July 2015 Minutes - Roanoke Economic Development

MINUTES OF A REGULAR MEETING
ECONOMIC DEVELOPMENT AUTHORITY
OF THE CITY OF ROANOKE, VIRGINIA
July 15,2015
Directors present:
Directors absent:
Thomas Cullen
Vickie H. Bibee
Linda Davis Frith
C. E. Hunter, III
Braxton G. Naff
Brian K. Redd
A. Damon Williams
Also present at the meeting were: Wayne F, Bowers, City of Roanoke Economic
Development Director; Rob Ledger, City of Roanoke Economic Development
Manager; Ian Fortier and Bobby Mountcastle, representing Grandin Theatre
Foundation; and, Harwell M. Darby, Jr., Counsel to the Authority.
Mr. Hunter called the meeting to order at 8:03 a.m. and declared that a quorum was
present.
On motion by Mr. Naff, and seconded by Mr. Cullen, the Authority unanimously
approved the minutes of the May 20, 2015 regular meeting.
Ms. Frith presented the financial report and on motion by Mr. Naff, and seconded by
Mr. Cullen, the Authority unanimously received the financial report dated as of
July 15, 2015, a copy of which is attached to and filed with these minutes as
Attachment 1.
Mr. Bowers presented an update on the Fa9ade Grant Program, presenting the Fa9ade
Grant Summary, which is attached and filed with these minutes as Attachment 2.
The Board endorsed (by consensus) the updated Fafade Grant Guidelines and
Application.
Mr. Ian Fortier outlined a discretionary grant request from Grandin Theatre
Foundation. On motion by Mr. Naff, and seconded by Mr. Williams, the Board voted
5-0 (Ms. Frith recusing herself) to approve a resolution awarding an economic
development grant of $50,000 to Grandin Theatre Foundation, a copy of which
resolution is attached and filed with these minutes as Attachment 3.
On motion by Ms. Frith, and seconded by Mr. Naff, the Board of Directors voted 6-0
to go into a closed meeting for consideration of an Economic Development Grant
pursuant to Va. Code 2.2-3711 A.5.
On motion by Mr. Cullen, and seconded by Mr. Naff, the Board of Directors voted
6-0 to return to open session.
On coming out of the closed meeting, the directors, by the following roll call vote,
indicated that they had only discussed matters lawfully excluded under the foregoing
closed meeting motion.
Member
Vote
Thomas Cullen
Aye
Aye
Aye
Aye
Aye
Aye
Linda Davis Frith
C. E. Hunter, III
Braxton Naff
Brian K. Redd
A. Damon Williams
On motion by Mr. Redd, and seconded by Mr. Cullen, the Board voted unanimously
to rescind the resolution approving an economic development grant to a company
identified in closed meeting and adopted May 20, 2015.
On motion by Mr. Naff, and seconded by Mr. Cullen, the Board adopted a resolution
approving an economic development grant and the two (2) Performance Agreements
for a company identified in the closed meeting, a copy of which is attached to and
filed with these minutes as Attachment 4.
The Board discussed a fa9ade grant extension request from Valley Properties, LLC.
On motion by Mr. Naff, and seconded by Mr. Cullen, the Board voted 6-0 to extend
the completion date to February 1, 2016.
The Board received a Quarterly Report on the Authority's ongoing projects, including
the sidewalkproject at the Roanoke Centre for Industry and Technology
The Board discussed the City Manager's Business Breakfast to be held Wednesday,
August 12, 2015.
There being no further business, Mr. Hunter adjourned the meeting at 9:07 a.m.
Attachments (4):
1) Financial Report dated as of July 15,2015
2) Fagade Grant Program Summary
3) Resolution approving grant to Grandin Theatre Foundation
4) Resolution approving Performance Agreements and Grants
Economic Development Authority
Board of Directors Financial Report - Valley Bank Money Market Account
January 1. 2013 - July 15, 2015
Opening Balance: $80,694.35
Opening Date: June 30, 2007
£Q|i|Lme^ .
