Industrial Development Board

THE INDUSTRIAL DEVELOPMENT BOARD OF THE CITY OF BRISTOL, TENESSEE ANNUAL BOARD MEETING MONDAY SEPTEMBER 23, 2024 – 12 PM TENNESSEE HILLS DISTILLERY 90 TENNESSEE HILLS WAY, BRISTOL, TN AGENDA: 1. Call to Order 2. Roll Call 3. Public Comment 4. Consent Agenda a. Minutes – August 26, 2024 Regular Meeting b. Financial Reports – Month Ending August 31, 2024 5. Election of the Board Officers:  Current officers  Chair – Raj Venkataraman  Vice-Chair – Logan McCabe  Secretary/Treasurer – Jeff Jones  Vice-Secretary/Treasurer – Jason Booher a. Nominations from the floor for Chair (roll call vote) b. Nominations from the floor for Vice-Chair (roll call vote) c. Nominations from the floor for Secretary/Treasurer (roll call vote) d. Nominations from the floor for Vice-Secretary/Treasurer (roll call vote) 6. Authorize Check Signers:  Current Authorize Check Signers  Raj Venkataraman  Logan McCabe  Jeff Jones  Tom Anderson (should remain a signer) 7. Set Date for Called Meeting in October 8. Introduction to Tennessee Hills Team 9. Adjourn Tour of the Tennessee Hill Distillery immediately following Board Meeting. AUGUST 26, 2024 REGULAR MEETING MINUTES  MINUTES OF THE INDUSTRIAL DEVELOPMENT BOARD OF THE CITY OF BRISTOL TENNESSEE AUGUST 26, 2024 REGULAR MEETING Board Members Present: Staff: Raj Venkataraman – Chair Tom Anderson - ED Department Director Logan McCabe – Vice Chair Danielle Smith – City Attorney Jeff Jones – Secretary/Treasurer Matt Garland – ED Staff Lea Powers Hollie Verran - Finance Wallace Elliott Nancy Cook Jason Booher Also present: Michael Parker - NETWORKS April Eads - BTES Deidre Pendley – THS Lynn Tully – TNECD Shari Brown – JA Street and Assoc. Call to order: Chairman Raj Venkataraman opened the August 26, 2024 Industrial Development Board Regular Meeting at 12:00 PM. Roll call was made, and Chairman Venkataraman declared a quorum present. Public Comment: None Consent Agenda: July 22, 2024 Regular Meeting Minutes and Financial Reports for Months Ending July 31, 2024 – Chairman Venkataraman asked if there were any additions or deletions to the minutes or financial reports. Hearing none, a motion to approve was made by Mr. Booher and seconded by Mr. McCabe. Motion passed. THIRD AMENDMENT OT DEVELOPMENT AGREEMENT RELATING TO BORDER REGION RETAIL DEVELOPMENT DISTRICT – Centre Point, LLC: Ms. Smith reviewed the current Development Agreement. Anchor Holdings, acting as the developer, has engaged JA Street and Associates to construct a new TRU Hotel by Hilton within the Border Region. Ms. Smith explained that the current agreement needed to be amended to include Anchor Holdings as a developer so that the development costs associated with the construction of the TRU Hotel could be reimbursed via the State’s Border Region Tourism Development District sales tax rebate. A motion was made by Mr. Booher to approve the amendment and seconded by Mr. Venkataraman. Motion carried by roll call vote with Mr. Elliott abstaining due to his late arrival to the meeting and not being able to hear the information as provided. Motion passed. Updates by local partners: Ms. Tully discussed projects moving forward with TNECD within Bristol and reviewed assistance provided by TNECD throughout Sullivan County. Mr. Parker discussed land development and projects moving forward in Bristol and Partnership Park II. Ms. Eads reviewed the site development project at the Bristol South location and provided an overview of Teacher Industry Day. Ms. Pendley also discussed the highly successful Teacher Industry Day and the 25 industries that participated in the Day. Director’s Discussion: Residential housing was discussed. IDB will be involved with the new RIDA development agreement being worked on for incentives regarding new housing developments. Mr. McCabe discussed 30 new single-family homes being constructed at the Golf Club Development. The MLB game at BMS in 2025 was discussed as well as the attendance at the Pickleball Tournament held in Bristol. Mr. Anderson reminded Directors that TN Hills Distillery was scheduled to begin opening to the public possibly in September. Adjournment: There being no further business Chairman Venkataraman adjourned the meeting at 12:45 PM. Approved: _________________________ Raj Venkataraman, Chairman Attest: _______________________________ Jeff Jones, Secretary/Treasurer Attachments: 1. Agenda FINANCIAL REPORT FOR MONTH ENDING AUGUST 31, 2024  Industrial Development Board of the City of Bristol, Tennessee August 31, 2024 Check Register Beginning Balance 08/01/24 $ 133,238.31 Deposits Total Deposits - Disbursements Check 1429: Mad Greek Restaurant - Lunch for 6/24/24 IDB meeting 251.72 Check 1431: Stateline Bar and Grille - Lunch for 7/22/24 IDB meeting 221.00 Total Disbursements 472.72 Ending Balance 08/31/24 $ 132,765.59 Industrial Development Board of the City of Bristol, Tennessee Money Market Investment Amount $ 101,969.57 Interest Earned 5,778.83 Ending Balance 08/31/24 $ 107,748.40 Page 1 of 2  Bristol Industrial Development Board of the City of Bristol, Tennessee For the Period Ending August 31, 2024 Check Register Beginning Balance 07/01/24 $ 147,385.35 Deposits Total Deposits - Disbursements Prior Year Activity Check 1426: Borderline Billiards, LLC - FY 24 Business Expansion Grant 10,000.00 Check 1427: Prime Media Productions, Inc - Digital Advertising for 2024 Hiring Expo 3,150.00 Check 1429: Mad Greek Restaurant - Lunch for 6/24/24 IDB meeting 251.72 Check 1430: Spectrum Reach - Advertising for 2024 Hiring Expo 997.04 14,398.76 Cash Transfer between Accounts - 92347100 - Administration Check 1431: Stateline Bar and Grille - Lunch for 7/22/24 IDB meeting 221.00 Total Disbursements - 92347100 221.00 92347220 - Industrial Development Total Disbursements - 92347220 - 92347230 - Chapter 420 Project Total Disbursements - 92347230 - Total Disbursements 14,619.76 Ending Balance 08/31/24 $ 132,765.59 Industrial Development Board of the City of Bristol, Tennessee Money Market Investment Amount $ 101,969.57 Interest Earned to Date 5,778.83 Ending Balance 08/31/24 $ 107,748.40 Page 2 of 2