03-16-2021 Economic Development Committee Meeting
ECONOMIC DEVELOPMENT COMMITTEE
REGULAR MEETING
Tuesday, March 16, 2021 – 2:00 PM
Elections and Training Center
18 Depot Street,
Chatham, Virginia 24531
AGENDA
CALL TO ORDER
ROLL CALL
AGENDA ITEMS TO BE ADDED
APPROVAL OF AGENDA
NEW BUSINESS
a. SRP Moral Obligation Offering Discussion (Staff Contact: Matthew D. Rowe)
MATTERS FROM COMMITTEE MEMBERS
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. (Staff
Contact: J. Vaden Hunt, Esq.)
(1) Legal Authority: Virginia Code § 2.2-3711(A)(8)
Subject Matter: Project Unison
Purpose: Legal Consultation Regard the Same
b. 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.
(Staff Contact: Matthew D. Rowe)
(1) Legal Authority: Virginia Code § 2.2-3711(A)(5)
Subject Matters: Projects FX, Shell, Cactus, and Matterhorn
Purpose: Economic Development Updates on Unannounced
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Regular Meeting - March 16, 2021
Industries/Prospective Businesses
RETURN TO OPEN SESSION AND CLOSED SESSION CERTIFICATION
ADJOURNMENT
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Economic Development Committee
EXECUTIVE SUMMARY
ACTION ITEM
Agenda Title: SRP Moral Obligation Offering Discussion (Staff Contact: Matthew D.
Rowe)
Staff Contact(s): Matthew D. Rowe
Agenda Date: March 16, 2021 Item Number: 5.a
Attachment(s):
Reviewed By:
SUMMARY:
On May 8, 2020, Staunton River Plastics, LLC (“SRP”) announced plans to build a facility at the
Southern Virginia Multimodal Park in Hurt, Virginia. Due to SRP’s existing contracts and credit
worthiness, the County’s Industrial Development Authority (“IDA”) proposed to finance
construction of a 150,000 square foot Phase 1 Facility and enter into a long-term Lease Purchase
Agreement of the same with SRP. As part of this process, the County is now being requested by
financing institutions to offer its Moral Obligation to securitize related IDA financing of the SRP
Project. Matthew D. Rowe, Economic Development Director, will be present to answer any
related Finance Committee questions.
FINANCIAL IMPACT/FUNDING SOURCE:
None (other than the Moral Obligation).
RECOMMENDATION:
County Staff recommends the Finance Committee recommend to the full Board that the County
offer its Moral Obligation to securitize IDA financing of the SRP Project.
MOTION:
“I make a Motion to recommend to the full Board that the County offer its Moral Obligation to
securitize IDA financing of the SRP Project.”
5.a
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Economic Development Committee
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: J. Vaden Hunt, Esq.)
Staff Contact(s): Matthew D. Rowe
Agenda Date: March 16, 2021 Item Number: 7.a
Attachment(s):
Reviewed By:
(1) Legal Authority: Virginia Code § 2.2-3711(A)(8)
Subject Matter: Project Unison
Purpose: Legal Consultation
7.a
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Economic Development Committee
EXECUTIVE SUMMARY
INFORMATION ITEM
Agenda Title:
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. (Staff Contact: Matthew D. Rowe)
Staff Contact(s): Matthew D. Rowe
Agenda Date: March 16, 2021 Item Number: 7.b
Attachment(s):
Reviewed By:
(1) Legal Authority: Virginia Code § 2.2-3711(A)(5)
Subject Matters: Projects FX, Shell, Cactus, and Matterhorn
Purpose: Economic Development Updates on Unannounced
Industries/Prospective Businesses
7.b
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