (123,117.49)
FINANCING ACTIVITIES
210000 Security Deposit-2311 Cane Creek Pkwy $ 11,583.00
253000 Bond Payable-2311 Cane Creek Pkwy Building $ (109,436.00)
253400 Note Payable-Atlantic Union SR Plastics $ (130,765.78)
253500 Note Payable-VSBFA-Axxor $ (177,022.51)
253600 Note Payable-VSBFA-SR-Plastics $ (15,578.89)
2750 Deferred Inflow of Resources-Leases $ 620,104.50
Net cash provided by financing activities $ 198,884.32
Net cash increase for period $ 6,655.56
Cash at beginning of period $ 628,595.56
Cash at end of period $ 635,251.12
Pittsylvania County Industrial Development Authority
Statement of Cash Flows
July 2024 - January 2025
Agenda Section:
Agenda Title: Approval of Financials
Staff Contact: Kim Van Der Hyde
Agenda Date: March 19, 2025
Attachments: February Financial Report
SUMMARY:
A copy of the February 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 February Financial Report as presented.
MOTION:
“I make a Motion to approve the February Financial Report as presented.”
Consent Agenda (Section V(C))
Pittsylvania County Industrial Development Authority
Balance Sheet
As of February 28, 2025
Accrual Basis Tuesday, March 4, 2025 02:53 PM GMT-05:00 1/2
TOTAL
ASSETS
Current Assets
Bank Accounts
10000 BB&T-Regular Checking 0.00
101000 First Citizens Checking 742,243.12
10200 ANB-Axxor Property Account 0.00
10300 FCB-Panacea Reserve Account 0.00
10400 FCB-IDA SR-Plastics 0.00
10500 ANB-IDA SR-Plastics 0.00
Total Bank Accounts $742,243.12
Accounts Receivable
11000 *Accounts Receivable 0.00
Total Accounts Receivable $0.00
Other Current Assets
120000 Accounts Receivable 0.00
Total Other Current Assets $0.00
Total Current Assets $742,243.12
Fixed Assets
110000 Inventory 1,300,310.00
15000 Capital Assets
150100 Land 497,442.00
150200 Industrial Building 13,289,443.07
150500 Construction in Progress 0.00
Total 15000 Capital Assets 13,786,885.07
160000 Accumulated Depreciation -437,901.50
Total Fixed Assets $14,649,293.57
Other Assets
120100 Notes Receivable-Intertape 0.00
120200 Note Receivable-Axxor 0.00
120500 Notes Receivable-Axxor-Land 0.00
121000 Note Receivable-Panacea Equip 0.00
121100 Notes Rec-Panacea Equip Reserve 0.00
121500 Note Receivable-Panacea Upfit 0.00
121600 Note Receivable-VRA Loan-Realty 750,000.00
121700 Note Receivable-ANB-SR Plastics 0.00
121800 Note Receivable-VSBFA-Axxor 2,915,409.28
125000 Other Receivable-ARCO 0.00
125100 Other Receivable-SR-Plastics 53,817.04
125200 Other Receivable-Axxor 0.00
130000 Interest Receivable 0.00
140000 Lease Receivable-Rage Plastics 9,241,038.55
141000 Lease Receivable-Technista 564,648.00
Total Other Assets $13,524,912.87
Pittsylvania County Industrial Development Authority
Balance Sheet
As of February 28, 2025
Accrual Basis Tuesday, March 4, 2025 02:53 PM GMT-05:00 2/2
TOTAL
TOTAL ASSETS $28,916,449.56
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts Payable
20000 *Accounts Payable 0.00
225000 Due To Danville City IDA 0.00
Total Accounts Payable $0.00
Other Current Liabilities
200000 Accounts Payable 0.00
252500 Note Payable-ANB Axxor Note -29,047.48
252600 Closing Costs 0.00
253700 Note Payable-TIC-Cyber Park 500,000.00
253800 Note Payable-Cyber Park 976,000.74
260000 Interest Payable 0.00
270000 Reserve-Panacea 0.00
270100 SR-Plastics Reserve 0.00
Total Other Current Liabilities $1,446,953.26
Total Current Liabilities $1,446,953.26
Long-Term Liabilities
210000 Security Deposit-2311 Cane Creek Pkwy 11,583.00
250000 Note Payable-ANB-Intertape 0.00
