Economic Development Authority

INDUSTRIAL DEVELOPMENT AUTHORITY of the CITY OF HAMPTON, VIRGINIA Minutes – Regular Meeting December 20, 2011 – 8:30 A.M. IDA Conference Room CALL Chair Joseph called the meeting to order at 8:30 a.m. TO ORDER DIRECTORS James R. Joseph, Anne W. Shuford, Wallace C. Arnold, Dr. Lewis PRESENT J. Bellinger, Perry T. Pilgrim, Leonard L. Sledge and Ben A. Williams, III. Also present were Secretary-Treasurer James L. Eason and IDA Attorney S. Frear Hawkins, II. STAFF Mary Bunting, Cynthia Hudson, Vanessa Valldejuli, Susan PRESENT Borland, Daniel Girouard, Pam Croom and Teresa Hudgins GUEST Vincent J. Mastracco, Jr. with Kaufman & Canoles PRESENT MINUTES Chair Joseph stated the Minutes of the November 15, 2011 IDA board meeting were distributed. A motion was made by Dr. Bellinger and seconded by Mr. Williams to approve the minutes as presented. The motion carried. LOAN Mr. Pilgrim updated the following loan accounts: EDL is paid in PROGRAM full, Avis Fraser-Williams executed a Modification Agreement and Bobby Carpenter made a $1,500 payment but the Committee will need to decide how to proceed with collection. ECONOMIC Mr. Eason stated the updated Status Report on IDA Actions was DEVELOPMENT included in the package. REPORT Pending Real Estate Action ¾ The Liberty Property Trust option at Hampton Roads Center South will expire March 31, 2012. We met with Craig Cope to discuss this and anticipate receiving his proposal within the next 30 days. ¾ Included in your package is a letter from Craig Read. We will discuss how we are going to proceed at the January meeting. Other Items of Interest ¾ The feasibility study for Hampton Roads Center North is complete. We expect to receive the report by the end of December and will deliver it to you upon receipt. Dr. Lindberg will make his presentation at the January meeting.  ¾ The NIA has executed the operating agreement for the new building with Virginia Tech ¾ We have had no communication with Technology Hampton Roads ¾ City Council approved the reallocation of $50,000 from the Hampton Manufacturing Assistance Grant Program to the E- Commerce Grant Program ¾ A company to license NASA technology could bring 40-50 jobs to the city ¾ Bank of America will sell the H20 notes by the end of the year ¾ City Council approved the development agreement for a senior housing project on the triangle parcel at Old Buckroe, Mercury and Woodland ¾ As a result of Steiner’s consultant report a business group has been established with Dr. Harvey appointed to lead the group; meetings are scheduled with representatives at Peninsula Town Center to determine if Dr. Harvey can be of assistance in tenant recruitment Mr. Eason reported an agreement had been reached with the Virginia Small Business Financing Authority and the localities regarding sharing 501(C)(3) bond administrative fees. The IDA is being asked to sign the agreement indicating its support. Mr. Hawkins has reviewed the document. A motion was made by Mr. Williams and seconded by Mr. Arnold to grant the Chairman the authority to sign said documents. A roll call vote was taken which resulted as follows: Ayes: Arnold, Bellinger, Pilgrim, Sledge, Williams, Shuford and Joseph Nays: None RESOLUTION Mr. Girouard presented a Resolution authorizing the termination of TO TERMINATE a sixty-five foot (65’) easement granted by Advex Corporation to EASEMENT the Authority. A motion was made by Mr. Arnold and seconded by Mr. Pilgrim to approve the Resolution as presented. A roll call vote was taken which resulted as follows: Ayes: Arnold, Bellinger, Pilgrim, Sledge, Williams, Shuford and Joseph Nays: None CLOSED Chair Joseph stated a Closed Meeting will now be held in MEETING accordance with Section 2.2-3711 A.7 of the Code of Virginia to consult with legal counsel regarding specific legal matters requiring the provision of legal advice by such counsel. A motion was made by Mr. Sledge and seconded by Mr. Williams to go into the Closed Meeting. A roll call vote was taken which resulted as follows: 2  Ayes: Arnold, Bellinger, Pilgrim, Sledge, Williams, Shuford and Joseph Nays: None CERTIFICATION Chair Joseph stated it was now appropriate to take a Roll OF CLOSED Call vote and that to the best of our knowledge (i) only public MEETING business matters lawfully exempted from open meeting requirements under this chapter, and (ii) only such public business matters as were identified in the motion by which the Closed Meeting was convened were heard, discussed, or considered in the Closed Meeting. Any member who believes there was a departure from the requirements of subdivisions (i) and (ii) shall so state prior to the Roll Call vote, indicating the substance of the departure that, in his/her judgment has taken place. Such statements shall be recorded in the Minutes. Chair Joseph asked for any statements. There were none. A motion was made by Ms. Shuford and seconded by Mr. Pilgrim to conclude the Closed Meeting and return to the Meeting. A roll call vote was taken which resulted as follows: Ayes: Arnold, Bellinger, Pilgrim, Sledge, Williams, Shuford and Joseph Nays: None A motion was made by Mr. Arnold and seconded by Mr. Sledge to ask City Council to consider modifying the Hampton Revolving Loan Fund program to include grants. A roll call vote was taken which resulted as follows: Ayes: Arnold, Bellinger, Pilgrim, Sledge, Shuford and Joseph Nays: None Abstain: Williams OTHER Mr. Joseph asked Dr. Bellinger and Mr. Williams if they would BUSINESS continue to serve on the Nominating Committee and meet prior to the January meeting to propose a slate of officers for the upcoming year. Mr. Hawkins said he will be making revisions to the IDA By-Laws which will be presented for consideration at the January meeting. A motion was made by Mr. Pilgrim and seconded by Mr. Williams to hold the annual meeting in January. A roll call vote was taken which resulted as follows: Ayes: Arnold, Bellinger, Pilgrim, Sledge, Williams, Shuford and Joseph Nays: None 3 ADJOURNMENT There being no further business, the meeting was adjourned at 10:30 a.m. Respectfully submitted, James L. Eason Secretary-Treasurer 4