12-15-2020 Work Session Packet
BOARD OF SUPERVISORS
WORK SESSION
Tuesday, December 15, 2020 – 4:30 PM
Gallery Room - Chatham Community Center
115 South Main Street,
Chatham, Virginia 24531
AGENDA
1. CALL TO ORDER (4:30 PM)
2. ROLL CALL
3. AGENDA ITEMS TO BE ADDED
4. APPROVAL OF AGENDA
For the citizens’ convenience, all Work Session and Committee Meetings are now being
recorded and can be viewed on the same YouTube location as the Board of Supervisor’s
Business Meetings. Please remember that the Board’s Work Session is designed for
internal Board and County Staff communication, discussion, and work. It is not a
question and answer session with the audience. Accordingly, during the Work Session,
no questions or comments from the audience will be entertained. Respectfully, any
outbursts or disorderly conduct from the audience will not be tolerated and may result in
the offending person’s removal from the Work Session. As a reminder, all County
citizens, and other appropriate parties as designated by the Board’s Bylaws, are permitted
to make comments under the Hearing of the Citizens’ Section of tonight’s Business
Meeting.
5. PRESENTATIONS
a. 2020 County Audit Presentation (Staff Contact: Kimberly G. VanDerHyde);
(Presenter: Scott Wickham, CPA; Robinson, Farmer, Cox); (45 minutes)
b. Reassessment Update Presentation (Staff Contact: Nicholas Morris); (Presenter:
William Cole, Brightminds); (30 minutes)
6. STAFF, COMMITTEE, AND/OR CONSTITUTIONAL OFFICER REPORTS
a. Committee Meeting Recommendations (Finance and Economic Development); (Staff
Contact: David M. Smitherman); (5 minutes)
Work Session - December 15, 2020
7. BUSINESS MEETING DISCUSSION ITEMS
8. CLOSED SESSION
a. Consultation with legal counsel employed or retained by a public body regarding
specific legal matters requiring the provision of legal advice by such counsel.
(1) Legal Authority: Virginia Code § 2.2-3711(A)(8)
Subject Matters: Landfill Solar Proposal; Cool Branch/Franklin
EMS Agreement; Keeling Board of Directors
Mass Resignation; Potential No Government
Shut Down Resolution; Danville Intergovernmental
Agreement
Purpose: Legal Consultation/Advice Regarding the Same
b. Discussion or consideration of the acquisition of real property for a public purpose, or
of the disposition of publicly held real property, where discussion in an open meeting
would adversely affect the bargaining position or negotiating strategy of the public
body.
(1) Legal Authority: Virginia Code § 2.2-3711(A)(3)
Subject Matter: Jail Land
Purpose: Discussion of Related Property Acquisition
for a Public Purpose
9. RETURN TO OPEN SESSION & CLOSED SESSION CERTIFICATION
a. Closed Session Certification
10. ADJOURNMENT
Board of Supervisors
EXECUTIVE SUMMARY
INFORMATION ITEM
Agenda Title:
2020 County Audit Presentation (Staff Contact: Kimberly G.
VanDerHyde); (Presenter: Scott Wickham, CPA; Robinson, Farmer,
Cox); (45 minutes)
Staff Contact(s): Kimberly G. VanDerHyde
Agenda Date: December 15, 2020 Item Number: 5.a
Attachment(s):
Reviewed By:
Scott Wickham, CPA, Robinson, Farmer, Cox, will present the Board the County's 2020 Audit.
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Board of Supervisors
EXECUTIVE SUMMARY
INFORMATION ITEM
Agenda Title: Reassessment Update Presentation (Staff Contact: Nicholas Morris);
(Presenter: William Cole, Brightminds); (30 minutes)
Staff Contact(s): Nicholas Morris
Agenda Date: December 15, 2020 Item Number: 5.b
Attachment(s):
Preliminary Sales Study
Commercial Study Narrative Pittsylvania County VA (1)
Pittsylvania County Update Presentation FINAL
Reviewed By:
William Cole, Brightminds LLC, will provide the Board a Reassessment Update.
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The Mass-Appraisal Problem
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Worked from home 1,018 3.7%
Under 15 minutes 6,202 23.4%
15-24 minutes 9,806 37.0%
25-34 minutes 5,062 19.1%
35-44 minutes 1,882 7.1%
45-59 minutes 1,908 7.2%
Over 60 minutes 1,670 6.3%
Mean Travel Time to Work (minutes) 25
High School Graduates Not Continuing (2017-2018)107
Two-Year College Graduates (Spring 2018) 1,754
Two-Year College Enrollees (Fall 2018) 5,094
Other College and University Graduates (Spring 2018) 166
Total 7,121
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N.D. -Not Disclosed
*By Business Establishment
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N.D. -Not Disclosed
*By Business Establishment
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Unemployment Rate (June 2020)
Pittsylvania County 7.9%
Extended Labor Market Area 8.7%
Statewide 8.5%
Unemployed (2019)
Pittsylvania County 1,019
Extended Labor Market Area 9,867
Total 10,886
Underemployed (4th Quarter 2019)
Pittsylvania County 2,665
Extended Labor Market Area 22,619
Total 25,284
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References
Google Pictures
Pittsylvania County, Virginia Commissioner of the Revenue’s Office
Keystone CAMA System
U.S. Census Bureau
Virginia Employment Commission
*All information presented in this PowerPoint is deemed reliable, not warranted.