Entrepreneurial Grants (Initial funding of S44.000)
$36,500.00
\flrginia Western CCAP Grant (S10,000 per year for 5 years - $50,000 total)
$20,000.00
^ID GrantforHeritage Pointinfrastnjcture - Match - Contingent on State award
Sidewalk Project for the Roanoke Centre for Industryand Technology- EDA Match
$10,000.00
$83,814.00
Sidewalk Project for RCIT - Additional Funding
$75,000.00
Prospect GOF Grant Match {S200.600 total paid at S40.000 per yearfor 5 years)
S200.000.00
$425,314.00
Subtotal for Committed Funds:
S
•.
- r-"
^
Resolution
Resolution
Resolution
Resolution
Resolution
Rt::soIuticn
approved
approved
approved
approved
approved
approved
on 05/14/08.
on 03/20/13.
on 03/19/14.
on 11/19/14.
on 03/18/15.
O's 05/20/15.
a
"'1
r•
Interest
$263.83
1/31/13
$776,862.12
,
Interest
$238.38
2/28/13
$777,100.50
;
Interest
$264.00
3/31/13
$777,364,50 !
Interest
$255,57
4/30/13
$777,620,07 j
5/8/13
$767,620.07 |
Money Market Transfer: Virginia Western CC - CCAP Grant #1 of 5
$10,000.00
$261.44
5/31/13
$767,881.51
,
$190,165.00
6/27/13
$958,046,51
'
Interest
$162.99
6/28/13
$958,209.50 ^
Interest
$203.46
7/31/13
$958,412.96 |
Interest
$203.50
8/31/13
$958,616.46
Interest
$196,98
9/30/13
$958,813.44
Interest
$203.58
10/31/13
$959,017.02 '
Interest
$197.06
11/29/13
$959,214.08
Interest
Carilion Bond Payment
Economic Development Grant - City of Roanoke • Market Garage Hotel Project
$100,000.00
12/19/13
$859,214.08
12/31/13
$859,408.84
'
Interest
$194,76
Interest
$131.38
1/31/14
Interest
$118.69
2/28/14
Interest
$131.42
3/31/14
$859,790.33 [
Interest
$127.20
4/30/14
$859,917.53 1
Money Market Transfer: CCAP Grant #2 of 5: Advance Auto Job Grant
$824,917.53 '
$825,047.09 i
5/21/14
$35,000.00
$129.56
5/30/14
$122.06
6/30/14
$188,565.63
7/2/14
Interest
Interest
Carilion Bond Payment
$859,540.22 I
$859,658.91 '
Interest
$170.71
7/31/14
Interest
$172.23
8/31/14
$825,169.15
$1,013,734.78
$1,013,905.49
$1,014,077.72
'
!
]
!
$20,000.00
9/18/14
$1,034,077.72 |
Interest
$168.12
9/30/14
$1,034,245.84 i
Interest.
$175.68
10/31/14
$1,034,421,52
Interest
$170,04
11/30/14
$1,034,591.56
Interest
$175.74
12/31/14
$1,034,767,30 ;
1/12/15
$1,004,767.30
Interest
$172.48
1/31/15
$1,004,939.78 '
Interest
$154.18
2/28/15
$1,005,093,96 '
Interest
$170.73
3/31/15
$1,005,264,69
Interest
$165.25
4/30/15
$1,005,429,94 '
$170.79
5/30/15
$1,005,600.73
Deposit - Transfer of Funds from Checking Account
Money Market Transfer; To City for Marketing/Website Funding
$30,000,00
Interest
Money Market Transfer: CCAP Grant #3 of 5
$10,000.00
$995,600.73 ^
6/9/15
Balance:
$995,600.73
Committed Funds:
$425,314.00
$570,286.73
Availaiiable Funds:
Interest Information:
Current Annual Percentage Yield Earned: 0.20%
iTotal EDA Assets:
1 $1,003,653.61 1
Interest Paid Calendar Year 2013: $2,645.55
Interest Paid Calendar Year 2014: $1,792.83
lnterestPaldFY2013: $4,056.19
Interest Paid In Calendar Year 2015:
Interest Paid FY 2014: $1,959.65
Interest Paid in Fiscal Year 2015:
1
$833.43
$1,865.95
Economic Development Authority
Board of Directors Financial Report - HomeTown Bank Checking Account
July 1, 2014-July 15. 2015
^
Descnptton
Building Permit Fee Rebate - Associated Asphalt
Fagade Grant - The Norton Building - Advance
^ Debits
[
$2,331.18
Advance Auto - EDA Job Creation Grant
$25,000,00
Facade Grant - The Horton Building
$22,191.23
Glenn Feldman Darby & Goodlatte Professional Services
07/03/2014
$22,191.23
.
