Doing Business in Nelson County: February 2004

February 2004

Nelson County Industrial Development Authority
February 25, 2004

Present:
Tom Wheaton
Allen Hale
Barbara Powell
Stu Armstrong
Montie Pritchett

Staff:
Maureen Corum
Steve Carter

Chairperson Allen Hale called the meeting to order.

Motion: To adopt a resolution to extend the $1,300,000 Economic Development Revenue Bond with SunTrust for Leisure Products, Inc. (dba California Sidecar) for six months to September 1, 2004. Wheaton-Powell (5-0)

There was no public comment.

Motion: To approve the minutes of the February 5, 2004 meeting. Armstrong-Powell (5-0)

Treasurer Stu Armstrong updated the IDA on its fund balances. When the certificate of deposit matures on August 23, 2004, the IDA will consider moving it to another financial institution or request a better rate of return.

Motion: To adopt the draft letter as presented by Allen Hale from the IDA to the Planning Commission and Board of Supervisors expressing the IDA's interest in streamlining the process for home-based businesses in the county. The County Administrator will distribute the letter to both county boards working on the Zoning Ordinance. Armstrong-Wheaton (5-0)

Closed Session
Motion: To end regular session and move into closed session to discuss a business prospect under the Virginia Freedom of Information Act 2.2-3711-A5, Powell- Wheaton. Roll Call Vote (4-1, Hale voting nay)

Motion: To end closed session. Armstrong-Wheaton. Roll Call Vote. (5-0)

Motion: To return to regular session. Powell-Wheaton. Roll Call Vote. (5-0)

Motion: To adopt the following resolution: Be it hereby resolved, the Industrial Development Authority of Nelson County does hereby return to regular session, having only discussed a business prospect who has not yet been announced. Armstrong-Wheaton. Roll Call Vote. (5-0)

Motion: To empower Allen Hale to begin discussions with Central Virginia Electric Cooperative during the next 30 days about purchasing the residual land at the Colleen Industrial Park.

Tom Wheaton asked staff to contact Virginia Tech to inquire about starting a venture capital group.

Maureen Corum requested that the IDA consider funding part of the cost of a Target Market Industry Study. Total cost of the study is estimated at $28,000 - $30,000. Staff will forward additional information on the proposed study to
each member for consideration.

There being no further discussion, the meeting was adjourned.