Economic Development Authority

INDUSTRIAL DEVELOPMENT AUTHORITY of the CITY OF HAMPTON, VIRGINIA Minutes – Regular Meeting March 20, 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, Perry T. Pilgrim and Leonard L. Sledge. Also present were Secretary-Treasurer James L. Eason and IDA Attorney S. Frear Hawkins, II. STAFF Pete Peterson, Terry O’Neill, Susan Borland, Ellen Templeton, PRESENT Daniel Girouard, Pam Croom and Teresa Hudgins GUESTS Councilman George Wallace PRESENT Ted Miller – Kimley Horn Karl Merteg – Kimley Horn Robert Brauchle – Daily Press MINUTES Chair Joseph stated the Minutes of the February 21, 2012 IDA board meeting were distributed and noted a correction on page 5, last paragraph date should read June 30, 2012. A motion was made by Mr. Sledge and seconded by Mr. Pilgrim to approve the minutes as corrected. The motion carried. LOAN Mr. Pilgrim reported the Loan Review Committee met on February PROGRAM 27, 2012 and March 2, 2012. The Committee discussed changes to the Neighborhood Retail Revitalization Program and voted to recommend the changes for approval as outlined in the memorandum dated February 21, 2012, which was included in the IDA agenda package. A motion was made by Ms. Shuford and seconded by Mr. Arnold to adopt the changes as presented. A roll call vote was taken which resulted as follows: Ayes: Arnold, Bellinger, Sledge, Pilgrim, Shuford and Joseph Nays: None The Committee added language to the Revolving Loan Fund Guidelines regarding grants. In addition, the Committee established criteria for evaluating future requests which are as follows: type of business, job creation, increase in tax base, involvement with other city initiative(s) and applicant’s investment in the project. ECONOMIC Mr. Eason stated the updated Status Report on IDA Actions was DEVELOPMENT included in the package. REPORT ¾ The contract with SEI Group has been extended ¾ The agreement with Liberty Property Trust has been extended ¾ The agreement for the Phase 2 Science Park Study has been signed ¾ The incubator agreement with the NIA for the term March 1, 2012 to June 30, 2012 has been finalized. We have asked Dr. Lindberg to prepare an agreement for the term July 1, 2012 to June 30, 2013. We anticipate having this in May for the Incubator Committee to review and will present it at the IDA meeting in June. PRESENTATION Mr. Girouard introduced Mr. Miller and Mr. Merteg with Kimley HRC NORTH Horn who presented information on a completed stormwater STORMWATER study at Hampton Roads Center North for compliance with new STUDY stormwater regulations and the impact on future development. No action is requested at this time. RESOLUTION Mr. Eason reported since the February 21st meeting in which the HAMPTON board approved reallocating funds from the Hampton ECONOMIC Manufacturing Assistance Grant Program to the Hampton GARDENING Economic Gardening Program, additional funds were identified in PROGRAM the Small Business Incubator Operations account. A memo dated February 27, 2012 was sent to the IDA outlining $45,000 for the Hampton Economic Gardening Program will be reallocated from the Small Business Incubator account leaving a balance of $140,000 for payment to the NIA for the term March 1, 2012 to June 30, 2012. The $43,750 will remain in the Hampton Manufacturing Assistance Grant Program. Staff will be reviewing this program and making recommendations in order to increase utilization. A motion was made by Mr. Sledge 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, Shuford and Joseph Nays: None OLD Mr. Hawkins reported the documents were prepared and sent to BUSINESS Craig Read with C & D Store Development, however, they have not been executed. OTHER Mr. Arnold asked if the Clerk of Court could swear in board BUSINESS members during an IDA meeting instead of board members going to the Clerk’s office. Mr. Joseph asked staff to verify all members have been sworn in and ask the Clerk to attend the next meeting to swear in members as needed. 2 ADJOURNMENT There being no further business, the meeting was adjourned at 9:30 a.m. Respectfully submitted, James L. Eason Secretary-Treasurer 3