09-22-2021 IDA Agenda Packet
Wednesday, September 22, 2021; 6:00 P.M; Elections and Training Center; 18 Deport Street, Chatham, Virginia
24531
AGENDA
I. CALL TO ORDER
II. ROLL CALL
III. ANY ADDITIONS/REVISIONS TO AGENDA
IV. APPROVAL OF AGENDA
V. CONSENT AGENDA
A. August Meeting Minutes Approval
B. Financials Approval
VI. OLD BUSINESS
A. Discussion of Preliminary Engineering Report Price Quotes for Olde Dominion
Agriculture Center – Water and Sewer Improvements (M. Rowe)
B. Report on Lot 8 (M. Rowe)
VII. ECONOMIC DEVELOPMENT UPDATE (M. Rowe)
VIII. MATTERS FROM IDA MEMBERS
IX. 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: Projects YoYo; Mulch
Purpose: Updates on Prospective Unannounced Businesses/Industries
X. 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 September 22, 2021, 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
Ronnie L. Haymore Yes/No
Timothy Reynolds Yes/No
Bill Nuckols Yes/No
Steven Merricks Yes/No
Charles L. Minter Yes/No
XI. ADJOURNMENT
Agenda Section: Consent Agenda (Section V(A))
Agenda Title: Approval of August Minutes
Staff Contact: MDR
Agenda Date: September 22, 2021
Attachments: 1 (August Meeting Minutes)
SUMMARY:
A copy of the August meeting minutes 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 August meeting minutes as presented.
MOTION:
“I make a Motion to approve the August meeting minutes as presented.”
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PITTSYLVANIA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY
WEDNESDAY, AUGUST 18, 2021; 6:00 P.M.; ELECTIONS AND TRAINING CENTER; 18 DEPOT STREET,
CHATHAM, VA 24531
MEETING MINUTES
I. CALL TO ORDER
Faucette called Meeting to Order at 6:02 PM.
II. ROLL CALL
IDA Members present: Faucette, Nuckols, Daniel, Reynolds, Minter and Merricks. IDA
members absent: Haymore. County Staff present: Hunt, Smitherman, Rowe, Saunders.
III. REVISIONS TO AGENDA
Faucette requested to add a New Business item (VI A Water and Pressure Alternate Analysis-
ODAC) to the agenda before ARCO Design-Build; Staunton River Plastics Construction
Updates (S. Buckley). There was no objection from other IDA Members present.
IV. APPROVAL OF AGENDA
On a motion by Nuckols, second by Merricks, the revised Agenda was unanimously approved by
IDA Members present.
V. APPROVAL OF CONSENT AGENDA
A. June Meeting Minutes Approval
B. Financials Approval
On a motion by Daniel, second by Nuckols, the Consent Agenda was unanimously approved by
IDA Members present.
VI. NEW BUSINESS
A. Water and Pressure Alternative Analysis
Rowe presented a suggestion to bring a Water and Pressure Alternative Analysis for Olde
Dominion Agricultural Complex before the Board of Supervisors. The IDA Members would like
more information including bid quotes for the next meeting.
Mr. Harris, executive director for the Olde Dominion Agricultural Complex shared a few
examples on how the water pressure has been an issue with past events.
On a motion by Daniel, second by Nuckols, the direction to staff to provide alternative analysis
quotes was approved. Reynolds abstained from the vote.
B. ARCO Design-Build; Staunton River Plastics Construction Updates
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Buckley provided updates on Staunton River Plastic’s site in Hurt, VA. Construction is currently
underway. Demolition is expected until the middle of September 2021. Buckley stated that the
steel for the site has been ordered and expected for delivery by the end of October 2021. May
2022 is the expected date of completion. Buckley provided detailed pictures of what the finished
project will look like. There were no questions or comments from IDA Members present.
C. DPC Shell Building Status Report
Rowe provided an update on the joint Danville-Pittsylvania County Shell Building. The building
will be located on lot 10B, the lot bordering the intersection of Riverpoint Drive and Slayton
Avenue, in RIFA’s Cyber Park. Rowe stated that the City IDA responded to the County’s request
and provided documentation regarding the AIA Contract for Blair Construction, and methods of
financing. He brought the AIA Contract for Blair Construction to be signed by Faucette. With
regards to the financing, the blended rate will be approximately 3%. Rowe also stated that the
30,000 sq. ft. shell building would take approximately 12 months to complete.
