Economic Development Authority

ECONOMIC DEVELOPMENT AUTHORITY of the CITY OF HAMPTON, VIRGINIA Minutes – Annual Meeting January 15, 2013 – 8:30 A.M. EDA 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 Michael A. Yaskowsky and EDA Attorney S. Frear Hawkins, II. STAFF Pete Peterson, Vanessa Valldejuli, Bonnie Brown, Terry O’Neill, PRESENT Gloria Washington, Anthony Reyes, Robin McCormick, Denise Howard, Lori Braen, Ellen Templeton, Susan Borland, Daniel Girouard and Teresa Hudgins NOMINATING Dr. Bellinger reported the Nominating Committee met and COMMITTEE recommends the following officers for the 2013 calendar year: James R. Joseph, Chair Anne W. Shuford, Vice-Chair Michael A. Yaskowsky, Secretary-Treasurer Daniel B. Girouard, Assistant 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. Pilgrim to approve the officers as recommended. A roll call vote was taken which resulted as follows: Ayes: Arnold, Bellinger, Pilgrim, Sledge, Williams, Shuford and Joseph Nays: None MINUTES Chair Joseph stated the Minutes of the December 18, 2012 EDA board meeting were distributed. A motion was made by Mr. Arnold and seconded by Mr. Williams to approve the minutes as presented. The motion carried. BRIEFING ON Gloria Washington, Director of the Budget Office, gave a FY 2014-2018 briefing on the development of the FY 2014-2018 Capital CIP Improvement Plan. Economic Development staff put forth the following projects: Master plan projects, North Campus Parkway paving and a bus shelter on Butler Farm Road at Floyd Thompson Drive. Mr. Joseph asked staff to involve the EDA in discussions on items being submitted for future CIP considerations. PRESENTATION Denise Howard from the Finance Department reviewed the EDA FINANCIAL financial statements for the year ended June 30, 2012. Ms. STATEMENTS Howard will prepare and forward a variance schedule on EDA projects for the next meeting. LOAN Mr. Pilgrim reviewed the Loan Status Report. A Loan PROGRAM Modification Agreement is being prepared for Unique Imaging Solutions. The Committee will discuss collection options on the Touch of Class Fencing note at its next meeting. Avis Fraser- Williams continues to make payments and owes $293.48. ECONOMIC Mr. Yaskowsky stated the updated Status Report on EDA Actions DEVELOPMENT was included in the package. Anticipate closing on the SEI REPORT contract within the next two weeks. Other items of interest:  LeCam continues with improvements  M Price Distributing is adding 18,000 square feet of warehouse space to its existing building; $2 million investment; no new job creation  The NIA is building out five lab spaces on the second floor of the new building; Doug Stanley has been named President and Executive Director  We received approval from the state on the Enterprise Zone Amendments  HREDA will hold its annual meeting on January 24th at the Hampton Roads Convention Center; if anyone is interested in attending please let us know  Staff will be attending the NASA Langley Aerospace Day in Richmond on February 5th and 6th  As a follow-up to the IDA Retreat, staff will present its recommendations on incentives to the Loan Review Committee at its January meeting; staff will schedule an Incubator Committee meeting to discuss recommendations included in the Science Park Feasibility Study Mr. Sledge asked if the city had any items on the legislative agenda. Ms. Valldejuli stated there is a budget amendment being introduced for the Commonwealth to contribution $3 million for the Langley Air Force Base encroachment issue. The City will match the contribution. Ms. Valldejuli said the Hampton FADA has sent a letter of support. She will e-mail the points to board members so they can write individual letters. RESOLUTION Ms. Borland presented a Resolution of the Economic Development LONG/OPNB Authority of the City of Hampton, Virginia authorizing the LEASE execution of Lease Extension Agreement with Michael P. Long EXTENSION and Sublease Extension Agreement with Old Point National Bank of Phoebus for property known as 24 Wine Street, Hampton, Virginia. 2  A motion was made by Mr. Pilgrim 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 Abstain: Ms. Shuford did not participate in the discussion and abstained from the vote CLOSED Chair Joseph stated a Closed Meeting will now be held in MEETING accordance with Section 2.2-3711 A.5 of the Code of Virginia to discuss a prospective business or industry or the expansion of an existing business or industry where no previous announcement has been made of the business or industry’s interest in locating or expanding its facilities in the community. A motion was made by Mr. Sledge and seconded by Mr. Pilgrim to go into the Closed Meeting. A roll call vote was taken which resulted as follows: 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 Mr. Pilgrim and seconded by Mr. Sledge 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. Williams and seconded by Mr. Pilgrim to rescind action taken by the Board at the December 18, 2012 meeting and approve a $25,000 grant for Project Magnet. The grant will be subject to performance goals and other conditions as determined by staff and approved by the Chair. A roll call vote was taken which resulted as follows: 3  Ayes: Arnold, Bellinger, Pilgrim, Sledge, Williams, Shuford and Joseph Nays: None OLD Mr. Hawkins informed the Board that the SunTrust Letters of BUSINESS Credit in support of the Bass Pro project have expired and it is necessary for the EDA to provide a new Letter of Credit in the amount of $3,000,000. Staff has negotiated with Old Point National Bank to issue the Letter of Credit. Mr. Hawkins will refer this matter to Ms. Valldeljuli because of a conflict of interest. A motion was made by Mr. Williams and seconded by Mr. Sledge to approve a Resolution authorizing the Authority to enter into an agreement with Old Point National Bank to issue a Letter of Credit in favor of Bank of America in the amount of $3,000,000 with the Cooperation Agreement remaining in place and authorizing the Chair to execute all necessary documents. A roll call vote was taken which resulted as follows: Ayes: Arnold, Bellinger, Pilgrim, Sledge, Williams and Joseph Nays: None Abstain: Ms. Shuford did not participate in the discussion and abstained from the vote OTHER Mr. Peterson reported the City Manager is in the process of re- BUSINESS drafting the job description for the Economic Development Director. The job will be posted and an interview panel selected which will include the EDA Chairman. ADJOURNMENT There being no further business, the meeting was adjourned at 10:15 a.m. Respectfully submitted, Michael A. Yaskowsky Secretary-Treasurer MAY/tbh 4