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BRIGHTMINDS
Valuing Your World
COMMERCIAL/INDUSTRIAL\
STUDY
Pittsylvania County Administration
Chatham, Virginia 24531
2022 Reassessment
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Packet Pg. 40 Attachment: Commercial Study Narrative Pittsylvania County VA (1) (2288 : Reassessment Update Presentation (Staff Contact: Nicholas
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BRIGHTMINDS LLC Commercial Real Estate Study for Pittsylvania County, Virginia
*Information deemed reliable, but not warranted.
Table of Contents
Commercial Real Estate Study ............................................................................................................... 2
Industrial Properties ............................................................................................................................... 3
Cost Approach .................................................................................................................................... 3
Replacement Cost Rates ................................................................................................................. 3
Depreciation Rates.......................................................................................................................... 4
Development Costs and Entrepreneurial Incentive ........................................................................ 4
Raw Land Sales .............................................................................................................................. 5
Sales Comparison [Market] Approach ............................................................................................... 5
Settled Sales of Industrial Properties .............................................................................................. 5
Listings: Industrial Properties Advertised on The Market for Sale ................................................ 6
Market Extracted Building Rates (Sales Comparison Approach) .................................................. 7
Income Approach ............................................................................................................................... 8
Market Rent .................................................................................................................................... 8
Summary of Advertised NOI: ........................................................................................................ 9
Market Vacancy and Collection Loss ............................................................................................. 9
Market Operating Expenses ........................................................................................................... 9
Market Extracted Capitalization Rates ........................................................................................... 9
Advertised CAP Rates .................................................................................................................. 11
Realty Rates Investor Survey ....................................................................................................... 12
Realty Rates Band of Investment and Debt Coverage Ratio ........................................................ 13
PwC Real Estate Investor Survey (Involves Institutional Grade Properties) .............................. 14
Summary of CAP Rate Information ............................................................................................. 15
Market Extracted Building Rates (Income Approach) ................................................................. 15
Conclusion ............................................................................................................................................ 16
Industrial Properties: Summary of Building Rates ........................................................................... 16
Final Reconciliation ......................................................................................................................... 16
Other Property Types ....................................................................................................................... 16
Data Sources ......................................................................................................................................... 17
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Packet Pg. 41 Attachment: Commercial Study Narrative Pittsylvania County VA (1) (2288 : Reassessment Update Presentation (Staff Contact: Nicholas
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BRIGHTMINDS LLC Commercial Real Estate Study for Pittsylvania County, Virginia
*Information deemed reliable, but not warranted.
Commercial Real Estate Study
This preliminary commercial real estate study focuses on one property type for the
2022 Reassessment in Pittsylvania County, Virginia: industrial. We will follow a very
similar methodology for retail, office, multifamily, and special use properties
throughout the course of the reassessment project. At this point in time, we choose not
to take up unnecessary space with redundant language regarding the way we approach
the value of each and every commercial property type as they all require very similar
treatment. We will utilize the cost, sales, and income approaches with one final
reconciled rate for each property type and class. Our final, reconciled rates will be
entered into the CAMA system as the base building costs per square foot. This
reconciled method using all three approaches is known as a “blended cost approach” or
“cost to market method” for a mass-appraisal.
The information presented in this study is subject to change over the course of the
project and should not be warranted here and now.
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Packet Pg. 42 Attachment: Commercial Study Narrative Pittsylvania County VA (1) (2288 : Reassessment Update Presentation (Staff Contact: Nicholas
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BRIGHTMINDS LLC Commercial Real Estate Study for Pittsylvania County, Virginia
*Information deemed reliable, but not warranted.
Industrial Properties
Cost Approach
The Cost Approach, using simple math, is the replacement cost new (RCN) of all buildings,
less all forms of depreciation, plus an opinion of site value, plus any excess or surplus land to
equal the total indicated value. We studied Marshall Valuation Service (MVS) to obtain
building replacement cost information such as rates and depreciation. Building replacement
cost rates and depreciation will be tested and adjusted using actual sales and leases in the
local market, during the Reassessment.
Replacement Cost Rates
Industrial Class (Grade)
Use Class A B C D
Lofts 93.00 73.50 68.50 45.75
Flex Space 52.00 48.00 43.75 32.25
Light Manufacturing 68.50 64.75 52.00 34.00
Engineering R and D 97.50 93.50 73.00 68.00
Warehouse Shell 37.00 33.75 22.65 17.20
Mean 69.60 62.70 51.98 39.44
Median 68.50 64.75 52.00 34.00
Overall Industrial Rates (rounded):
Pittsylvania (includes -15% location adjustment) 58 55 44 29
(excludes Data Center and Heavy Manufacturing)
Source: Marshall Valuation Service
The overall industrial building cost rates listed in the chart above represent the replacement
cost new (RCN) per square foot of building for Pittsylvania County as of February 2020.
Data Centers and Heavy Manufacturing rates were excluded due to the high cost estimates of
~$100 to $200 or more per square foot which is significantly higher than the overall
industrial rates per class.
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Packet Pg. 43 Attachment: Commercial Study Narrative Pittsylvania County VA (1) (2288 : Reassessment Update Presentation (Staff Contact: Nicholas
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BRIGHTMINDS LLC Commercial Real Estate Study for Pittsylvania County, Virginia
*Information deemed reliable, but not warranted.
Depreciation Rates
Source: Marshall Valuation Service
The MVS depreciation schedule above will be utilized as a guideline and then tested in the
local market to determine reliability and accuracy. As you can see, the typical life expectancy
of a commercial property may vary from 20 to 70 years. For industrial properties, a 30 to 40
year life expectancy may be warranted depending on the effective age of the building.
Among all the other commercial property types, industrial usually depreciates at a faster
pace.