.L.
Fire Suppression Grants - Global Metal Finishing and Suzun Hughes - Advance
$513.00
:
Fire Suppression Grant - Global Metal Finishing - Year 3
$85.50
!
Fire Suppression Grant - Suzun Hughes - Year 5
VSBFA Deposit - FY 2014
Building Permit Fee Rebate and Fagade Grant - 306 6th Street - Advance
$25,000.00
Facade Grant - 306 6th Street
Building Permit Fee Rebate - 306 6th Street
$2,145.68
$20,000.00
Valley Bank - Withdrawl to Transfer Funds to Money Market Account
Cambria Suites Performance Agreement - Advance
$177,392,66
Cambria Suites Performance Agreement • Roanoke Hotel Group, LLC
Fagade Grant (1608 Williamson) and Building Permit Grant (Ponce) - Advance
$11,946.67
Facade Grant - 1608/1614 Williamson Road
$26,726.25
Building Permit Fee Rebate - Ponce de Leon
Facade Grant - Ponce de Leon • Advance
Fagade Grant • Ponce de Leon
$25,000.00
$509.20
Chanticleer Catering - Catering for EDA Retreat
Checking Account Transferred to HomeTown Bank from HomeTrust Bank (formerly Bank of America)
South Commonwealth Partners. LLC (Garage Hotel) Perf. Agreement - Advance
$300,000.00
South Commonwealth Partners, LLC (Garage Hotel) Performance Agreement
'
Harland Clark - Purchase of Deposit Slips
Harland Clark - Purchase of Checks, Stamp, Check Book
Southern Lane Performance Agreement & Four Grants - Advance
Performance Agreement - Faison Southern Lane, LLC
Liberty Hill Properties - Facade Grant
425 Campbell Avenue, LLC - Water/Fire/Sewer Hookup Grant
425 Campbell Avenue, LLC • Fagade Grant
425 Campbell Avenue, LLC - Building Permit Fee Rebate Grant
Transfer from Savings • City of Roanoke Website/Marketing Fund - Advance
City of Roanoke - Website/Marketing Fund Grant
Building Permit Fee Rebate and Fagade Grant - Advance
Building Permit Fee Rebate - Virginia Transformer
Fagade Grant -126-128 Campbell
HomeTown Bank - Credit for Turning In Unused Bank of America Checks
$28,787.50
$598.50
$43,608.61
$65,799.84
07/28/2014
$40,799.84
$18,608.61
07/28/2014
'
.
07/28/2014
$ll3"98.47
' 07/31/2014
$41,185.97
:
541,784.47
$41,271.47
$6,210.14
VA Lutheran Homes EDA Bond Fee Payment - 2014
HomeTown Bank - Wire Transfer Fee for South Commonwealth Partners
07/28/2014
08/13/2014
; 08/14/2014
j 08/14/2014
$41,185.97
$467.31
;
09/02/2014
^ $41,653.28
$27,145,68
•
09/17/2014
$68,798.96
09/17/2014
$43,798.96
09/17/2014
$41,653.28
09/18/2014
$177,342.66
10/10/2014
$21,653,28
$198,995.94
10/14/2014
$21,603.28
$38,672.92
10/14/2014
$60,276.20
:
10/14/2014
$48,329.53
:
10/14/2014
.
