IDA Meeting

Shenandoah County Industrial Development Authority
Meeting Minutes: February 7, 2022

Chairman Winkfield- called the meeting of the Shenandoah County IDA to order at 1:00 p.m. on February 7, 2022. The following IDA members were present: Chairman Jay Winkfield, Vice Chairman Vine Poling, Ms. Bev Butterfield, Mr. Michael Funk, Mr. Mike Koontz, and Ms. Abby Walters. Others in attendance included: Ms. Jenna French, IDA Secretary and Director of Tourism & Economic Development and Mandy Belyea, IDA Treasurer.

Approval of Meeting Agenda: Having no changes, Ms. Butterfield motioned to approve to agenda as presented which was seconded by Ms. Walter and all approved on an unanimous voice vote.

Approval of Meeting Minutes: Mr. Funk made a motion to approve the minutes for the January 18, 2022 meeting, and the motion was seconded by Mr. Koontz. The motion carried on a unanimous voice vote.
Financial Report: Ms. Belyea presented the financial report citing that we have a cd maturing later in the month which would be discussed under new business. Mr. Koontz made a motion to accept the financial report as presented. Mr. Poling seconded and all approved by unanimous voice vote.

Old Business:
Consideration to return the escrow to Saad Development following installation of the water and sewer infrastructure as outlined in the contract of sale dated August 28, 2020: Ms. French shared the letter from the Town of Mount Jackson approving the installation of water and sewer to their satisfaction and accepting ownership of the lines. She also shared that the developer would prefer for the funds to be wired directly to them instead of mailing a check and has agreed to pay the $25 wire fee from First Bank. Mr. Funk made a motion to return the escrow via wire and Ms. Butterfield seconded the motion. The motion carried on a unanimous voice vote.
New Business: Ms. French shared interest rates from a variety of local banks with First Bank offering the highest rate for a 6 month cd at 0.25%. Ms. Winkfield proposed that since we have another cd maturing in March, the IDA could temporarily roll cd #102992 into the general checking account and then combine the two cds into one. Mr. Poling agreed that this would be helpful and suggested that if we received a small business loan application, we could pay it out of the general checking account and repay our checking account when the cd matures. The IDA also discussed paying back the more than $40,000 already collected from the Small Business Disaster Recovery Loans when we combine the two cds. Ms. Poling made a motion to not renew the cd and instead cash it out and roll it into the IDA’s general checking account #1229713 until the other cd matures. This was seconded by Ms. Walters and the IDA unanimously approved the motion. Ms. Belyea and Ms. French will present the total amount repaid to date by the Small Business Disaster Recovery Loan at the next meeting to determine how much to repay back to the RBEG CD at that time.

Closed Session: Ms. Butterfield made a motion to enter into closed session in accordance with Section 2.2-3711(A)(3) of the Code of Virginia to discuss or consider the acquisition and disposition of publicly held real property, where discussion in an open meeting would adversely affect the bargaining position or negotiating strategy of the public body. The subject matter of the closed session is the possible disposition of real property owned by the IDA and possible purchase of real property by the IDA. The motion was seconded by Mr. Koontz and carried on the following roll call vote:

Poling – Aye; Winkfield – Aye; Butterfield – Aye; Funk – Aye; Holtzman – Absent; Koontz – Aye; Walters – Aye
Ms. Walters made a motion to return to open session, and it was seconded by Mr. Funk. The motion carried on a unanimous voice vote.
Ms. French read aloud the following: “with respect to the just-concluded closed session, and to the best of each member’s knowledge, (i) only public business matters lawfully exempted from open meeting requirements under the Virginia Freedom of Information Act and (ii) only such public business matters as were identified in the motion by which the closed meeting was convened were heard, discussed, or considered in the meeting by the Board.” Mr. Winkfield made the motion, and it was seconded by Mr. Funk. The motion carried on the following roll call vote:

Poling – Aye; Winkfield – Aye; Butterfield – Aye; Funk – Aye; Holtzman – Absent; Koontz – Aye; Walters – Aye
Directors Comments: Mr. Winkfield had no comments at this time.

Staff Comments: Ms. French shared that Draper Aden had reached out as to whether or not to resume work on the Mass Grading Permits for the IDA owned sites in the Northern Shenandoah Business Park stating that we are reaching the end of our time period with DEQ before the work would need to be resubmitted. The original quote by Draper Aden was for $50,683.20 and the IDA has spent $45,783.20 to date. Ms. French was unsure if the costs to complete the work would be the remaining $4,900 or if the costs will have gone up. Ms. Howard at Draper Aden is assessing the remaining work to complete the project and will let Ms. French know an amount later in the week.
The IDA opted to wait until the next meeting to decide how to proceed.

There being no further business, the meeting was adjourned at 1:50 p.m.

 

Respectfully submitted,

Jenna French, IDA Secretary