ADMINISTERED BY: Roanoke Valley-Alleghany Regional Commission

P.O. Box 2569, Roanoke, VA 24010 540.343.4417 / info@wvrifa.org / www.wvrifa.org

WVRIFA PARTICIPATION COMMITTEE MEETING

Friday, January 18, 2018 at 10:00 a.m. Roanoke Valley-Alleghany Regional Commission (Top Floor Conference Room)

313 Luck Avenue, SW, Roanoke, VA 24016

AGENDA

1. Call Meeting to Order .............................................................................................. Beth Doughty

2. Motion to Approve Appointment of a Chair Pro Tem for Meeting ...................... Beth Doughty

3. Roll Call .................................................................................................................. Virginia Mullen

4. Appointment of New WVRIFA Participation Committee Chair ........................ Chair Pro Tem

5. Public Comment Period ....................................................................................................... Chair

The WVRIFA Participation Committee will allow a 30-minute public comment period in which a citizen may sign-up for up to three (3) minutes of speaking time.

6. Approval of Consent Agenda Items .................................................................................... Chair

A. Minutes of the October 19, 2018 Participation Committee Meeting, pp. 2-4

B. Financial Reports Ending December 31, 2018, pp. 5-8

7. Review of Utility Location Design ................................................ John Hull & Balzer Associates

8. Other Business ...................................................................................................................... Chair

9. Adjournment

PARTICIPATION COMMITTEE

Wood Haven Road Project

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PARTICIPATION COMMITTEE

Wood Haven Road Project

MINUTES

A meeting of the WVRIFA Participation Committee for the Wood Haven Road Project was held on Friday, October 19, 2018 at 10:00 a.m. at the Roanoke Valley-Alleghany Regional Commission office (Top Floor Conference Room), 313 Luck Avenue, SW, Roanoke, VA. 1. CALL MEETING TO ORDER

Chairman Gates called the WVRIFA Participation Committee Meeting to order at 10:00 a.m.

2. ROLL CALL Chairman Gates asked Virginia Mullen to call the roll of the WVRIFA Participation Committee. Ms. Mullen reported that a quorum was present. Participation Committee Members Present: Kevin Boggess, City of Salem; Robert Ledger (Alternate for Bob Cowell), City of Roanoke; and Tom Gates, Roanoke County. Staff Present: Beth Doughty, WVRIFA Director; John Hull, WVRIFA Assistant Director; Sam Darby, WVRIFA Counsel (Glenn Feldmann Darby and Goodlatte); Sherry Dean and Virginia Mullen, WVRIFA Finance/Administrative Staff (Roanoke Valley-Alleghany Regional Commission). Others Present: Gary Larrowe, WVRIFA Board Member - Botetourt County; Jill Loope, WVRIFA Board Member - Roanoke County; and Granger Macfarlane, WVRIFA Board Member - City of Roanoke.

3. APPROVAL OF CONSENT AGENDA ITEMS

The following Consent Agenda items were distributed earlier: (A) September 21, 2018 Minutes and (B) FY’18 Financial Reports Ending September 30, 2018. WVRIFA Participation Committee Action: Kevin Boggess moved for the approval of Items A&B under the Consent Agenda, as distributed. The motion was seconded by Rob Ledger and carried.

ADMINISTERED BY:

Roanoke Valley-Alleghany Regional Commission 313 Luck Avenue, SW, Roanoke, VA 24016

info@wvrifa.org / www.wvrifa.org

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Page 2 of 3 4. PUBLIC COMMENT PERIOD

Participation Committee Chairman Gates opened the public comment period. No comments were received, and Chairman Gates closed the comment period.

5. WATER AND SEWER PROJECT UPDATE

John Hull reported that the contract with Balzer and Associates Inc. has been signed. Balzer and Associates have started working on the road and utilities alignment. It is expected that construction will begin in the first or second quarter of next year.

6. CLOSED MEETING PURSUANT TO VA. CODE 2.2-3711

A communication was previously sent from Tom Gates, Chairman of the WVRIFA Participation Committee, requesting that the Committee convene in a Closed Meeting to discuss the potential acquisition of privately-owned property, where discussion in an open meeting would adversely affect the bargaining position or negotiating strategy of the public body, pursuant to section 2.2-3711 A. 3. of the Code of Virginia (1950), as amended.

Motion was made by Tom Gates and seconded by Kevin Boggess to go into a Closed

Meeting, per the request pursuant to Section 2.2-3711 A. 3. of the Code of Virginia, 1950, as amended. The motion was adopted and carried by a vote of 3 to 0. The WVRIFA Participation Committee went into a Closed Meeting at 10:10 a.m.