Development Costs and Entrepreneurial Incentive
Development costs and entrepreneurial incentive are usually addressed in a cost approach as
part of the building value. These additional costs may increase our base rate estimates by
10% to 20% if they are recognized in the market.
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Packet Pg. 44 Attachment: Commercial Study Narrative Pittsylvania County VA (1) (2288 : Reassessment Update Presentation (Staff Contact: Nicholas
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BRIGHTMINDS LLC Commercial Real Estate Study for Pittsylvania County, Virginia
*Information deemed reliable, but not warranted.
Raw Land Sales
Raw land sales will be studied during the course of the project as we develop site value
opinions. Surplus and excess land will also be considered as residual land separate from the
site value opinion. At this time, we are still gathering and verifying land sale information.
Sales Comparison [Market] Approach
The sales comparison approach is often referred to as the market approach. This approach
considers what willing buyers and willing sellers pay for properties by comparing sale prices
in the market to determine the most probable price. Adjustments are often made before and
after the sale price to reflect the market conditions and physical attributes of a subject
property.
We studied nine settled sales and twenty-five listings (properties on the market for sale) to
determine what market participants are paying for industrial properties versus what is
available. The listings help us see the “top of the market” or, more than likely, the highest
possible price. They also inform our understand of the market in general in terms of how
brokers and agents advertise and highlight certain features of each property to attract buyers.
Market participants, we believe, are the most knowledgeable parties when it comes to how
certain property types are bought and sold. Therefore, we considered settled sales and
properties on the market for sale. We also needed a larger sample to consider and sought
listings as support of our analysis.
Settled Sales of Industrial Properties
Street # Address Area Gross Building Package $ List Ratio Year Built
32 ROCK QUARRY RD North Carolina 14000 42.86 0.92 0
1010 LAWLESS CREEK RD East of 29 5000 6.40 0.49 1988
2311 CANE CREEK PKWY East of 29 12000 75.00 0.64 2014
1350 BARKER RD East of 29 27000 41.67 0.81 2012
201 LEARNER LN East of 29 76492 1.96 0.75 1962
400 BRIDGE ST South Section Danville 21200 19.69 0.84 0
525 WILSON ST South Section Danville 15155 11.88 0.77 1945
855 LUNA LAKE RD South Section Danville 5500 17.27 0.79 1972
410/412 LYNN ST
South Section
Danville 4095 7.33 1.00 1930
Source: Navica MLS and BRIGHTMINDS LLC Work Files
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Packet Pg. 45 Attachment: Commercial Study Narrative Pittsylvania County VA (1) (2288 : Reassessment Update Presentation (Staff Contact: Nicholas
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BRIGHTMINDS LLC Commercial Real Estate Study for Pittsylvania County, Virginia
*Information deemed reliable, but not warranted.
In our view, the nine settled sales above indicate that older, less expensive industrial
properties are moving at a faster pace compared to newer, more expensive properties. There
is a significant price difference between properties built in the 20th century compared to the
21st century. The median package price (total sale price divided by gross building area) is
$17.27 for a 5,500 square foot building built in 1972. The sales weighted mean package price
is $19.56.
It’s important to note the “List Ratio” above which compares the actual sale price to the list
price with a median list to sale price ratio of 79%. This is the lowest median list ratio of all
commercial property types. We will use this ratio to analyze listings in the next section.
Listings: Industrial Properties Advertised on The Market for Sale
Source: CoStar/ LoopNet Note: In order by City/Town/State
The twenty-five listings above adequately represent the local and regional industrial market.
Once again, as with the sales sample, you can see that almost all of the properties were built
Physical Address City/Town/State Built/Reno Land Building List Price Package $
620 Railroad Ave Bedford, VA 1907 0.82 48,522 125,000$ 2.58$
200 Learner Ln Blairs, VA 1963/1977 8.13 97,845 800,000$ 8.18$
7838 Jackson School Browns Summit, NC 1972 1.51 5,400 423,000$ 78.33$
1941 Haw River Hopd Burlington, NC 1973 4.32 46,000 1,200,000$ 26.09$
370 Mount Cross Rd Danville, VA 1968 3.08 13,286 1,416,667$ 106.63$
206 Warehouse St Eden, NC 1937 10.00 204,872 475,000$ 2.32$
1 Mill Street Farmville, VA 1984 1.00 12,000 700,000$ 58.33$
1015 Dillard Drive Forest, VA 1985 9.49 47,833 1,950,000$ 40.77$
365 W Bodenhamer SKernersville, VA 1968/2016 3.18 38,427 2,681,000$ 69.77$
1030 McConville Rd Lynchburg, VA 1985 44,600 595,000$ 13.34$
3726 Cohen Place Lynchburg, VA 1987 11.45 131,675 8,500,000$ 64.55$
1320 Wards Ferry RdLynchburg, VA 1963/1994 18.55 144,663 7,500,000$ 51.84$
1820 Old Forest Rd Lynchburg, VA 1945 2.67 7,197 199,900$ 27.78$
1225 Commerce St Lynchburg, VA 1910 0.09 45,000 3,000,000$ 66.67$
1218 Park Ave Lynchburg, VA 1915 1.16 56,000 545,000$ 9.73$
2501 Greene St Lynchburg, VA 1907 3.00 57,380 280,000$ 4.88$
900 Fisher St Martinsville, VA 1971 15.00 22,500 495,000$ 22.00$
1020 Stultz Rd Martinsville, VA 1983 12.49 52,933 985,000$ 18.61$
850 Hooker St Martinsville, VA 1924 32.96 475,875 2,500,000$ 5.25$
7723 Oakwood St Mebane, NC 2001 8.50 87,500 5,000,000$ 57.14$
15 Byrd Ln Rocky Mount, VA 1940 5.71 38,000 695,000$ 18.29$
2473 Durham Rd Roxboro, NC 1970 5.71 88,000 1,900,000$ 21.59$
2195 Philpott Rd South Boston, VA 1987 21.63 199,863 3,590,000$ 17.96$
2525 Houghton Ave South Boston, VA 1998 5.45 33,302 1,900,000$ 57.05$
865 Industry Circle Vinton, VA 2004 2.24 8,000 545,000$ 68.13$
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Packet Pg. 46 Attachment: Commercial Study Narrative Pittsylvania County VA (1) (2288 : Reassessment Update Presentation (Staff Contact: Nicholas
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BRIGHTMINDS LLC Commercial Real Estate Study for Pittsylvania County, Virginia
*Information deemed reliable, but not warranted.
