Economic Development Authority

Minutes City of Radford Economic Development Authority Regular Meeting August 16, 2018 Sal’s Restaurant, West Main St. Members Present: Mr. Abram Williams, Mr. Jeff Cumberland, Dr. Flo Graham, Mr. Steve Harvey, Mr. Paul Pallante, Mr. Richie Davis, Dr. Bruce Chase Staff & Visitors: Ms. Blair Hoke, Ms. Gail Cook, Dr. Bill King, Mr. Bill Cunningham Dr. Graham called the meeting to order at 12:30 pm. A quorum was established. 1) Approval of the Minutes of July 19, 2018 and August 02, 2018. i) Motion: Mr. Pallante moved that the EDA approve the Minutes from July 19, 2018 and August 02, 2018. Mr. Harvey seconded the motion. ii) Action: The motion carried. 2) Review of April Financials Ms. Hoke presented the July financial data noting a cash balance of $299,083 and land holdings valued at $760,094. 3) Old Business  Further discussion of potential development, economic value of property, and temporary lease opportunity of Memorial Bridge property. i) Motion: Dr. Chase moved that the EDA increase the monthly rent from $50 to $100 (annual rent increase from $600 to $1200). Mr. Davis seconded the motion. ii) Action: The motion carried.  Approval of deed, plat of survey, and update on sale of property to L&M Properties, LLC. Chairman authorized and signed the deed and secretary attested. 4) EDA Attorney Update  Sale of Industrial Park property (0.172 acres) for $15,000 finalized and payment received.  Update on 3+ acres located at exit 105 5) Other Business  Discussion of Eda minute scribe and meeting location  Training Material Update  Memorial Bridge property insurance transfer update  EDA board letter  EZ Small Business Grant Update (July) Meeting Adjourn Being no further business the meeting was adjourned at 1:50pm. Blair Hoke Director, Economic Development