7. END CLOSED MEETING AND RECONVENE REGULAR MEETING

Motion was made by Tom Gates and seconded by Kevin Boggess that the WVRIFA Participation Committee end the Closed Meeting and return to its regular committee meeting. The motion was adopted and carried by a vote of 3 to 0. The WVRIFA Participation Committee ended the Closed Meeting and returned to its regular committee meeting at 10:40 a.m.

8. ADOPTION OF RESOLUTION OF CERTIFICATION OF CLOSED MEETING Motion was made by Tom Gates and seconded by Kevin Boggess to adopt the following certification resolution:

WHEREAS, the Western Virginia Regional Industrial Facility Authority Participation Committee has convened a closed meeting on this date pursuant to an affirmative recorded vote and in accordance with the provisions of the Virginia Freedom of Information Act; and WHEREAS, Section 2.2-3712 of the Code of Virginia requires a certification by the Western Virginia Regional Industrial Facility Authority Participation Committee that such closed meeting was conducted in conformity with Virginia law. NOW, THEREFORE, BE IT RESOLVED, that the Western Virginia Regional Industrial Facility Authority Participation Committee hereby certifies that, to the best of each member’s knowledge: (1) only public business matters lawfully exempted from open meeting requirements by Virginia law were

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Page 3 of 3

discussed in the closed meeting which this certification resolution applies; and (2) only such public business matters as were identified in the motion convening the closed meeting were heard, discussed, or considered by the Western Virginia Regional Industrial Facility Authority Participation Committee.

The motion was adopted by a Roll Call vote of 3 to 0 as follows:

Member & Vote

Kevin Boggess – Yes Robert Ledger – Yes Tom Gates – Yes

9. MARKETING PLAN PRESENTATION Beth Doughty shared that a $15,000 grant has recently been awarded to WVRIFA from Appalachian Power for marketing the Wood Haven property, noting that the award has not been publicly announced yet. The money will be used to create marketing drawings of the property, to create web presence and graphic identity materials, and for collateral material on the property.

10. OTHER BUSINESS John Hall reported that he has discussed three options with Sean Horne, with Balzer and Associates Inc., of how to increase site readiness and upgrade to tier 5 (the current water and sewer project would rank as tier 4 according Virginia Business Ready Site Program Tier Readiness). All three options include clearing of a little over thirty acres of woodland on the west side to increase visibility and overall attractiveness of the site. There were three different scenarios of moving roughly 200-250 cubic yards of earth to level portions of the site, since leveling the entire site would be too expensive. Mr. Hull recommended to move forward with option one which was clearing of the wooded area and flattening it by rough grading. Ms. Doughty added that these options were being discussed because of the opportunity to leverage $500,000 of state money that would require a match of at least $500,000. Ms. Doughty believes that spending a million dollars in addition to the state grant money would result in significant impact on the site. The group agreed with Mr. Hull’s recommendation to move forward with option one.

The WVRIFA Participation Committee meeting adjourned at 10:44 a.m.

________________________________ Virginia Mullen, Recording Secretary WVRIFA Participation Committee

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9:16 AM

01/08/19

Accrual Basis

Western Virginia Regional Industrial Facility Authority

Profit & Loss Budget vs. Actual

July through December 2018

Debt Fund Operating Woodhaven

Jul - Dec 18 Budget $ Over Budget Jul - Dec 18 Budget $ Over Budget Jul - Dec 18 Budget $ Over Budget

Ordinary Income/Expense

Income

Bond Revenue Carryforward 0.00 0.00 * 4,154,621.65 4,000,000.00 154,621.65

Grants 0.00 0.00 15,000.00 38,000.00 -23,000.00

Investments

Interest-Savings, Short-term CD 0.00 0.00 37,982.20 10,000.00 27,982.20

Total Investments 0.00 0.00 37,982.20 10,000.00 27,982.20

Locality Support Revenue 200,416.70 370,000.00 -169,583.30 44,840.43 56,250.00 -11,409.57 0.00

Total Income 200,416.70 370,000.00 -169,583.30 44,840.43 56,250.00 -11,409.57 4,207,603.85 4,048,000.00 159,603.85

Expense

Contract Services

Accounting Fees 0.00 6,875.00 6,875.00 0.00 0.00

Engineering 0.00 0.00 13,589.12 144,406.00 -130,816.88

Legal Fees 0.00 2,019.44 7,500.00 -5,480.56 446.41

Legal Fees Land Acquisition 0.00 0.00 364.00 19,000.00 -18,636.00

Legal Fees Rezoning 0.00 0.00 4,163.06 18,000.00 -13,836.94

Master Plan 0.00 0.00 8,118.40

Rezoning Application 0.00 0.00 0.00

Total Contract Services 0.00 8,894.44 14,375.00 -5,480.56 26,680.99 181,406.00 -154,725.01