in the 20th century with only two offered and built in the 21st century. The older stock is
offered at a significantly lower package price.
The median package price is $26.09 for a 46,000 square foot building built in 1973. The
listings weighted mean package price is $23.92.
When we compare the sales weighted mean and listings weighted mean package price, we
find a highly similar relationship to the “List Ratio” mentioned in the previous section. The
Sales Weighted Mean Package Price @ $19.56 divided by The Listings Weighted Mean
Package Price @ $23.92 equals 81.17%. The list to sale price ratio or “List Ratio” is 79.00%.
This proves the list price is a reliable market indicator with a 2.17% margin for error. In other
words, we may apply a downward adjustment of 20% to these list prices to support our
market analysis for the sales comparison approach.
Market Extracted Building Rates (Sales Comparison Approach)
Industrial Class (Grade)
Market Extracted Building Rates (rounded) A B C D
Pittsylvania (includes land value,
depreciation, location factors, -20% list ratio) [48] 43 34 21
Source: BRIGHTMINDS LLC Work Files
The market extracted building rate for Class A is listed above in brackets. This rate was
extrapolated because there was no market data available for this Class of industrial property.
The building rates presented here are package prices which include land value and
depreciation. The adjustment for land value will be negative and the adjustment for
depreciation (to achieve the required RCN rate) will be positive. One adjustment may offset
the other leaving the location as the only factor to consider. In most cases, we will adjust our
land value and site opinion to reflect any required location adjustments.
(The Income Approach begins on the next page.)
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Packet Pg. 47 Attachment: Commercial Study Narrative Pittsylvania County VA (1) (2288 : Reassessment Update Presentation (Staff Contact: Nicholas
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BRIGHTMINDS LLC Commercial Real Estate Study for Pittsylvania County, Virginia
*Information deemed reliable, but not warranted.
Income Approach
The income approach, in simple math terms, is income divided by rate equals value. With
this approach we determine the total market derived Net Operating Income (NOI) for a
property, divide by a market derived or market supported Capitalization Rate (CAP Rate) to
arrive at the indicated total value, plus excess or surplus land. We will use the direct
capitalization method or “direct cap” and consider only one year of NOI to support our
conclusions for this approach.
Market Rent
The available market rent is advertised rent, at this point in time. Using the previously stated
methodology for this property class, we are able to recognize the highest possible price and
deduce to market with a 2.17% margin for error. We will utilize our own market income
and expense survey to test the reliability of this approach.
Source: CoStar/ LoopNet Note: In order by Grade B to D
The “Advertised NOI” presented above is the rent per square foot of building after
consideration for vacancy, collection loss, and operating expenses. All of the NOI per square
foot of building prices, here, are actually triple net prices or NNN. None of these properties
were marketed for lease under any other type of arrangement other than NNN.
City/Town/State Use 1 Use 2 Built/Reno Grade Condition Advertised NOI
Danville, VA Industrial Warehouse 1968 B Average 6.40
Lynchburg, VA Industrial Light Distribution 1985 B Average 1.01
Lynchburg, VA Industrial Manufacturing 1987 B Average 3.88
South Boston, VA Industrial Warehouse 1987 B Average
Vinton, VA Industrial Warehouse 2004 B Good 7.25
Roxboro, NC Industrial Warehouse 1970 C Average 1.75
Martinsville, VA Industrial Warehouse 1971 C Fair 2.50
Martinsville, VA Industrial Manufacturing 1983 C Average 2.50
Forest, VA Industrial Warehouse 1985 C Average
South Boston, VA Industrial Warehouse 1998 C Average
Mebane, NC Industrial Distribution 2001 C Average 4.07
Lynchburg, VA Industrial Warehouse 1963/1994 C Average 3.37
Kernersville, VA Industrial Manufacturing 1968/2016 C Good
Bedford, VA Industrial Warehouse 1907 D Poor
Lynchburg, VA Industrial Warehouse 1907 D Poor
Lynchburg, VA Industrial Warehouse 1910 D Fair
Lynchburg, VA Industrial Warehouse 1915 D Fair
Martinsville, VA Industrial Manufacturing 1924 D Fair
Eden, NC Industrial Warehouse 1937 D Poor
Rocky Mount, VA Industrial Warehouse 1940 D Fair 1.12
Lynchburg, VA Industrial Office 1945 D Fair 3.09
Browns Summit, NC Industrial Office 1972 D Average
Burlington, NC Industrial Warehouse 1973 D Average
Farmville, VA Industrial Office 1984 D Average
Blairs, VA Industrial Manufacturing 1963/1977 D Average
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Packet Pg. 48 Attachment: Commercial Study Narrative Pittsylvania County VA (1) (2288 : Reassessment Update Presentation (Staff Contact: Nicholas
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BRIGHTMINDS LLC Commercial Real Estate Study for Pittsylvania County, Virginia
*Information deemed reliable, but not warranted.
