04-14-2015-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
April 14, 2015
IDA Members Present
Eddie L. Hite, Jr., Chairman
Charlie Mahan, Vice-Chairman
Stanley Simpson, Secretary/Treas.
Randy Anderson
Ron McMahon
Dr.Joey Faucette
IDA Members Absent
Ronnie Haymore
Staff Present
J. Vaden Hunt, Esq. (County Attorney/IDA Attorney), Gregory L. Sides, (Assistant CountyAdministrator/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 ofSupervisors' Conference Room, 1 Center Street, Chatham, Virginia, 24531.
Roll Call
IDA roll call by Ms. Robertson (IDA Clerk). (6) IDA members present, Mr. Haymore absent.
Anproval of Agenda
Motion was made by Mr. Mahan, seconded by Mr. Anderson, to approve the meeting's Agenda withtheClosedSessionbeingstrickenfromtheagenda. Motion carried unanimousl b IDA bpresent. y y mem ers
Anproval of the Minutes
Motion was made by Mr. Simpson, seconded by Dr. Faucette, to approve the March 10, 2015, Meeting Minutes. Motion carried unanimously by IDA members present.
April 14, 2015
IDA Minutes
Page 2
Financial Renorts
The IDA Checking Account balance as of April 10, 2015, was $337,792.42. The Axxor Debt Reserve
Account balance as of April 10, 2015, was $235,084.63. BB&T Loan Account balance as of April 10,
2015, was $1,673,171.36. The CD Account is closed-out, and balance has been transferred into the
IDA Checking Account. Motion was made by Mr. Anderson, seconded by Mr. McMahon, to approve
the financial reports. Motion carried unanimously by IDA members present.
Closed Session
C ose-oes Removed from agenda
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Unfinished Business
Auproval of Refinancin American National Bank Loan Commitment Letter
Motion was made by Dr. Faucette, seconded by Mr. McMahon, for approval of Refinancing American
National Bank Loan Commitment Option One, and execution by Chairman Hite. Motion carried
unanimously by IDA members present.
New Business
Ratify Harris, Harvev, Neal & Co., LLP Administration Fee Authorization Letter
Motion made by Dr. Faucette, seconded by Mr. Mahan for approval of Administration Fee
Authorization letter from Harris, Harvey, Neal & Co., LLP, executed by Chairman Hite. Motion
carried unanimously by IDA members present.
Authorization of Pavment to Harris. Harvev, Neal Co., LLP for Audit Services
Motion made by Mr. Anderson, seconded by Mr. Mahan to pay Harris, Harvey, Neal & Co., LLP for
Audit Services ending December 2014, in the amount of $3,550.00. Motion carried unanimously by
IDA members present.
Updates
Gregorv L. Sides (Assistant County Administrator/Plannin & Development)
Mr. Sides gave updates on ongoing projects. Mr. Sides informed the board member that Grading
has been completed on the new pad sites in Brosville Industrial Park and two sites are ready for
development; one pad is approximately three (3) acres and the other is approximately eighteen
18) acres in size.
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 Submi ed, Approve
W. Stanley Simpson ID , Secreta Eddie L. Hite, Jr., IDA, Chairman