industrial development authority

INDUSTRIAL DEVELOPMENT AUTHORITY

OF PITTSYLVANIA COUNTY, VIRGINIA

Pittsylvania County Board ofSupervisors ' Conference Room1 Center Street, Chatham, Virginia 24531

IDA BOARD MEETING PACKET

REGULAR MEETING

TUESDAY, DECEMBER 8, 2015

6: 00 P.M.

Eddie L. Hite, Jr., Chairman

Stanley Simpson, Secretary/Treas. Charlie Mahan, Vice-Chairman

Ron McMahon

Randy AndersonRonnie Haymore

Joey Faucette

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MEETING

TUESDAY, DECEMBER S, 2015

6: 00 P.M.

PITTSYLVANIA COUNTY BOARD OF SUPERVISORS' CONFERENCE ROOM

1 CENTER STREET, CHATHAM, VIRGINIA 24531

AGENDA

I

II.

III.

IV.

V.

VI

VII.

VIII.

IX.

Call to Order

Roll Call

Approval of Agenda - page 1

Approval of Meeting Minutes ( October 13, 201 S) — pages 2- 3

Review of Financial Statements ( I 1/ 1 S and 12/ I S)

A. Regular Checking — pages 4- 8

B. Axxor Debt Reserve — pages 9- 13

C. BB& T Loan — page - 14 - 16

New Business

A. Election of 2016 Officers: Chair, Vice-Chair, and Sec./ Treas.

B. McMahon Re-Appointment (2016 - 2020) — page - 17

C. Reimbursement Request for Stipend' s and Clerk' s Salary (FY15) — page 18

Updates by Gregory L. Sides, Assistant County Administrator

Matters from the Board

Adj ourn

P1

RAFT



PITTSYLVANIA COUNTY BOARD OF SUPERVISORS' CONFERENCE ROOM10ENTERSTREET

PITTSYLVANIA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY

6: 00 P.M.

MINUTES

OCTOBER 13, 2015

IDA Members Present

Eddie L. Hite, Jr., Chairman

Charlie Mahan, Vice-Chairman

Stanley Simpson, Secretary/Treas. Randy AndersonRon McMahon

Ronnie Haymore

Dr. Joey Faucette

Staff Present

J. Vaden Hunt, Esq., ( County Attorney/ IDA Attorney); Gregory L. Sides, ( Assistant CountyAdministrator/Planning); and Brenda O. Robertson (Legal Secretary/ IDA Clerk).

Call to Order

The meeting of the Industrial Development Authority of Pittsylvania County, Virginia ( the " IDA"), was called to order by Mr. Hite ( Chairman) at 6: 00 P.M. in the Pittsylvania County Board ofSupervisors' Conference Room, 1 Center Street, Chatham, Virginia, 24531.

Roll Call

IDA roll call by Ms. Robertson ( IDA Clerk). All IDA members present.

Approval of Agenda

Motion was made by Mr. Haymore, seconded byMotion carried unanimously by IDA members.

Mr. Anderson, to approve the meeting' s Agenda.

Approval of the Minutes

Motion was made by Mr. Mahan, seconded by Dr. Faucette, to approve the minutes for August 1 l, 2015, meeting. September meeting was cancelled. Motion carried unanimously by IDA members.

P2

October 13, 2015

IDA Minutes

Page 2

Financial Reports

The IDA Checking Account balance as of September 8, 2015, was $ 298, 010. 58. The IDA CheckingAccount balance as of October 5, 2015, was $ 300,262. 73. The Axxor Debt Reserve Account balance

as of September 8, 2015, was $ 263, 555. 72, and the Axxor Debt Reserve Account balance as of

October 5, 2015, was $ 269,251. 06. BB& T Loan Account balance as of September 8, 2015, was

1, 643, 237. 81. BB& T Loan Account balance as of October 5, 2015, was $ 1, 637,269.53. Motion was

made by Mr. Anderson, seconded by Mr. McMahon, to approve the financial reports for both months. Motion carried unanimously by IDA members.

