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HomeMy WebLinkAbout06/04/24 EDA MinutesEconomic Development Authority Meeting Minutes June 4, 2024 Peter Huber called the meeting to order at 10:00 a.m. and asked for a roll call Jeffrey Worrell- Aye Ron Hall- Aye Roger Bell- Aye Robert Huttick- Aye Collette Hash- Aye Peter Huber- Aye Adoption of February 29, 2024 Minutes The motion was made by Mr. Bell and seconded by Mr. Hall to approve February 29, 2024 meeting minutes Jeffrey Worrell- Abstained Ron Hall- Aye Roger Bell- Aye Robert Huttick- Abstained Collette Hash- Aye Peter Huber- Aye Manager Day gave a brief summary of the creation of the EDA/IDA and their role in state and local government. Financial Report/ Bimmerworld Update Manager Day stated the EDA account started out with $12,500.00 in February 2024 and a revenue and expenditure of $250,000.00 that the Town Council voted on with Pulaski County to work with Bimmerworld. The $250,000 would be repaid back to the Town from Bimmerworld through a payment plan with a 5.13% interest rate. Mr. Huttick asked if the EDA had a file on Bimmerworld since they have financial requirements. Manager Day stated the board had agreed upon periodical updates on the project rather it be quarterly or bi-annually. MUMS Update Manager Day stated the MUMS Grant was restricted to an IDA/EDA and that was the reason the board was recreated and to help out a local business in Town. He stated there would be an amortization table set up on that project once the money is drawn down. Mr. Huttick asked if Peak Creek LLC owns one building and the Housing Authority owns the other two, how do we join all three buildings at the end for them to be on one deed and who’s paying for the fit out on the third property. Manager Day stated he wasn’t sure if the Housing Authority still owns the building however he will find the answers and inform the board. Mr. Huttick asked if the money and property ownership is put up to develop the properties will be turned over to Peak Creek LLC or does it stay with the Housing Authority Manager Day stated the business would be privately owned but the monies will be coming back to the EDA. Mr. Huttick questioned how they plan to make one address out of a property that’s operated by another party where two properties are owned by one entity and the third property is owned by another. Mr. Farthing, Town Attorney stated the developer for the project is trying to use historical tax credits as he does the redevelopment and to do that, he’s going to have the property in his name. The Housing Authority transferred whatever is owned to the developer, the developer bought the land next door but the tax credits are a complex issue with the number of LLCs that are involved. Mr. Huttick questioned the Town’s position within the payment schedule. Manager Day stated the local government does not have the ability to do the financial background, DHCD does and the Commonwealth awarded the grant based on information they obtained from an application and communication. Mr. Huttick asked what other projects are currently under review. Manager Day stated there are several Brownfield projects and the 170 acres on Memorial Drive, which is still in the negotiation process but 69 West Main is the only project within the EDA. Discussion of Bylaws Manager Day reported the purpose of the EDA with the state code 15.2-4903 and the different roles within the board. He mentioned the attendance of each member that is needed to maintain a seat on the board, the Town Council’s role in reappointments, and scheduled monthly meetings. Mr. Huttick asked if members could attend the meeting electronically and participate in voting. Mr. Farthing stated an electronic meetings policy would need to be adopted. Mr. Huber suggested the board reviewing the bylaws and if an electronic version of the electronic meeting policy could be sent to review as well with adoption of both documents by the next meeting. Next Meeting Date July 2, 2024 at 10:00 a.m. unless the meeting needs to be cancelled due to member attendance and the bylaws, electronic participation policy, and election of officers be voted on in the August meeting. The motion was made by Mr. Worrell and seconded by Mr. Bell to adjourn the meeting. Jeffrey Worrell- Aye Ron Hall- Aye Roger Bell- Aye Robert Huttick- Aye Collette Hash- Aye Peter Huber- Aye With no further business, the meeting adjourned at 10:57 a.m. ______________________________ Chairman (Interim) _______________________________ Clerk of Council