VII. OLD BUSINESS
C. MEP, Ltd. Local Performance Agreement
Rowe presented the Company and RIFA executed local performance agreement for MEP, Ltd., a
United Kingdom-based firm that was announced by the Governor’s Office on June 7, 2021. He
shared approval of the document by the Board of Supervisors in its July meeting. Rowe asked for
approval by IDA Members for the executed local performance agreement as presented for MEP,
Ltd.
On a motion by Nuckols, second by Merricks, the motion was unanimously approved by IDA
Members present.
VIII. ECONOMIC DEVELOPMENT UPDATE
Rowe provided an overview of the July 17, 2021 IDA Park(s) Tour. The IDA Members response
of the tour was positive. The tour starting from North to South, covered a lot of acreage. After
seeing the sites, it was agreed upon by IDA Members that Lot 8, located in Ringgold, at the Cane
Creek Centre Park held the best potential for a new shell building. The IDA members would like
Rowe to provide more information on a potential shell building going on Lot 8 at the next
meeting.
Rowe expressed his concern for the low number of graded sites. He suggested looking into new
site development and getting existing sites pad ready.
On a motion by Nuckols, second by Daniel, the motion was unanimously approved by IDA
Members present.
IX. MATTERS FROM IDA MEMBERS
There were none.
XI. CLOSED SESSION
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[During the closed session, all matters discussed shall involve receiving advice from legal
counsel, and as such all communications during the closed session shall be considered attorney-
client privileged.]
At 6:47 p.m., Daniel motioned that the meeting of the IDA be recessed in a closed meeting for
the following purposes:
A. As permitted by Section 2.2-3711(A)(5) of the Code of Virginia, 1950, as amended (“Virginia
Code”), for discussion concerning one or more prospective businesses where no previous
announcement has been made of that business’s interest in locating its facilities in one or more of
the Authority’s projects located in Pittsylvania County, Virginia;
B. As permitted by Virginia Code § 2.2-3711(A)(39) for discussion or consideration of records
excluded under Virginia Code § 2.2-3705.6(3) (including without limitation (i) those certain
confidential proprietary records voluntarily provided by private business pursuant to a promise of
confidentiality from the Authority, and used by the Authority for business and trade development
and (ii) those certain memoranda, working papers, or other information related to businesses that
are considering locating or expanding in Virginia, prepared by the Authority, where competition
or bargaining is involved and where disclosure of such information would adversely affect the
financial interest of the Authority); such information being excluded from mandatory disclosure
under Virginia Code§ 2.2-3705.1(12) and Virginia Code § 2.2-3705.1(8) (appraisals and cost
estimates of real property in one or more of the Authority's projects subject to a proposed
purchase, sale, or lease, prior to the completion of such purchase, sale, or lease); and
C. As permitted by Virginia Code §§ 2.2-3711(A)(3) for discussion or consideration of the
acquisition and/or the disposition of publicly held real property commonly known as the
Brosville Industrial Park, in Brosville, Virginia, and Ringgold East Industrial Park, in Ringgold,
Virginia, where discussion in an open meeting would adversely affect the bargaining position or
negotiating strategy of the Authority.
A second was made Merricks and unanimously approved by IDA Members present.
RETURN TO OPEN SESSION
C. Confirmation of Motion and Vote to Reconvene in Open Meeting
On a motion by Nuckols, second by Daniel, and by unanimous vote at 7:34 p.m., the IDA
returned to open meeting.
D. Motion to Certify Closed Meeting
On a motion by Nuckols, second by Merricks, the IDA unanimously approved adoption of the
following resolution:
WHEREAS, the Authority convened in Closed Meeting on this date pursuant to an affirmative
recorded vote and in accordance with the provisions of the Freedom of Information Act; and
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WHEREAS, Section 2.2-3711 of the Code of Virginia, 1950, as amended, requires a
Certification by the Authority that such Closed Meeting was conducted in conformity with
Virginia Law;
NOW, THEREFORE, BE IT RESOLVED that the Authority hereby certifies that, to the best of
each Member’s knowledge, (i) only public business matters lawfully exempted by the open
meeting requirements of Virginia Law were discussed in the Closed Meeting to which this
Certification Resolution applies, and (ii) only such public business matters as were identified in
the motion convening the Closed Meeting were heard, discussed, or considered by the Authority.