NNN leases eliminate the need to consider vacancy and expenses for our estimation of
market rent for industrial properties. It also indicates a fairly active market for industrial
leases especially with Class B and Class C properties with an effective age of 40 years or
lower. Once again, there is a significant price difference (in this case rent) between 20th and
21st century industrial.
Summary of Advertised NOI:
Description Year Built Advertised NOI
Mean 3.36
Median 1971.50 3.09
Mode 1985 2.50
High 2004 7.25
Low 1907 1.01
Market Vacancy and Collection Loss
All of the industrial leases are advertised as triple net and we do not have any vacancy and
collection loss information to report at this time. Therefore, we will utilize our own market
income and expense survey to test the reliability of this approach.
Market Operating Expenses
All of the industrial leases are advertised as triple net and we do not have any expense
information to report at this time. Therefore, we will utilize our own market income and
expense survey to test the reliability of this approach.
Market Extracted Capitalization Rates
At this point in time, we verified one market extracted CAP rate from the local market for
industrial properties. The recent sale and lease of the former Ikea Industries warehouse
located on 240 Factory Lane in Danville, Virginia indicates a market extracted CAP rate of
10.21%. This CAP rate sale is for a Class C building in average condition, built in 1994,
totaling 152,379 square feet of building area on a 23-acre site. The package price is $25.26.
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Packet Pg. 49 Attachment: Commercial Study Narrative Pittsylvania County VA (1) (2288 : Reassessment Update Presentation (Staff Contact: Nicholas
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BRIGHTMINDS LLC Commercial Real Estate Study for Pittsylvania County, Virginia
*Information deemed reliable, but not warranted.
GIS View of 240 Factory Lane
Photo of 240 Factory Lane
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Packet Pg. 50 Attachment: Commercial Study Narrative Pittsylvania County VA (1) (2288 : Reassessment Update Presentation (Staff Contact: Nicholas
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BRIGHTMINDS LLC Commercial Real Estate Study for Pittsylvania County, Virginia
*Information deemed reliable, but not warranted.
Summary of 240 Factory Lane:
NOI: $393,138 ($2.58 NNN rent per square foot of building with 3.00% annual increases)
SALE PRICE: $3,850,000
MARKET EXTRACTED CAP RATE: 10.21%
Advertised CAP Rates
The advertised CAP rates in the chart above show a range from 6.13% to 13.43%. The
mean advertised CAP rate is 8.00% with a median of 9.00%.
Physical Address City/Town/State Built/Reno Grade Condition Land Building Package $Advertised CAP Rate
370 Mount Cross Rd Danville, VA 1968 B Average 3.08 13,286 106.63$ 0.0600
1030 McConville RdLynchburg, VA 1985 B Average 44,600 13.34$ 0.0760
3726 Cohen Place Lynchburg, VA 1987 B Average 11.45 131,675 64.55$ 0.0601
2195 Philpott Rd South Boston, VA 1987 B Average 21.63 199,863 17.96$
865 Industry Circle Vinton, VA 2004 B Good 2.24 8,000 68.13$ 0.1064
2473 Durham Rd Roxboro, NC 1970 C Average 5.71 88,000 21.59$ 0.0811
900 Fisher St Martinsville, VA 1971 C Fair 15.00 22,500 22.00$ 0.1136
1020 Stultz Rd Martinsville, VA 1983 C Average 12.49 52,933 18.61$ 0.1343
1015 Dillard Drive Forest, VA 1985 C Average 9.49 47,833 40.77$
2525 Houghton Ave South Boston, VA 1998 C Average 5.45 33,302 57.05$
7723 Oakwood St Mebane, NC 2001 C Average 8.50 87,500 57.14$ 0.0712
1320 Wards Ferry RdLynchburg, VA 1963/1994 C Average 18.55 144,663 51.84$ 0.0650
365 W Bodenhamer SKernersville, VA 1968/2016 C Good 3.18 38,427 69.77$
620 Railroad Ave Bedford, VA 1907 D Poor 0.82 48,522 2.58$
2501 Greene St Lynchburg, VA 1907 D Poor 3.00 57,380 4.88$
1225 Commerce St Lynchburg, VA 1910 D Fair 0.09 45,000 66.67$
1218 Park Ave Lynchburg, VA 1915 D Fair 1.16 56,000 9.73$
850 Hooker St Martinsville, VA 1924 D Fair 32.96 475,875 5.25$
206 Warehouse St Eden, NC 1937 D Poor 10.00 204,872 2.32$
15 Byrd Ln Rocky Mount, VA 1940 D Fair 5.71 38,000 18.29$ 0.0613
1820 Old Forest Rd Lynchburg, VA 1945 D Fair 2.67 7,197 27.78$ 0.1111
7838 Jackson School Browns Summit, NC 1972 D Average 1.51 5,400 78.33$
1941 Haw River Hopd Burlington, NC 1973 D Average 4.32 46,000 26.09$
1 Mill Street Farmville, VA 1984 D Average 1.00 12,000 58.33$
200 Learner Ln Blairs, VA 1963/1977 D Average 8.13 97,845 8.18$
5.b.b
Packet Pg. 51 Attachment: Commercial Study Narrative Pittsylvania County VA (1) (2288 : Reassessment Update Presentation (Staff Contact: Nicholas
12
BRIGHTMINDS LLC Commercial Real Estate Study for Pittsylvania County, Virginia
*Information deemed reliable, but not warranted.