253000 Bond Payable-2311 Cane Creek Pkwy Building 488,521.00
253200 Note Payabe-First Citizens-Pana 0.00
253300 Note Payable-VRA Loan-Realty 750,000.00
253400 Note Payable-Atlantic Union SR Plastics 8,268,781.01
253500 Note Payable-VSBFA-Axxor 2,944,456.76
253600 Note Payable-VSBFA-SR-Plastics 990,122.90
2750 Deferred Inflow of Resources-Leases 7,701,584.50
Total Long-Term Liabilities $21,155,049.17
Total Liabilities $22,602,002.43
Equity
30000 Opening Balance Equity 1,943,527.66
32000 Unrestricted Net Assets 4,307,815.77
Net Income 63,103.70
Total Equity $6,314,447.13
TOTAL LIABILITIES AND EQUITY $28,916,449.56
Check Number Date Vendor Name Paid Amount
FEE 2/7/2025 First Citizens Bank 208.66$
1233 2/7/2025 Pittsylvania County 3,391.08$
1235 2/5/2025 VSBFA 4,546.00$
1236 2/6/2025 VSBFA 36,133.85$
1237 2/3/2025 Economic Leadership LLC.30,000.00$
1239 2/14/2025 Atlantic Union Bank 43,887.71$
Pittsylvania County Industrial Development Authority
Monthly Disbursements
February, 2025
Cash Current YTD
Balance Rev/Exp Rev/Exp Budget Balance
Funding
Locality Contributions:
Pittsylvania County 67,843.16 134,485.00 66,641.84
Rent:
Axxor 1,500.00 12,000.00 18,000.00 6,000.00
Rage SR-Plastics 3,000.00 10,500.00 18,000.00 7,500.00
Other Receivables:
Invenergy 50,000.00 50,000.00 -
Fund Balance - - 59,154.00 59,154.00
Total Funding 4,500.00 140,343.16 279,639.00 139,295.84
Expense
Accounting-Audit Fees - 8,250.00 7,725.00 (525.00)
Legal Fees 5,340.83 50,000.00 44,659.17
Bank Service Charges 208.66 1,121.60 240.00 (881.60)
Engineering - 13,760.00 20,000.00 6,240.00
Insurance 13,525.00 13,525.00 -
Property & Equipment Services - 18,152.00 20,000.00 1,848.00
Postage, Mailing Service - 100.00 100.00
Prospect Visit - 20,000.00 20,000.00
Professional Services -Board 3,391.08 10,081.68 13,564.00 3,482.32
2311 Cane Creak Facility - 134,485.25 134,485.00 (0.25)
Total Expense 3,599.74 204,716.36 279,639.00 74,922.64
Pittsylvania County Industrial Development Authority
General Expenditures for Fiscal Year 2025
As of February 28, 2025
Total
OPERATING ACTIVITIES
Net Income $ 63,103.70
Adjustments to reconcile Net Income to Net Cash provided by operations:
20000 *Accounts Payable $ (4,135.30)
225000 Due To Danville City IDA $ (10,605.38)
252500 Note Payable-ANB Axxor Note $ (29,047.48)
260000 Interest Payable $ (23,388.52)
Total Adjustments to reconcile Net Income to Net Cash provided by operations: $ (67,176.68)
Net cash provided by operating activities $ (4,072.98)
INVESTING ACTIVITIES
121000 Note Receivable-Panacea Equip $ 83,203.45
121800 Note Receivable-VSBFA-Axxor $ 266,219.75
125100 Other Receivable-SR-Plastics $ 6,833.92
130000 Interest Receivable $ 12,450.89
140000 Lease Receivable-Rage Plastics $ 167,047.45
141000 Lease Receivable-Technista $ (564,648.00)
Net cash provided by investing activities $ (28,892.54)
FINANCING ACTIVITIES
210000 Security Deposit-2311 Cane Creek Pkwy $ 11,583.00
253000 Bond Payable-2311 Cane Creek Pkwy Building $ (109,436.00)
253400 Note Payable-Atlantic Union SR Plastics $ (149,319.57)
253500 Note Payable-VSBFA-Axxor $ (208,047.37)
253600 Note Payable-VSBFA-SR-Plastics $ (18,271.48)
2750 Deferred Inflow of Resources-Leases $ 620,104.50
Net cash provided by financing activities $ 146,613.08
Net cash increase for period $ 113,647.56
Cash at beginning of period $ 628,595.56
Cash at end of period $ 742,243.12
Pittsylvania County Industrial Development Authority
Statement of Cash Flows
July 2024 - February 2025