Doing Business in Nelson County: March 2006

March 2006

Nelson County Economic Development Authority
March 2, 2006

Present:
Barbara Powell
Alphonso Taylor
Natt Hall
Greg Kelly
Tom Wheaton
Stu Armstrong

There was no public comment.

Chairperson Barbara Powell called the meeting to order and welcomed new Authority member Greg Kelly.

Motion: To approve the January 5, 2006 meeting minutes. Hall-Pritchett (6-0) Mr. Taylor was not present for this vote.

There was no treasurer’s report.

Barbara Powell reviewed the revised budget request submitted to the county, noting the request for $5,600 to fund the EDA members' monthly meeting compensation and travel, consistent with the policy for other county commissions and boards for those expenses.

Barbara Powell reported that the Callohill request for proposal went out with two bids received as of the 28th. She suggested that two members be chosen to work with Maureen Corum to analyze and make a recommendation to the Authority- Natt Hall and Stu Armstrong.

Maureen Corum reported that the broadband survey had been sent out countywide and that the EDA should have a report on those results for their April meeting.

Motion: In the absence of the chairperson, Alphonso Taylor be authorized by the Authority to work with Maureen Corum and legal representation to review any changes to the Wintergreen Hotel/Village Project Economic Stimulus Grant agreement that might be received from WPI and to sign the agreement on behalf of the EDA if appropriate. Hall-Wheaton (6-0-1) (Stu Armstrong abstaining)

Natt Hall reported that he has talked with several food purveyors and wineries about a business appreciation event. He said that there are 1,200 business people who should be invited and that he would expect to get 300 of those to attend a new event.
Motion: The Authority allocate $50 per person, up to $15,000 to cover the cost of the event. Wheaton-Pritchett (7-0)

Members discussed where other gateway signs are still needed in the county, noting Route 151 South and Route 6 East as two primary locations. Tom Wheaton agreed to look at options and report back to the Authority.

Stu Armstrong reported on a Community Reinvestment Fund, which is a commercial loan product that establishes a loan loss reserve. He said that, for example, a business loan of $100,000 could have a 5% reserve in an account to guarantee that loan. After 18 months of good payment history, that reserve is no longer tied up and can be used for another commercial loan reserve. Stu Armstrong said that the reserve is a way to enhance business development and that an EDA can be involved by using some of its funds to create a loan loss reserve for commercial loans, which could be done through banks. Members agreed to consider the establishment of a fund for the future.

Meeting adjourned.
The next meeting will be on Thursday, April 6, 2006 at 12:00 noon at Central Virginia Electric Cooperative. Lunch will be served at noon, with the broadband over power line demonstration and EDA meeting to follow.

Report excerpted from Rural Nelson, Inc.