Realty Rates Investor Survey
Source: Realty Rates
The chart above may be difficult to read. It shows the historic CAP rates by property type
dating back to the year 2000. The industrial category is summarized as follows:
2020, Q1: 8.44
2019, Q4: 8.44
2018, Q1-4: 8.72
5.b.b
Packet Pg. 52 Attachment: Commercial Study Narrative Pittsylvania County VA (1) (2288 : Reassessment Update Presentation (Staff Contact: Nicholas
13
BRIGHTMINDS LLC Commercial Real Estate Study for Pittsylvania County, Virginia
*Information deemed reliable, but not warranted.
Realty Rates Band of Investment and Debt Coverage Ratio
Source: Realty Rates
The chart above represents a range of surveyed CAP rates for all property types including a
minimum and maximum Debt Coverage Ratio and minimum and maximum Band of
Investment for the second quarter of 2020. These are all summarized as follows:
5.b.b
Packet Pg. 53 Attachment: Commercial Study Narrative Pittsylvania County VA (1) (2288 : Reassessment Update Presentation (Staff Contact: Nicholas
14
BRIGHTMINDS LLC Commercial Real Estate Study for Pittsylvania County, Virginia
*Information deemed reliable, but not warranted.
Minimums:
DCR Technique: 3.11
Band of Investment: 4.35
Surveyed Rates: 4.13
Maximums:
DCR Technique: 22.09
Band of Investment: 18.65
Surveyed Rates: 13.07
Average:
DCR Technique: 8.27
Band of Investment: 9.36
Surveyed Rates: 8.88
PwC Real Estate Investor Survey (Involves Institutional Grade Properties)
5.b.b
Packet Pg. 54 Attachment: Commercial Study Narrative Pittsylvania County VA (1) (2288 : Reassessment Update Presentation (Staff Contact: Nicholas
15
BRIGHTMINDS LLC Commercial Real Estate Study for Pittsylvania County, Virginia
*Information deemed reliable, but not warranted.
The PwC survey above shows economic indicators for institutional grade industrial
warehouses which may not be relevant in the local market. As previously noted under market
extracted building rates, information on Class A industrial properties is very limited and may
be non-existent in the local market. The CAP rate data, here, will be used as support and
referenced if a Class A property appraisal/assessment is required.
Summary of CAP Rate Information
Market Extracted CAP Rates (Local Market) 10.21
Market Extracted CAP Rates I&E Survey (Local Market) ????
Advertised CAP Rates (Local/ Regional Market) 6.13 to 13.43
Realty Rates Investor Survey (Regional/National)
• Surveyed Rates 4.13 to 13.07
• DCR Technique 3.11 to 22.09
• Band of Investment 4.35 to 18.65
• Average Surveyed Rates: 8.88
• Average DCR Technique: 8.27
• Average Band of Investment: 9.36
PwC Real Estate Investor Survey (National/International)
Involves Institutional Grade Properties 3.75 to 6.40
Market Extracted Building Rates (Income Approach)
Industrial Class (Grade)
Market Extracted Building Rates (rounded) A B C D
Pittsylvania (includes land value, location
factors) 78 61 39 22
Source: BRIGHTMINDS LLC Work Files
5.b.b
Packet Pg. 55 Attachment: Commercial Study Narrative Pittsylvania County VA (1) (2288 : Reassessment Update Presentation (Staff Contact: Nicholas
16
BRIGHTMINDS LLC Commercial Real Estate Study for Pittsylvania County, Virginia
*Information deemed reliable, but not warranted.
Conclusion
Industrial Properties: Summary of Building Rates
Cost Approach: Industrial Class (Grade)
MVS Replacement Cost Rates (rounded) A B C D
Pittsylvania (includes -15% location
adjustment) 58 55 44 29
Sales Comparison Approach: Industrial Class (Grade)
Market Extracted Building Rates (rounded) A B C D Pittsylvania (includes land value,
depreciation, location factors, -20% list
ratio) [48] 43 34 21
Income Approach: Industrial Class (Grade)
Market Extracted Building Rates (rounded) A B C D
Pittsylvania (includes land value, location
factors) 78 61 39 22
Final Reconciliation
A final, reconciled rate will be used for each class of property for the 2022 Reassessment of
Real Estate in Pittsylvania County. At this time, we are still considering the strengths and
weakness of each approach to value and searching for more data to support our conclusions
as we develop them. The income and expense request mailer (“I&E”) will more than likely
help to support or become the most reliable economic indicator for our final opinions.
Other Property Types
We will follow the same course of action and methodology presented in this preliminary
study for Retail, Office, and Multifamily properties. We will consider all three approaches to
value with a final reconciled rate for each class. Our final rates and tables will be entered into
the CAMA system.
5.b.b
Packet Pg. 56 Attachment: Commercial Study Narrative Pittsylvania County VA (1) (2288 : Reassessment Update Presentation (Staff Contact: Nicholas
17
BRIGHTMINDS LLC Commercial Real Estate Study for Pittsylvania County, Virginia
*Information deemed reliable, but not warranted.