10/20/2014
$21,603.28
$46,603.28
10/22/2014
$21,603.28
11/04/2014
$21,094.08
$25,000.00
;
$300,000.00
11/19/2014
11/19/2014
$321,094,08
11/21/2014
$21,094.08
$20.00
11/21/2014
$21,074.08
$49.35
12/03/2014
$21,024.73
$126.75
12/03/2014
$20,897.98
12/08/2014
12/09/2014
$364,659.54
$62,681.45
12/09/2014
$61,548,23
$343,761.56
$301,978.09
$1,133.22
$12,650.00
•
$25,000.00
53,000.25
$30,000.00
$30,000.00
$10,458.77
$10,169,45
$289.32
12/09/2014
$48,898.23
12/09/2014
$23,898.23
12/09/2014
01/12/2015
$20,897.98
$50,897.98
01/14/2015
$20,897,98
01/26/2015
01/27/2015
$31,356.75
$21,187,30
01/27/2015
$20,897.98
$25.00
01/28/2015
$20,922.98
HomeTown Bank - Refund for Check Order Fee
$126.75
01/28/2015
$21,049.73
Building Permit Fee Rebate - Mincon, Inc - Advance
Building Permit Fee Rebate - Mincon, Inc
Glenn Feldman Darby & Goodlatte Professional Services
Ivy View - Performance Agreement - Year 3 - Advance
ivy View - Performance Agreement - Year 3
Virginia Tech - VIDA Institute Workshop - Brandon Turner and Braxton Naff
Building Permit Fee and Fagade Grant for 113 Norfolk Avenue - Advance
Building Permit Fee -113 Norfolk Avenue, SW
Fagade Grant -113 Norfolk Avenue, SW
Foti, Flynn, Lowen & Co. - Audit of EDA Financial Statements for FY 2014
VA Dept. of the Treasury - VaRisk 2 Insurance Payment
Va. Western CC - CCAP Program Grant (#3 of 5) - Advance
Va. Western CC - CCAP Program Grant (#3 of 5)
VSBFA Deposit-FY 2015
Building Permit Fee Rebate and Fagade Grant - Advance
Joe Thompson/JETR LLC (2426 Orange) - Building Permit Fee Rebate
Anstey Holdings (802 Wiley) - Fagade Grant
$561.00
03/02/2015
$21,610.73
$561.00
03/03/2015
$21,049.73
$7,249.00
03/03/2015
$13,800.73
03/19/2015
$127,171.38
$113,370.65
03/26/2015
$13,800.73
$748.00
04/15/2015
$13,052.73
$41,712.98
$38,052.73
$113,370.65
$28,660.25
04/15/2015
$3,660.25
04/15/2015
$25,000.00
04/15/2015
""$4,890.00
05/05/2015
$550.00
$10,000.00
$10,000.00
$440.15
$13,714.25
$13,052.73
$8,162.73
06709/2015
$7,612.73
06/09/2015
$17,612.73
06/11/2015
$7,612.73
06/23/2015
$8,C)5i88
• " 06/29/2015
$7,814.25
07/01/2015
$5,900.00
07/0T/2615
$21,767.13
$13,952.88
$8,052.88
Balance:
$8,052.88
Economic Development Authority
Facade Grant Program Summary
Beginning January 2012
Application
Applicant Name
Date
Building Address
Approval Date
Committed Per
Funds Commlted
Minutes
but Not Utilized*
Actual Payment Expiration Date
Date Paid
01/10/2012
Berglund Chievrolet Inc.