New Business for Discussion

Axxor LPA Reqort

IDA Attorney informed IDA that Axxor is contractually obligated to purchase the building under itsLease Purchase Agreement with the IDA on or by September 30, 2016.

VCC CertiGcate of Satisfaction, Modification Agreement, Promissorv Note, Commercial Loan

A reement, Deed of Trust, and Assignment of Leases and Rents for loan (# 100000548) Report

IDA Attorney informed IDA that the VCC loan has been paid off in its entirety. A Certificate of

Satisfaction was recorded in the Pittsylvania County Circuit Court, on Wednesday, September 9, 2015.

Count_v Reimbursement Report

IDA clerk informed IDA that the County has reimbursed the IDA $3, 550.00 for the 2014 audit.

Intertape Amendment to Lease Agreement Report

IDA Attorney informed IDA that Intertape Lease Agreement Amendment has been executed.

Southern Vir inia HoldinES, LLC, Special Use Permit Report

IDA Attorney notified IDA of above-referenced SUP. IDA had no objection to said SUP. SIPS of America. Inc., LPA Report

IDA Attorney informed IDA that SIPS has received letter detailing that the CNC Router Machinemust be purchased and/ or returned to IDA on or by January 18, 2016.

U dates

Gregorv L. Sides ( Assistant Countv Administrator/Planning & Develoament)

Mr. Sides gave Brosville Industrial Park update.

With there being no further business, motion was made by Mr. Haymore, seconded by Mr. Anderson, to adjourn meeting. Chairman, Mr. Hite, adjourned meeting at 6: 52 P. M.

Respectfully Submitted, Approved:

W. Stanley Simpson IDA, Secretary Eddie L. Hite, Jr., IDA, Chairman

P3

ec in ccountas of

Novemberl7, 201 S and December 4, 201 S)

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ccount Details

Small Business Online Banking

Accou nt Deta i ls

Checking 6030 / $ 299,664.97

As of Nov 17, 2015

Available Balance

Posted Balance

Interest Paid ( YTD)

Interest Rate

Routing Number

Account Number

299, 664.97

299,664.97

19. 52

0. 010%

4260 show

6030 show

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Page 1

0 Customizable account access for your employees. BB& T Multiple User

a o a Access >

Transaction Details

Date Tvpe Check # Description

11/ 13/ 2015 Check

li/02/ 2015 Credit

10/ 30/ 2015 I nterest

10/ 26/ 2015 Check

1620TELLER CASHEDCHECK # 1620 View

EDI PYMNTS IntertapePolyme 00061NDUS- TRfAL DEV.A ACHCREDIT

INTEREST PAYMENT

1617 CHECK # 1617 View

Debit - Credit +

300. 00

30,324.97

30,324. 97

2. 24

Daily PostedBalancel

299,664.97

299, 964. 97

269,640.00

269,637.76

Your Pendinq Transactions and Available Balance will be adjusted during our nightly processing cycle as activity is posted to your account.

Transactions are paid from your Available Balance at the time of posting consistent with payment guidelines in your Bank Service Aqreement.

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Checking 6030 / $ 299,667. 10

As of Dec 04,2015

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Posted Balance


Interest Rate

Routing Number

Account Number

299,667. 10

299,667. 10

21. 65

0.010%

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nGet paid right on site, wherever your business takes you. Mobile

Credit Card Readers >

Transaction Details

Date pe

12/ 02/ 2015 Credit

11/ 30/ 2015 Interest

11/ 20/ 2015 Check

11/ 13/ 2015 Check

Check # Description

EDI PYMNTS IntertapePolyme 00061NDUS- TRfAL DEV.A ACHCREDIT

INTEREST PAYMENT

1619 CHECK # 1619 View

1620TELLER CASHEDCHECK # 1620 View

Debit - Credit +

30,324. 97

2. 13

30, 324.97

300.00 - WJS'-'

Page 1


299,667. 10

269,342. 13

269, 340.00

299,664.97

Your Pendina Transactions and Available Balance will be adjusted during our nightly processing cycle as activity is posted to your account.

