Economic Development Authority

INDUSTRIAL DEVELOPMENT AUTHORITY of the CITY OF HAMPTON, VIRGINIA Minutes – Regular Meeting July 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, Wallace C. Arnold, Dr. Lewis J. Bellinger, PRESENT Perry T. Pilgrim, Leonard L. Sledge and Ben A. Williams, III. Also present was IDA Attorney S. Frear Hawkins, II. STAFF Pete Peterson, Vanessa Valldejuli, Bruce Sturk, Michael PRESENT Yaskowsky, Ellen Templeton, Susan Borland, Daniel Girouard and Jacklyn Ray GUESTS Thomas Flake – Peninsula Technology Incubator PRESENT Amariah Sledge – Daughter of Leonard Sledge MINUTES Chair Joseph stated the Minutes of the June 19, 2012 IDA board meeting were distributed. A motion was made by Mr. Williams and seconded by Mr. Arnold to approve the minutes as submitted. The motion carried. NOMINATIONS Mr. Joseph stated since Mr. Eason retired the position of Secretary/ Treasurer is vacant. He nominated Michael A. Yaskowsky, Interim Director of the Economic Development Department, to serve as Secretary/Treasurer. A roll call vote was taken which resulted as follows: Ayes: Arnold, Bellinger, Pilgrim, Sledge, Williams and Joseph Nays: None Mr. Joseph also stated the IDA had not appointed an Assistant Secretary/Treasurer and nominated Daniel Girouard to serve in this position. A roll call vote was taken which resulted as follows: Ayes: Arnold, Bellinger, Pilgrim, Sledge, Williams and Joseph Nays: None LOAN Mr. Pilgrim reported the Loan Review Committee did not meet in PROGRAM June. The Loan Status Report reflects the Touch of Class loan is delinquent. Staff will follow-up with Old Point to see if the payment has been made. There were no questions or concerns on the Old Point Statement of Account dated June 1, 2012 through June 30, 2012. ECONOMIC Mr. Yaskowsky stated the updated Status Report on IDA Actions DEVELOPMENT was included in the package. REPORT  The LeCam project is moving forward  The business development team is tracking 30 prospects totaling $5 million in investment for 354,500 square feet and the potential to create 900 jobs  Staff is working on a new Disparity Study (the last study was done in 2006)  Construction has started on the new Old Point Bank building  The Holiday Inn Express on Mercury is undergoing extensive renovation; the Quality Inn will also be rebranded and renovated; demolition on the Holiday Inn will begin soon  WaWa will build a new store at the corner of Mercury and Aberdeen; staff is working with Good Wood on a new location  Staff is also working on relocating Harpoon Larry’s Thomas Flake with the Peninsula Technology Incubator provided a brief update on the Incubator. Bruce Sturk provided an overview and update on federal facilities including NASA, Langley Air Force Base, Fort Monroe and the Department of Veterans Affairs. HAMPTON Mr. Girouard presented a Resolution approving an agreement UNIVERSITY between the Industrial Development Authority of the City of SMALL Hampton, Virginia and the Hampton University Small Business BUSINESS Incubator. INCUBATOR A motion was made by Dr. Bellinger and seconded by Mr. Williams to approve the Resolution as presented. A roll call vote was taken which resulted as follows: Ayes: Arnold, Bellinger, Pilgrim, Sledge, Williams and Joseph Nays: None OTHER Mr. Yaskowsky reported he met with the City Manager and her BUSINES focus for the IDA is job creation. Mr. Sledge recommended the IDA hold a retreat. Mr. Joseph would like for staff to schedule this within the next few months. Mr. Yaskowsky recommended the IDA establish a Transaction Committee in accordance with the Bylaws. Mr. Hawkins said the Chair could appoint three members. Mr. Joseph will select the three members to serve on the Committee and the entire board will be notified when meetings are scheduled. 2  Mr. Yaskowsky suggested the IDA consider changing to an “Economic Development Authority”. Mr. Joseph asked Mr. Hawkins to research what would be involved to change from an IDA to an EDA. ADJOURNMENT There being no further business, the meeting was adjourned at 9:45 a.m. Respectfully submitted, Michael A. Yaskowsky Secretary-Treasurer 3