1824 Williamson Road
02/15/2012
$25,000.00
$0.00
$25,000.00
12/31/2012
08/08/2013
02/06/2012
2525 Franklin Road Associates LLC
2525 Franklin Road
02/15/2012
$25,000.00
$0.00
$25,000.00
09/30/2012
08/08/2013
01/12/2012
Bruce Farrell
1721 Williamson Rd.
02/15/2012
$16,165.00
$6,485.21
$9,679,79
01/12/2013
04/05/2013
03/07/2012
SSM Properties LLC
1026 Rorer Avenue
03/21/2012
$14,823.85
$1,976.24
$12,847.61
07/31/2012
05/07/2013
03/12/2012
FF&W Corp.
3412 Williamson Road
03/21/2012
$3,333.33
$538.03
$2,795.30
05/15/2012
12/20/2012
03/14/2012
Big Lick Realty Corp.
809 Williamson Road
03/21/2012
$25,000.00
$0.00
$25,000.00
11/11/2012
02/12/2013
03/11/2012
806 Wasena LLC
806 Wasena Avenue
04/18/2012
$25,000.00
$0.00
$25,000.00
07/31/2012
02/08/2013
04/18/2012
The Norton Project
304 1st Street
05/16/2012
$25,000.00
$2,808.77
$22,191.23
07/01/2014
07/31/2014
06/13/2012
Jobrah & Fils, LLC
3824 Williamson Road
06/20/2012
$4,517.88
$1,633.56
$2,884.32
07/31/2013
04/05/2013
07/09/2012
3710 Tom Andrews Road
07/18/2012
$25,000,00
$0.00
$25,000.00
07/18/2013
05/29/2014
10/04/2013
Vintage, LLC
Big Daddy's Brewery (Soaring Ridge)
523 Shenandoah Avenue
10/16/2013
$13,320.00
$2,878.33
$10,441.67
04/01/2014
05/15/2014
11/15/2013
Associated Asphalt
130 Church Avenue, SW
12/18/2013
$657.00
$0.00
$657.00
05/31/2014
06/25/2014
01/06/2014
306 6th Street, LLC
306 6th Street
01/14/2014
$25,000.00
$0.00
$25,000.00
01/01/2015
09/18/2014
12/13/2013
425 Campbell Avenue. LLC
425 Campbell Avenue
02/25/2014
$25,000.00
$0.00
$25,000.00
12/31/2014
12/11/2014
01/19/2014
113 Norfolk Avenue, LLC
113 Norfolk Avenue
02/25/2014
$25,000.00
$0.00
$25,000.00
09/30/2014
04/15/2015
01/23/2014
Douglas Wallers
126-128 Campbell Avenue
02/25/2014
$11,860.30
$1,690.85
$10,169.45
12/30/2014
01/29/2015
02/17/2014
Crystal Tower. LLC
131 Campbell Avenue
03/19/2014
$25,000.00
$0.00
$25,000.00
08/31/2014
10/24/2014
02/28/2014
Liberty Hill Properties, LLC
301 Market Street
03/19/2014
$1,133.22
$0.00
$1,133.22
08/31/2014
12/11/2014
06/13/2014
420 Church Avenue •
07/16/2014
$7,066.60
08/08/2014
Valley Properties, LLC
Hunter's Real Estate Group
1608/1614 Williamson Road
08/20/2014
$11,946.67
08/14/2014
110 Campbell Avenue. LLC
110 Campbell Avenue, SW
08/20/2014
$25,000.00
09/01/2015
08/04/2014
Alam Properties
18 Campbell Avenue, SW
09/17/2014
$25,000.00
09/01/2015
09/08/2014
Fifth & Church, LLC
425 Church Avenue, SW
09/17/2014
$25,000.00
10/01/2015
09/09/2014
Alex Eliades (Breadcraft)
24 Church Avenue, SW
09/17/2014
$10,070.00
09/01/2015
11/07/2014
Museum Building, LLC
316-318 SalemAvenue
11/19/2014
$23,067.00
11/30/2015
12/08/2014
HBIC, LLC
402 Campbell Avenue, SW
12/17/2014
$21,300.00
02/18/2015
Anstey Holdings, LLC
802 Wiley Drive
01/31/2015
$5,900.00
03/11/2015
Richard Taylor (Des. Concrete Surf.)
