Economic Development Authority

INDUSTRIAL DEVELOPMENT AUTHORITY of the CITY OF HAMPTON, VIRGINIA Minutes – Annual Meeting January 17, 2012 – 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, 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, Pete Peterson, Cynthia Hudson, Vanessa Valldejuli, PRESENT Terry O’Neill, Bruce Sturk, Michael Yaskowsky, Daniel Girouard, Denise Howard, Sylvia Shanahan and Teresa Hudgins GUESTS Robert E. Lindberg - NIA PRESENT Gary Evans – Axcel Innovation Robert Rea – Axcel Innovation Marty Kaszubowski – General Ideas Burrell Saunders – Urban Land Institute John Peterson, III – Urban Land Institute Donna Morris – Hampton Roads Partnership Craig Read – C & D Store Development Robert Brauchle – Daily Press NOMINATING Dr. Bellinger reported the Nominating Committee met and COMMITTEE recommends the following officers for the 2012 calendar year: James R. Joseph, Chair Anne W. Shuford, Vice-Chair James L. Eason, Secretary/Treasurer Mr. Joseph asked if there were any other nominations. There were none. A motion was made by Mr. Williams and seconded by Mr. Arnold to approve the officers as recommended. A roll call vote was taken which resulted as follows: Ayes: Arnold, Bellinger, Williams, Shuford and Joseph Nays: None Note: Mr. Sledge was not present for the vote MINUTES Chair Joseph stated the Minutes of the December 20, 2012 IDA board meeting were distributed. A motion was made by Mr. Williams and seconded by Mr. Sledge to approve the minutes as presented. The motion carried. PRESENTATION Ms. Donna Morris with the Partnership introduced Mr. Saunders HAMPTON and Mr. Peterson with Urban Land Institute. Mr. Saunders and ROADS Mr. Peterson provided information and an overview on the PARTNERSHIP upcoming “Reality Check Hampton Roads Spring 2012” event which will be held on May 17, 2012 at Old Dominion University. PRESENTATION Dr. Robert Lindberg with the National Institute of Aerospace PHASE I REPORT provided the full report and executive summary for the Phase I SCIENCE PARK Science Park Feasibility Study. Dr. Lindberg discussed the FEASIBILITY purpose, challenges and six focus areas detailed in the report. At STUDY the conclusion of the discussion, Mr. Joseph asked board members to forward additional questions concerning the report to Mr. Eason by January 31st for Dr. Lindberg’s response. The next steps will be to determine the cost and funding source for the Phase II report as well as implementation plans. Dr. Lindberg reported he had a conversation with Technology Hampton Roads and confirmed its decision to forego the IDA grant. He further stated that Technology Hampton Roads will not be moving into the NIA building and he plans to attend the meeting next month to ask for grant funds to establish a replacement incubator. PRESENTATION Ms. Denise Howard from the Finance Department provided FINANCIAL and reviewed the financial statements for the year ended June 30, STATEMENTS 2011. During the discussion staff for the IDA was asked to provide information on the assessed value of all IDA land in comparison to the amounts included on the June 30, 2011 financial statements. LOAN Mr. Arnold reviewed the Loan Status Report and noted the EDL PROGRAM loan was paid in full, Touch of Class is now current and Mr. Hawkins will be filing suit against Bobby’s Auto Shop. The Old Point Statement of Account dated December 1, 2011 through December 31, 2011 was included in the package. There were no questions or comments. ECONOMIC Mr. Eason stated the updated Status Report on IDA Actions was DEVELOPMENT included in the package. Several items will be discussed in Closed REPORT Session. Mr. Eason reported City Council will take action at its February 8 meeting on the Landscape Maintenance Easement for the Hampton Roads Center Owners Association. RESOLUTION Mr. Hawkins presented a Resolution approving changes to the CHANGES TO Bylaws of the Industrial Development Authority of the City of BYLAWS Hampton, Virginia. A motion was made by Mr. Sledge and seconded by Ms. Shuford to approve the Resolution as presented. A roll call vote was taken which resulted as follows: 2  Ayes: Arnold, Bellinger, Sledge, Williams, Shuford and Joseph Nays: None RESOLUTION Mr. Eason presented a Resolution of the Industrial Development CHANGES TO Authority of the City of Hampton, Virginia authorizing changes to HAMPTON the Hampton Revolving Loan Fund to provide for grants to REVOLVING qualifying entities or individuals. City Council approved this LOAN FUND action at its meeting on January 11, 2012. A motion was made by Ms. Shuford and seconded by Mr. Sledge to approve the Resolution as presented. A roll call vote was taken which resulted as follows: Ayes: Arnold, Bellinger, 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 Ms. Shuford and seconded by Mr. Sledge to go into the Closed Meeting. A roll call vote was taken which resulted as follows: Ayes: Arnold, Bellinger, 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 Mr. Arnold and seconded by Ms. Shuford to conclude the Closed Meeting and return to the Meeting. A roll call vote was taken which resulted as follows: Ayes: Arnold, Bellinger, Sledge, Williams, Shuford and Joseph Nays: None A motion was made by Mr. Arnold and seconded by Ms. Shuford to approve the Resolution of the Industrial Development Authority of the City of Hampton, Virginia approving the provision of $1.9 3  million dollars in economic development grant funds to Peninsula Town Center, LLC and related Economic Development Grant Recapture Agreement with modifications as noted by legal counsel. A roll call vote was taken which resulted as follows: Ayes: Arnold, Bellinger, Sledge, Shuford and Joseph Nays: None Abstain: Williams Mr. Williams did not participate in the discussion or the vote. OLD Mr. Williams reported the Sandler notes were sold to an investor in BUSINESS Atlanta. OTHER Mr. Williams would like to explore utilization of grant programs BUSINESS to see if there are potential commercial uses for the Buckroe waterfront. Mr. Joseph and Mr. Williams will continue to serve on the Peninsula Industrial Finance Corporation (PIFC) with terms expiring December 31, 2014 and December 31, 2013, respectively. ADJOURNMENT There being no further business, the meeting was adjourned at 11:00 a.m. Respectfully submitted, James L. Eason Secretary-Treasurer 4