08-11-2015-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
IDA Members Present
Eddie L. Hite, Jr., Chairman
Charlie Mahan, Vice-Chairman
Stanley Simpson, Secretary/Treas.
Randy Anderson
Ron McMahon
Ronnie Haymore
AUGUST 11, 2015
IDA Member Absent
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). Six (6) IDA members present, one (1) IDA member
absent. See attendance above.
Approval"of Agenda
Motion was made by Mr. Mahan, seconded by Mr. Anderson, to approve the meeting's Agenda.
Motion carried unanimously by IDA members present.
Approval of the Minutes
Motion was made by Mr. Anderson, seconded by McMahon, to approve the minutes for June 9, 2015,
meeting. Motion carried unanimously by IDA members present.
Financial Renorts
The IDA Checking Account balance as of July 14, 2015, was $345,914.93. The IDA Checking
Account balance as of August 7, 2015, was $313,842.54. The Axxor Debt Reserve Account balance
August 11, 201'S
IDA Minutes
Page 2
as of July 14, 2015, was $252,165.03, and the Axxor Debt Reserve Account balance as of August 7,
2015, was $257,860.34. BB&T Loan Account balance as of July 14, 2015, was $1,655,356.07.
BB&T Loan Account balance as of August 7, 2015, was $1,649,179.19. Motion was made by Mr.
Mahan, seconded by Mr. Simpson, to approve the financial reports for both months. Motion carried
unanimously by IDA members present.
New Business
Ratifv VACORP Insurance Renewal Ratification
VACORP Insurance annual renewal membership was due by July 31, 2015. Mr. Hite, IDA Chairman,
executed renewal in order to meet the deadline. Motion was made by Mr. Haymore, seconded by Mr.
Mahan, to ratify the VACORP Insurance renewal membership. Motion carried unanimously by IDA
members present.
Intertaae Overnavment Reimbursement
The IDA received a payment from Intertape for the month of July in the amount of $45,859.24.
The Intertape refinancing occurred on June 1, 2015, in which said payment was included in the
refinancing closing cost, thereby reducing their monthly payment to $30,347.97. Therefore, the
IDA must reimburse Intertape $15,534.27. Motion was made by Mr. Anderson, seconded by Mr. Simpson, to approve the reimbursement to Intertape the amount of $15,534.27.Motion carried
unanimously by IDA members present.
U dates
J. Vaden Hunt, Esq. Countv Attornev/IDA Attornev
Mr. Hunt prepared an Amendment to the existing Intertape Lease Agreement. Said Amendment
will be forwarded to Intertape for their review, approval, and potential execution. The IDA Board
members reviewed said amendment. Motion was made by Mr. Anderson, seconded by Mr.
McMahon, to approve the Amendment to the Lease Agreement, and authorized Chairman Hite to
execute when appropriate.
Gregorv L. Sides (Assistant Countv Administrator/Plannin & Develoament)
Mr. Sides gave updates on the Axxor job performance issue, Inman property issue, and CountyEconomicDevelopmentDirectorsearch.
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 6:57 P.M.
Respectfully Submitted,
W. Stanley Si p n DA, S retary
Approved:
1
Eddie L. Hite, Jr., IDA, Chairman