702 Centre Avenue
03/18/2015
$3,900.00
07/01/2016
$6,000.00
07/01/2015
$25,000.00
07/01/2016
03/09/2015
Berglund Motor Group
1602 Williamson Road
03/18/2015
05/13/2015
Challenge, LLC
26 Church Avenue, SW
05/20/2015
'Funds returned lo City Fund Budget Balance
Totals:
•
$1,788,352.46
08/01/2015
$0.00
$11,946.67
08/01/2015
10/17/2014
12/31/2015
$0.00
$89,611.67
$5,900.00
09/30/2015
07/02/2015
$1,527,337.19
Fagade Grants - Outstanding
EDA Funds Not Yet Committed:
$157,429.07
Funds Committed and Not Yet Paid:
$171,403.60
Data submitted - in Process
Fagade Grant Budget Balance:
$328,832.67
Extension request in Process
Paid Out FY2014:
$94,192.66
Paid Out FY 2015:
$145,440.57
Awaiting Data
Paid Out FY 2016 (to Date):
$5,900.00
Dated: July 15, 2015
RESOLUTION OF THE
ECONOMIC DEVELOPMENT AUTHORITY
OF THE CITY OF ROANOKE, VIRGINIA
WHEREAS, the Economic Development Authority of the City of Roanoke, Virginia
(the "Authority") has been requested to provide a grant (the "Grant") to the Grandin Theatre
Foundation (the "Foundation") of Fifty Thousand Dollars ($50,000) to be funded by June 1,
2016 for the purposes of paying for certain improvements to the Grandin Theatre building
located at 1310 Grandin Road, Roanoke, Virginia 24015 and aggregating Sixty-Two
Thousand Eight Hundred Forty-Four Dollars ($62,844).
WHEREAS, the Board of Directors hereby approves the Grant offer to the
Foundation; and,
WHEREAS, in his presentation Mr. Ian Fortier, the Executive Director of the
Foundation, informed the members of the Board of the Authority that the Grandin Theatre is
a cultural icon in the City of Roanoke and an economic anchor for the Grandin Village area,
generating more than just theatre traffic, but educational matinees and school groups; that
historically the economic health of the Grandin Village rises or falls based on the health and
vibrancy of the Grandin Theatre; that there are two (2) major economic drivers in the
Grandin Village, the Roanoke Natural Foods Co-op and the Grandin Theatre; and, that the
Grandin Theatre is a destination point that tends to generate business for other Grandin
Village businesses.
WHEREAS, the Authority has been informed by its attorney that making such a
Grant would be in order and consistent with federal and state law as well as the intent of the
Authority to make the grant available to the Foundation.
NOW THEREFORE, the Directors of the Economic Development Authority of the
City of Roanoke, Virginia do hereby FIND that making the Grant is for the purpose of
promoting economic development in the City of Roanoke and further FIND that such Grant
to the Foundation is in furtherance of the purposes of the Virginia Industrial Development
and Revenue Bond Act, being Chapter 49 of Title 15.2 of the Code of Virginia, 1950, as
amended, including the purposes of promoting economic development, andthat such Grant is
to be made from revenues of the Authority which have not been pledged or assigned for the
payment of any of the Authority's bonds, that such funds are described by the word
"revenues" set out in subdivisions 12 and 13 of Virginia Code §15.2-4905; and the directors
authorize and direct the officers of the Authority to take all such further action as may be
necessary, convenient or expedient to carry out the spirit and intent of this Resolution and of
the Grant to the Foundation, with revisions as such officers shall deem appropriate.
This resolution shall take effect immediately.