Data Sources
1. Marshall Valuation Service (https://www.corelogic.com/solutions/marshall-
swift.aspx)
2. Navica MLS (https://www.navicamls.net/)
3. CoStar/Loopnet (https://www.loopnet.com/)
4. CompStack (https://compstak.com/)
5. Realty Rates Investor Survey (http://www.realtyrates.com/learnmore.html)
6. PwC Real Estate Investor Survey (Valuation, Insights and Perspectives for Real
Estate Appraisers, Q1 2020, Appraisal Institute)
7. BRIGHTMINDS LLC Work Files
5.b.b
Packet Pg. 57 Attachment: Commercial Study Narrative Pittsylvania County VA (1) (2288 : Reassessment Update Presentation (Staff Contact: Nicholas
Pittsylvania County
Project Overview
12/15/2020
5.b.c
Packet Pg. 58 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
Overview
•Brief Introduction
•Sales Study Overview
•Process
•Status Update
•Areas of Improvement
•Suggestions
•Current Request
•Q&A
5.b.c
Packet Pg. 59 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
•Process Data
•Gather Data
•Enter in CAMA
•Query Data
•Store Data
•Link BRIGHTMINDS &
COR
•Process Permits, Splits &
Combos
•Enter Permit Data
•Bill Taxpayer
•Oversee Progress
•Quality Management
•Conflict Resolution
PROJECT TEAM 5.b.c
Packet Pg. 60 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
UAV SITE
INSPECTION PHYSICAL
INSPECTION
BLENDED
APPROACH
Methodology Refresher 5.b.c
Packet Pg. 61 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
Sales Study Overview
5.b.c
Packet Pg. 62 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
Reassessment Process Outline
Building Permits UAV Site Inspections Lists/Appraisals Data Entries Final Reviews
5.b.c
Packet Pg. 63 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
Progress Status
Flights:
54.35%
Completed
Appraisals:
28.81%
Completed
Data Entries:
00.03%
Completed
Final Reviews:
00.00%
Completed
Building Permits:
Ongoing though out
project
5.b.c
Packet Pg. 64 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
12/14/2020
Checkpoint:
Flights 50%
Completed
01/04/2021
Checkpoint:
Appraisals 50%
Completed
Checkpoint:
Begin Full time
Data Entry
04/12/2021
Significant Dates
Checkpoint:
Data Entry 50%
Completed
05/31/2021
Checkpoint:
Flights
completed
Checkpoint:
Appraisals
completed
06/28/2021
Checkpoint:
Data Entry
completed
07/26/202112/14/2020
Checkpoint:
Flights 50%
Completed
01/04/2021
Checkpoint:
Appraisals 50%
Completed
Checkpoint:
Begin Full time
Data Entry
04/12/2021
5.b.c
Packet Pg. 65 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
Concerns/Areas of Improvement
•Complaints from citizens regarding area of operations
•Transitioning from paper to digital workflow
•Training/implementation of data entry into CAMA system
•Collaboration between BRIGHTMINDS, County, and individual departments
•CAMA system utilization
•Depreciation Tables
•Land Tables
•Other Features Tables
•Neighborhoods
5.b.c
Packet Pg. 66 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
Solution
Implemented
….
•Reassessment Location Map
•Created GIS Interactive map for citizens to
actively track where flights are taking place.
CONCERN:
Complaints from
citizens regarding area
of operations
5.b.c
Packet Pg. 67 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
Solution
Implemented
….
•Use of Google Drive platform to share and edit
data
•Meetings with TEAM
•Through various meetings and trial and error, we
created Google Drive folders to share with
Commissioner of Revenue office for ease of access and
collaboration.
•Regular meetings and responsiveness to issues and
questions by all team members
•New processes, even improved ones, create friction –
teamwork reduces friction
CONCERN:
Transitioning from
paper to a digital
workflow
5.b.c
Packet Pg. 68 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
Solution
Implemented….
•Create internal training videos for TEAM
•We created various training videos to show step by step
instructions on how to enter data into the CAMA system
based on the process previously used by the COR office
CONCERN:
Training/implementation
of data entry into CAMA
system
5.b.c
Packet Pg. 69 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
Solution
Implemented….
•Open and responsive communication between all
parties
•Use current data already provided to County
•Communication and data transfer through
Zoom, email and other platforms that promote
technology-based solutions
•Contacted building inspections department to
begin accessing/storing building plans and
specifications submitted for new construction
CONCERN:
Collaboration between BRIGHTMINDS,
County, and individual departments
5.b.c
Packet Pg. 70 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
Concerns/Areas of Improvement
Continued…
CAMA SYSTEM UTILIZATION-Limitations of manual application
•Increased chance of human error when entering data into CAMA system.
•High probability of equalization issues.
•Limited ability to update values through out project.
•Inconsistent descriptors when appraisers add new improvements.
•Applying values unequally to similar property types.
•Limitations on statistical analysis.
•Less compatibility with future technology.
5.b.c
Packet Pg. 71 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
Solution Suggested: Depreciation Tables
Explanation Sample Table
Depreciation tables allow for uniformity for
structures in similar conditions.
For example:
The table included here could be built into the
CAMA system so the appraiser would only have to
put a condition and a year. The CAMA would then
be able to compute a percentage depreciation
associated with that building. If these percentages
need to be changed, a simple calibrate could
adjust all buildings equally. Currently, each
structure would have to be manually adjusted.
This is extremely time consuming and allows for
human error.
5.b.c
Packet Pg. 72 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
Solution Suggested: Land Tables
Explanation Example
Land tables allow uniformity for similar land
types.
For example:
The site values shown here vary from property to
property. The lack of land tables makes it difficult
to understand/explain reasoning behind
differences in values. When tables are used, each
land segment is assigned a value equal to other
similar land types. Adjustments may still be made
depending on the individual property; however,
the differences are easily explained.
5.b.c
Packet Pg. 73 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
Solution Suggested: Other
Features/Outbuilding Tables
Explanation Example
Other features/outbuilding tables allow the
appraisers uniformity for similar/same
structures.
For example:
Currently, other features/outbuildings are being
valued one of the following ways:
1-Applying a rate to each individual outbuilding
2-Fair/Sound valuing each structure with a dollar
amount. This method, while appropriate under
certain circumstances, invites much opportunity
for inequalities. The example provided illustrates
how uniformity is accomplished by applying a
rate to the various sized structures. Also, such a
table gives a definitive number of options.