Transactions are paid from your Available Balance at the time of posting consistent with payment guidelines in your Bank Service Aareement.

https:// smallbusinessonline.bbt.com/olbsys/bbtolb t/bankcards/manageDetails?0. 3291229... 12/ 4/201

AMERICAN NATIONALYour Relationship Bank

Danville, Virginia

Industrial Develop Auth of Pittsy CC/ 0 Mrs Kim Vanderhyde Finance Dire

PO Box 426

Chatham VA 24531

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OFFtCE OFC— T1' ATTnRnir..

L O A N S U M M A R Y

ACCOUNT NUMBER

PAYMENT DUE DATE

INTEREST RATE

OFFICER

LAST PAYMENT DATE

LAST PAYMENT AMOUNT

CURRENT BALANCE

12/ O1/ 15

3. 9500%

TRL

10/ 26/ 15

30, 324. 97

4, 013, 834. 44

PRINCIPAL DUE

INTEREST DUE

Charges

PAST DUE AMOUNT

TOTAL AMOUNT DUE

17, 123. 71

13, 201. 26

0. 00

0. 00

30, 324. 97

IF PAYMENT IS AUTO DRAFTED FROM AN ACCOUNT, PLEASE RETAIN FOR YOUR RECORDS

INDUSTRIAL DEV AUTH OF PIITSYLVANIA COUNTY ovss 1619PO BOX 426 68-426/ 514

CHATHAM, VA 24531

DATE ; iZ`—

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November 17, 201 S and December 4, 2015)

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Account De+ails


Accou nt Deta i ls

Checking 7017 / $ 274,946.55

As of Nov 17,2015

Available Balance

Posted Balance


Interest Rate

Routing Number

Account Number

274,946.55

274, 946.55

20.02

0.010%

4260 show

7017 show

Manaqe Mv Alerts

Buv QuickBooks

Page 1

Customizable account access for your employees. BB& T Multiple User

Access >

Transaction Details

Date pe Check # Description

10/ 30/ 2015 I nterest

10/ 30/ 2015 Credit

10/ 26/ 2015 Check 145

INTEREST PAYMENT

BUS DISB AXXOR N ALLC INDUSTRIAL DEVAUTH ACH CREDIT

CHECK # 145 View

Debit - Credit +

14, 306.76

2.25

20, 000. 00


274,946. 55

254,944.30

Your Pendinq Transactions and Available Balance will be adjusted during our nightly processing cycle as activity is posted to your account.


Daily Posted Balance: The posted balance after nightly processing is completed. Please note that transactions are paid from your Available Balanceconsistent with our payment guidelines, and that the Available Balance may be different than your Daily Posted Balance. Important: The Daily PostedBalance does not reflect all pending transactions and fees and should not be used to determine how overdraft fees were assessed.

https:// smallbusinessonline.bbt.com/olbsys/bbtolh lot/accntHist/acctDetails?action=mana... 11/ 17/ 201

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Business Loan Statement

5042 2091670 494- 01- 01- 00

INDUSTRIAL DEV AUTH OF PITTSYLVANIA COUN

21 N MAIN ST

CHATHAM VA 24531- 3113

Statement Date: 10/ 15/2015

Loan SummaryAccountNumber .................................................

Current Loan Amount ....................................................$1, 637,269.53

Current Principal Balance ................................................$ 1, 637,269.53

InterestRate ............................................................................5.89700%

Daiiy interest Charge ............................................................ 5268. 1938

Interest Paid 1( TD .................................................................$74,767.28

Maturiq Date .......................................................................09/30/2017

B2ZlliZg' SZ YYli 2fl . ', Payment Due Date .......................................................... 10/ 30/ 2015

Current Principal Due ............................................................$6.265.83

CurrentInterest Due .............................................................8,040.93

Curnent Lace Fees Due ..................................................................$0.00

Current Other Fees Due ..............................................................$0.00

Past Due Date .....................................................................00l00/0000

PastDue Amount ....................................................................................$0.00

Total Amount Due ............................................................... 14,306.76

Transaction HistoryDate Description

CURRENT RATE

09/25/ 15 PAYMENT

Principal

5, 968. 28

c c avc

Or, 1 9

OFFICE OF IICOUNTY A170R iEY I

Page I of :

If your payment is not received within I 0 days of the payment due date

shown, a late fee will be assessed.