CERTIFICATION
The undersigned, Linda Davis Frith, Secretary to the Economic Development
Authority of the City of Roanoke, Virginia does hereby certify that the foregoing is a true,
correct and complete Resolution adopted by the affirmative vote of the majority of the
members of the Economic Development Authority of the City of Roanoke, Virginia at a
meeting of the Authority duly called and held on July 15, 2015.
Date:
July2015
Ait Aur^%
a Davis Frith, Secretary
10flfl
ffsETO?
Dated: July 15,2015
RESOLUTION OF THE
ECONOMIC DEVELOPMENT AUTHORITY
OF THE CITY OF ROANOKE, VIRGINIA
WHEREAS, the Economic Development Authority of the City of Roanoke, Virginia
(the "Authority") has been requested to provide a grant (the "EDA Grant") of up to One
Hundred Forty-Five Thousand Dollars ($145,000) to be paid over five (5) years based on the
Company's meeting an employment goal of fifty (50) new employees in each of the five (5)
years, in accordance with the terms of a Performance Agreement (the "EDA Performance
Agreement") among the Authority, the City of Roanoke, Virginia, and a company (the
"Company") identified to the Authority in a closed meeting duly called and held pursuant to
the provisions of the Virginia Freedom of Information Act, specifically §2.2-371 l.a.5.,
which permits the Authority to hold a closed meeting for discussion concerning a prospective
business or industry or the expansion of an existing business or industry where no previous
announcement has been made of the business' or industry's interest in locating or expanding
its facilities in the community.
WHEREAS, the Board of Directors hereby approves the EDA Performance
Agreement and the EDA Grant offer to the Company; and,
WHEREAS, the City of Roanoke has applied for and expects to receive a grant from
the Commonwealth Development Opportunity Fund (the "COF") in the amount of $150,000
(the "COF Grant," and, with the EDA Grant, the "Grants"), and will make such funds as are
received from the COF, which may be more or less, available to the Company through the
mechanism of a separate performance agreement (the "City Performance Agreement," and,
with the EDA Performance Agreement, the "Performance Agreements"), among the City, the
Authority and the Company, the form of which was also presented to the Authority in the
closed meeting; and,
WHEREAS, the Board of Directors hereby approves the form of the City
Performance Agreement carrying out the terms of the COF Grant offer to the Company; and,
WHEREAS, the Authority has been informed by its attorney that the Performance
Agreements are in order and consistent with federal and state law as well as with the intent of
the Authority, the Commonwealth Development Opportunity Fund and the City to make the
Grants available to the Company.
NOW THEREFORE, the Directors of the Economic Development Authority of the
City of Roanoke, Virginia do hereby FIND that entering into the Performance Agreements
and that making the Grants are for the purposes of promoting economic development and are
in furtherance of the purposes for which the Authority was organized; and further FIND that
such Grants to the Company is in furtherance of the purposes of the Virginia Industrial
Development and Revenue Bond Act, being Chapter 49 of Title 15.2 of the Code of Virginia,
1950, as amended, including the purposes of promoting economic development, and that
such Grants are to be made from revenues of the Authority which have not been pledged or
assigned for the payment of any of the Authority's bonds, that such funds are described by
2
the word "revenues" set out in subdivisions 12 and 13 of Virginia Code §15.2-4905; and the
directors do approve the Performance Agreements and authorize and direct the officers of the
Authority to take all such further action as may be necessary, convenient or expedient to
carry out the terms of the Performance Agreements and the spirit and intent of this
Resolution and of the Grants to the Company, with revisions as such officers shall deem
appropriate.
This resolution shall take effect immediately.
CERTIFICATION
The undersigned, Linda Davis Frith, Secretary to the Economic Development
Authority of the City of Roanoke, Virginia does hereby certify that the foregoing is a true,
correct and complete Resolution adopted by the affirmative vote of the majority of the
members of the Economic Development Authority of the City of Roanoke, Virginia at a
meeting of the Authority duly called and held on July 15, 2015.
Date: July /f, 2015
L,^n^a Davis Frith, Secretary
iSEAUi:!