Description Code AsseYear Area Grade A Grade B Grade C Grade D Grade E
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 100 52$ 40$ 32$ 24$ 16$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 140 51$ 40$ 32$ 24$ 16$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 180 50$ 39$ 31$ 24$ 16$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 220 49$ 39$ 31$ 23$ 15$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 260 49$ 38$ 30$ 23$ 15$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 300 48$ 37$ 30$ 22$ 15$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 340 47$ 37$ 30$ 22$ 15$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 380 48$ 37$ 30$ 23$ 15$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 420 47$ 37$ 30$ 22$ 15$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 460 46$ 36$ 29$ 22$ 15$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 500 46$ 36$ 29$ 21$ 14$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 540 45$ 35$ 28$ 21$ 14$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 580 44$ 34$ 27$ 20$ 14$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 620 43$ 34$ 27$ 20$ 13$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 660 42$ 33$ 27$ 20$ 13$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 700 42$ 33$ 26$ 20$ 13$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 740 41$ 32$ 26$ 19$ 13$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 780 41$ 32$ 26$ 19$ 13$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 820 40$ 32$ 25$ 19$ 13$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 860 40$ 31$ 25$ 19$ 13$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 900 40$ 31$ 25$ 19$ 12$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 940 39$ 31$ 25$ 18$ 12$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 980 39$ 30$ 24$ 18$ 12$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 1020 39$ 30$ 24$ 18$ 12$
GARAGE - UNFINISHED FRAME/CIN BLOCK12022 1060 38$ 30$ 24$ 18$ 12$
5.b.c
Packet Pg. 74 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
Solution Suggested: Neighborhoods
Explanation Example
Setting up neighborhoods through out the county
is common practice. Using the CAMA system to
implement neighborhoods is the most effective
method.
For example:
The differing neighborhoods depicted in this
example have varying influences that impact
value; such as being developed during different
time periods, differing covenants and restrictions,
golf course influence, etc. With neighborhoods
established in the CAMA system, adjustments can
be made to the whole neighborhood
simultaneously rather than individually.
5.b.c
Packet Pg. 75 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
Status of Solutions for CAMA Utilization
•County has begun
conversations with Keystone
TEAM on pricing and
implementation of
suggestions
•BRIGHTMINDS has begun
creation of tables and rates.
5.b.c
Packet Pg. 76 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
Information Request 5.b.c
Packet Pg. 77 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
Q&A
5.b.c
Packet Pg. 78 Attachment: Pittsylvania County Update Presentation FINAL (2288 : Reassessment Update
Board of Supervisors
EXECUTIVE SUMMARY
INFORMATION ITEM
Agenda Title: Committee Meeting Recommendations (Finance and Economic
Development); (Staff Contact: David M. Smitherman); (5 minutes)
Staff Contact(s): David M. Smitherman
Agenda Date: December 15, 2020 Item Number: 6.a
Attachment(s):
Reviewed By:
David M. Smitherman, County Administrator, will present the Board recommendations from the
Board's Finance and Economic Development Committees for potential action at tonight's Board's
Business Meeting.
6.a
Packet Pg. 79
Board of Supervisors
EXECUTIVE SUMMARY
INFORMATION ITEM
Agenda Title:
Consultation with legal counsel employed or retained by a public body
regarding specific legal matters requiring the provision of legal advice by
such counsel.
Staff Contact(s): J. Vaden Hunt, Esq.
Agenda Date: December 15, 2020 Item Number: 8.a
Attachment(s):
Reviewed By:
(1) Legal Authority: Virginia Code § 2.2-3711(A)(8)
Subject Matter: Landfill Solar Proposal; Cool Branch/Franklin
EMS Agreement; Keeling Board of Directors
Mass Resignation; Potential No Government
Shut Down Resolution; Danville Intergovernmental
Agreement
Purpose: Legal Consultation/Advice Regarding the Same
8.a
Packet Pg. 80
Board of Supervisors
EXECUTIVE SUMMARY
INFORMATION ITEM
Agenda Title:
Discussion or consideration of the acquisition of real property for a public
purpose, or of the disposition of publicly held real property, where
discussion in an open meeting would adversely affect the bargaining
position or negotiating strategy of the public body.
Staff Contact(s): Richard N. Hicks
Agenda Date: December 15, 2020 Item Number: 8.b
Attachment(s):
Reviewed By:
(1) Legal Authority: Virginia Code § 2.2-3711(A)(3)
Subject Matter: Jail Land
Purpose: Discussion of Related Property Acquisition
for a Public Purpose
8.b
Packet Pg. 81
Board of Supervisors
EXECUTIVE SUMMARY
INFORMATION ITEM
Agenda Title: Closed Session Certification
Staff Contact(s): J. Vaden Hunt, Esq.
Agenda Date: December 15, 2020 Item Number: 9.a
Attachment(s):
Reviewed By:
PITTSYLVANIA COUNTY BOARD OF SUPERVISORS
CLOSED MEETING CERTIFICATION
BE IT RESOLVED that at the Meeting of the Pittsylvania County Board of Supervisors
(“Board”) on December 15, 2020, the Board hereby certifies by a recorded vote that to the best
of each Board 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 Board 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 Board's Minutes.
Vote
Joe B. Davis Yes/No
Timothy W. Dudley Yes/No
Ben L. Farmer Yes/No
William (“Vic”) Ingram Yes/No
Charles H. Miller, Jr. Yes/No
Ronald S. Scearce Yes/No
Robert (“Bob”) W. Warren Yes/No
9.a
Packet Pg. 82