Economic Development Authority

INDUSTRIAL DEVELOPMENT AUTHORITY of the CITY OF HAMPTON, VIRGINIA Minutes – Regular Meeting October 16, 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, Perry T. PRESENT Pilgrim and Ben A. Williams, III. Also present were Secretary- Treasurer Michael A. Yaskowsky and IDA Attorney S. Frear Hawkins, II. STAFF Pete Peterson, Vanessa Valldejuli, Bonnie Brown, Terry O’Neill, PRESENT Anthony Reyes, Ellen Templeton, Susan Borland, Daniel Girouard, Terri McCann, Pam Croom and Teresa Hudgins GUESTS Mike Kuhns – Virginia Peninsula Chamber of Commerce PRESENT Thomas Flake – Peninsula Technology Incubator MINUTES Chair Joseph stated the Minutes of the September 18, 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. LOAN Mr. Pilgrim reported the Loan Review Committee met on PROGRAM October 9, 2012. The Loan Status Report reflects three delinquent loans: Avis Fraser Williams: One payment has been made Unique Imaging Solutions: Requested loan payments be deferred until January 2013. The Committee decided to grant interest only payments for July through December at the lower rate of 3% and waived late fees for the months of July, August and September. Touch of Class Fencing: Owes August and September loan payments and the line of credit is in default. Mr. Osouna agreed to pay the two delinquent loan payments before October 19th and he paid $8,000 towards the line of credit. A copy of the Old Point Statement of Account dated September 1, 2012 through September 30, 2012 was included in the package. There were no questions or comments. Mr. Pilgrim also said a payment was made to Mall Properties in accordance with the grant agreement.  The Committee considered a Neighborhood Retail Revitalization Program application from Mirro’z Restaurant & Lounge, LLC in the amount of $70,000 and recommends the request be approved as submitted. A motion was made by Mr. Williams and seconded by Mr. Arnold to approve the request. A roll call vote was taken which resulted as follows: Ayes: Arnold, Pilgrim, Williams, Shuford and Joseph Nays: None ECONOMIC Mr. Yaskowsky stated the updated Status Report on IDA Actions DEVELOPMENT was included in the package. REPORT  Staff continues to work with various prospects  LeCam is making exterior improvements to the former ABC store space  Three Hampton businesses are participating in the Economic Gardening Program  Staff will be participating in the VDBA Entrepreneurial Workshop, Estimating for Small Businesses and the NASA Langley Sigma Series  Start! Peninsula will be held November 30 to December 2 at Christopher Newport University  A Virginia Department of Transportation 2011 report included a recommendation to establish a Virginia Aerospace Research Center in the Hampton Roads region; a letter of support will be prepared on behalf of the IDA Mr. Yaskowsky introduced Mike Kuhns with the Virginia Peninsula Chamber of Commerce who provided a hand out on the presentation made at the Hampton Community Leaders Breakfast and gave an overview of the Chamber’s recent activity. Mr. Joseph complimented the Chamber on its efforts. HAMPTON Terri McCann presented a resolution of the Industrial Development ENTERPRISE Authority of the City of Hampton, Virginia authorizing an ZONES amendment to the Hampton Roads Center and Hampton Urban Enterprise Zone boundaries pursuant to the Virginia Enterprise Zone Act. Ms. McCann briefed the board on the proposed changes. There is a public hearing scheduled for the November 14th City Council meeting. The amendment will be submitted to the Department of Housing and Community Development for approval. A motion was made by Mr. Williams and seconded by Ms. Shuford to approve the resolution as presented. A roll call vote was taken which resulted as follows: 2  Ayes: Arnold, Pilgrim, Williams, Shuford and Joseph Nays: None OTHER The IDA retreat date will be Thursday, November 8, 2012 from BUSINESS 9:00 a.m. until noon in the IDA Conference Room. ADJOURNMENT There being no further business, the meeting was adjourned at 9:20 a.m. Respectfully submitted, Michael A. Yaskowsky Secretary-Treasurer MAY/tbh 3