Interest

8, 338. 48

Lender Q Mem6er FDIC

Fees Interest Rate Principal Balance

5. 897

1,. 637, 269. 53

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INDUSTRIAL DEV AUTH OFPITTSYLVANIA COUNTYPO BOX 426CHATHAM, VA 24531- 31 1 3

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Account Details


Account Details

Checking 7017 / $ 280,642.02

As of Dec 04,2015

Available Balance

Posted Balance

Interest Paid (YTD)

Interest Rate

Routing Number

Account Number

280,642.02

260,642.02

22. 25

0.010%

4260 show

7017 show

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Manaae Mv Alerts

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Efficient for you—convenient for them. Direct Deposit >

Transaction Details

Date Tvpe Check # Description

Page 1

Debit - Credit + Daily PostedBalancel

PendingBUS DISB AXXOR N A

12/ 04/ 2015Credit LLC - INDUSTRIAL $ 20, 000. 00

DEV AUTH

il/30/ 2015 Interest INTEREST PAYMENT $ 2. 23 $ 260,642. 02

ii/23/ 2015 Check 146 CHECK # 146 View $ 14, 306. 76 —n $

260,639.79

Your Pendina Transactions and Available Balance will be adjusted during our nightly processing cycle as activity is posted to your account.


Daily Posted Balance: The posted balance after nightly processing is completed. Please note that transactions are paid from your Available Balanceconsistent with our payment guidelines, and that the Available Balance may be different than your Daily Posted Balance. Important: The Daily PostedBalance does not reflect all pending transactions and fees and should not be used to determine how overdraft fees were assessed.

https:// smallbusinessonline.bbt.com/olbsys/bbtolrPlrt/accntHist/acctDetails?action=manag... 12/ 4/ 201

Business Loan Statement

5042 2091670 494- 01- 01- 00

INDUSTRIAL DEV AUTH OF PITTSYLVANIA COUN

21 N MAIN ST

CHATHAM VA 24531- 3113

Statement Date: 11/ 13/ 2015

Loan SummaryAccountNumber ..................................................

Current Loan Amount ....................................................$1, 631, 003. 70

Current Principal Balance ................................................$ 1, 631, 003. 70

InterestRate ............................................................................5. 89700%

Daily Interest Charge ............................................................$267. 1674

Interest Paid YTD .................................................................$82.808.21

Maturity Date .......................................................................09/ 30/2017

Billing SummaryPayment Due Date .......................................................... 1 I/ 30/2015

Current Principal Due ............................................................$6,028.68

CurrentInterest Due .............................................................$8,278.08

CurrentLate Fees Due ..................................................................$0.00

CurrentOther Fees Due ..............................................................$0.00

Past Due Date .....................................................................00/00/0000

PastDue Amount ....................................................................................$0.00

TotalAmount Due ...............................................................$14, 306.76

Transaction HistoryDate Description

CURRENT RATE

10/ 26115 PAYMENT

Principal

6, 265. 83

o b

U:. ;:,; r s 20; .. L_

OFFIC OFCOUNTY q7-rpRNEy i

Page I of :

If your payment is not received within I 0 days of the payment due date

shown, a late fee will be assessed.

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Interest

8, 040, 93

Lender Q Member FDIC

Fees Interest Rate Principal Balance

5. 897

1, 631, 003. 70

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PAYMENT VOUCHER

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Account Number

84 --- I I/ 13/ 2015 I I/ 30/2015

INDUSTRIAL DEV AUTH OF 146PIITSYLVANIA COUNTY 68- 426/ 514PO BOX 426CHATHAM, VA 24531- 3113 ` 1Z 5

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PA}" TO THE — /

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as ofNovember 17, 201 S and December 4, 201 S)

P14

Account Details Page 1 0

Small Business Oniine Banking

Accou nt Deta i ls

Note 00001 / $ 1, 631, 003.70

As of Nov 17,2015

Balance 1, 631, 003.70Primary Account:

