Economic Development Authority

Minutes City of Radford Industrial Development Authority Regular Meeting 05-21-2015 Sal’s Restaurant Members Present: Mr. Jeff Irby, Mr. Albert Mah, Mr. Richie Davis, Mr. Jeff Price, Mr. Steve Harvey, Dr. Flo Graham Staff & Visitors: Mr. Basil Edwards • Mr. Irby called the meeting to order at 12:15 pm. • A quorum was established. 1) Approval of the Minutes of April 16, 2015. Motion: Mr. Mah moved that the IDA approve the Minutes from April 16, 2015. Mr. Davis seconded the motion. Action: The motion carried. 2) Review of Financials Mr. Irby presented the April financial data noting a cash balance of $323,350, land holdings valued at $447,977, and total assets at $773,971. 3) Old Business a) Continued discussion of microbrewery concept; The members continued the discussion from the previous meeting with a report from Mr. Edwards on the incentives offered by localities to various startup craft brewers in the region. b) Discussion with Todd Carlson concerning the city’s acquisition of their property in Radford; Mr. Edwards reported that he had received a proposal from VCI concerning their property in Radford but will need to discuss with City Council prior to releasing any details to the IDA. 4) New Business a) VML Insurance The IDA’s Virginia Municipal League insurance coverage for FY 2015-2016 will be $2,327. Adjourn Being no further business the meeting was adjourned at 1:30 pm. Respectfully submitted, Basil Edwards Director, Economic Development