XII. ADJOURNMENT
On a motion by Daniel, second by Nuckols, Faucette adjourned the Meeting at 7:36 PM.
Agenda Section: Consent Agenda (Section V(B))
Agenda Title: Approval of Financials
Staff Contact: Kim Van Der Hyde
Agenda Date: September 22, 2021
Attachments: 1 (August Financial Report)
SUMMARY:
A copy of the August 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 August financial report as presented.
MOTION:
“I make a Motion to approve the August financial report as presented.”
Aug 31, 21
ASSETS
Current Assets
Checking/Savings
101000 · First Citizens Checking 946,179.01
10300 · FCB-Panacea Reserve Account 116,965.05
10400 · FCB-IDA SR-Plastics 479,156.93
Total Checking/Savings 1,542,300.99
Total Current Assets 1,542,300.99
Fixed Assets
110000 · Inventory 1,035,300.00
15000 · Capital Assets
150100 · Land 1,174,496.00
150200 · Industrial Building 1,292,544.64
Total 15000 · Capital Assets 2,467,040.64
160000 · Accumulated Depreciation -58,514.75
Total Fixed Assets 3,443,825.89
Other Assets
120100 · Notes Receivable-Intertape 2,661,824.39
121000 · Note Receivable-Panacea Equip 278,931.63
121100 · Notes Rec-Panacea Equip Reserve -116,965.05
121500 · Note Receivable-Panacea Upfit 110,982.77
121600 · Note Receivable-VRA Loan-Realty 1,150,000.00
Total Other Assets 4,084,773.74
TOTAL ASSETS 9,070,900.62
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Other Current Liabilities
270100 · SR-Plastics Reserve 479,151.90
Total Other Current Liabilities 479,151.90
Total Current Liabilities 479,151.90
Long Term Liabilities
210000 · Security Deposit-Panacea 6,750.00
250000 · Note Payable-ANB-Intertape 2,680,268.50
253000 · Bond Payable-Panacea 851,105.00
253200 · Note Payabe-First Citizens-Pana 280,911.90
253300 · Note Payable-VRA Loan-Realty 1,150,000.00
Total Long Term Liabilities 4,969,035.40
Total Liabilities 5,448,187.30
Equity
30000 · Opening Balance Equity 2,204,971.66
32000 · Unrestricted Net Assets 1,086,521.61
Net Income 331,220.05
Total Equity 3,622,713.32
TOTAL LIABILITIES & EQUITY 9,070,900.62
8:45 AM Pittsylvania County Industrial Development Authority
09/13/21 Balance Sheet
Accrual Basis As of August 31, 2021
Page 1
8:47 AM
09/13/21 Pittsylvania County Industrial Development Authority
Transaction List by Date
August 2021
Type Date Num Name Account Split Debit Credit
Transfer 08/04/2021 101000 · First Citizens Checking 10300 · FCB-Panacea Reserve Account 9,000.00
Deposit 08/06/2021 101000 · First Citizens Checking -SPLIT-15,963.64
Check 08/06/2021 1016 USPS 101000 · First Citizens Checking 65020 · Postage, Mailing Service 11.00
Check 08/06/2021 101000 · First Citizens Checking 5050 · Bank Charges 311.03
Check 08/13/2021 EFT First Citizens Bank 10300 · FCB-Panacea Reserve Account -SPLIT-6,614.24
Check 08/19/2021 Wire ARCO Design/Build, LLC 10400 · FCB-IDA SR-Plastics -SPLIT-194,176.00
Check 08/23/2021 1017 PFM Financial Advisors LLC 101000 · First Citizens Checking 503500 · Closing Costs SR-Plastics 25,000.00
Transfer 08/25/2021 101000 · First Citizens Checking 10300 · FCB-Panacea Reserve Account 9,000.00
Check 08/25/2021 1018 American National Bank 101000 · First Citizens Checking -SPLIT-30,324.97
Deposit 08/31/2021 101000 · First Citizens Checking 45030 · Interest Revenue 380.35
Deposit 08/31/2021 10400 · FCB-IDA SR-Plastics 45030 · Interest Revenue 5.03
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