Business Loan Account

Original Balance $ 2, 000,000.00

Efficient for you—convenient for them. Direct Deposit >

Online Banking Support: 888- BBT- ONLINE ( 888- 228-6654) Credit Cards: 800- 476-4228

Customer Service Contact Us Privacy and Security Disclosures

OO 2015, Branch Banking and Trust Company. Member FDIC. All Rights Reserved.

https:// smallbusinessonline.bbt.com/olbsys/bbtol i5t/accntHist/acctDetails/ showDetails?... 11/ 17/ 201

Account Details


Accou nt Deta i ls

Note 00001 / $ 1, 624,975.02

As of Dec 04,2015

Balance

Original Balance

f

1, 624,975. 02

2, 000,000.00

Primary Account:

Business Loan Account

Page 1 of

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Online Banking Support: 888-BBT- ONLINE ( 888-228-6654) Credit Cards: 800-476-4228

Customer Service Contact Us Privacy and Security Disclosures

OO 2015, Branch Banking and Trust Company. Member FDIC. All Rights Reserved.

https:// smallbusinessonline.bbt. com/olbsys/bbtolrPi6:t/bankcards/manageDetails?0.6929076... 12/ 4/ 201

Pittsylvania County Industrial Development Authority (IDA)

2015

Mr. Ronnie L. Haymore Term Expires:

164 F. C. Beverly Road 12/ O1/ 2013 — 11/ 30/ 2017

Dry Fork, VA 24549 Tunstall District

Home: ( 434) 724- 7578 Email:

Mr. Eddie Hite, Chairman Term Expires:

1828 Barker Road O 1/ O 1/ 2013 — 12/ 31 /2016

Ringgold, VA 24586 Dan River District

Home: ( 434) 822- 7832 Email: ehitee,

vabanktr.com

Work: ( 434) 793- 6411

Mr. Stanley Simpson, Sec./ Treas Term Expires:

228 Sylvan Road O 1/ O 1/ 2013 — 12/ 31 /2016

Hurt, VA 24563 Staunton River District

Home: ( 434) 656- 1685 Email: Simpson.house(a,comcast.net

Cell: ( 434 251- 2633

Mr. Randy Anderson Term Expires:

1107 Maison Drive 12/ O1/ 2012 - 11/ 30/ 2016

Blairs, VA 24527 Banister District

Home: ( 434) 836-2766 Email: papa anderson a vahoo.com

Mr. Ronald " Ron" McMahon Term Expires:

965 Mount Hermon Circle 12/ O 1/ 2015 - 11 / 30/2019

Danville, VA 24540 Westover District

Home Cell: ( 434) 770-2556 Email: mcmahore(a vahoo.com

Mr. Charlie Mahan, Vice Chairman Term Expires:

10057 Anderson Mill Road 12/ O1/ 2012 - 11/ 30/2016

Chatham, VA 24531 Callands- Gretna District

Home: ( 434) 927- 5409

Work: ( 434 324-4211 Ext. 777

Mr. Joey Faucette Term Expires:

3321 Pleasant Gap Drive 12/ O1/ 2013 — 11/ 30/2017

Dry Fork, VA 24549 Chatham-Blairs District

Home: ( 434) 724- 3774 Email: oe faucette embar mail.com

REVISED 11- 02- 2015

P17

December 8, 2015



P. O. Box 426

Chatham, Virginia 24531

VIA EMAIL

Clarence C. Monday ( County Administrator) Kim VanDerHyde ( Director of Finance)

P. O. Box 426

Chatham, Virginia 24531

Dear Mr. Monday and Mrs. Van Der Hyde:

Re: Reimbursement Request/ / DA Clerk Salary and IDA Members' Stipends

The Pittsylvania County Industrial Development Authority ( the " IDA), requests

reimbursement for the part-time Clerk' s salary, in the amount of $ 1,800, and the IDA

members' stipends, in the amount of $2, 100 for the period July 2015, through December2015, totaling $3, 900.

Thank you for your consideration.

Eddie Hite

IDA Chairman

Cc: J. Vaden Hunt, Esq. ( IDA Attorney)

Gregory L. Sides ( Assistant County Administrator)

P18

industrial development authority

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