Facilities and Equipment

Property Acquisition 0.00 0.00 0.00 1,628,735.00 -1,628,735.00

Property Insurance 0.00 0.00 0.00 0.00 0.00

Property Maintenance 0.00 0.00 100.00 5,000.00 -4,900.00

Total Facilities and Equipment 0.00 0.00 100.00 1,633,735.00 -1,633,635.00

Insurance 0.00 674.00 674.00 0.00 265.00 950.00 -685.00

Operations

Bank Fees 0.00 0.00 0.00 200.00 -200.00

Meetings 0.00 0.00 0.00 4,000.00 -4,000.00

Roanoke Reg. Partnership Staff 0.00 7,500.00 15,000.00 -7,500.00 0.00

RVARC Staff 0.00 12,499.98 25,000.00 -12,500.02 0.00

Signs 0.00 0.00 0.00 1,000.00 -1,000.00

Supplies 0.00 0.00 600.00 -600.00 0.00

Total Operations 0.00 19,999.98 40,600.00 -20,600.02 0.00 5,200.00 -5,200.00

Other Types of Expenses

Advertising 0.00 0.00 869.62 1,900.00 -1,030.38

Bond Loan Interest Expense 15,416.70 370,000.00 -354,583.30 0.00 0.00

Technical Assistance 0.00 0.00 601.00 -601.00 0.00 2,250.00 -2,250.00

Total Other Types of Expenses 15,416.70 370,000.00 -354,583.30 0.00 601.00 -601.00 869.62 4,150.00 -3,280.38

Total Expense 15,416.70 370,000.00 -354,583.30 29,568.42 56,250.00 -26,681.58 27,915.61 1,825,441.00 -1,797,525.39

Net Ordinary Income 185,000.00 0.00 185,000.00 15,272.01 0.00 15,272.01 4,179,688.24 2,222,559.00 1,957,129.24

Net Income 185,000.00 0.00 185,000.00 15,272.01 0.00 15,272.01 4,179,688.24 2,222,559.00 1,957,129.24

*shown and manually entered to this report for budget comparision purposes only

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Western Virginia Regional Industrial Facility Authority

As of December 31, 2018

Statement of Cash Balances

Operating Fund 64,728$

Woodhaven Project 4,368,563$

Total Cash 4,433,291$

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9:10 AM

01/08/19

Accrual Basis

Western Virginia Regional Industrial Facility Authority

Statement of Financial Position As of December 31, 2018

Dec 31, 18 Dec 31, 17 $ Change % Change

ASSETS

Current Assets

Checking/Savings

LGIP Investment Cash Woodhaven4,116,914.14 2,307,177.79 1,809,736.35 78.44%

Union Bank Bond Cash Woodhaven251,649.10 119,253.65 132,395.45 111.02%

Union WVRIFA Operating 64,727.71 59,503.45 5,224.26 8.78%

Total Checking/Savings 4,433,290.95 2,485,934.89 1,947,356.06 78.34%

Accounts Receivable

Accounts Receivable 8,730.08 65,865.74 -57,135.66 -86.75%

Total Accounts Receivable 8,730.08 65,865.74 -57,135.66 -86.75%

Total Current Assets 4,442,021.03 2,551,800.63 1,890,220.40 74.07%

Fixed Assets

Land-WoodHaven 5,280,954.23 5,280,954.23 0.00 0.0%

Total Fixed Assets 5,280,954.23 5,280,954.23 0.00 0.0%

TOTAL ASSETS 9,722,975.26 7,832,754.86 1,890,220.40 24.13%

LIABILITIES & EQUITY

Liabilities

Current Liabilities

Accounts Payable

Accounts Payable 6,094.83 174,034.26 -167,939.43 -96.5%

Total Accounts Payable 6,094.83 174,034.26 -167,939.43 -96.5%

Total Current Liabilities 6,094.83 174,034.26 -167,939.43 -96.5%

Long Term Liabilities

Revenue Bond Payable 10,000,000.00 8,100,000.00 1,900,000.00 23.46%

Total Long Term Liabilities 10,000,000.00 8,100,000.00 1,900,000.00 23.46%

Total Liabilities 10,006,094.83 8,274,034.26 1,732,060.57 20.93%

Equity

Retained Earnings 55,965.95 47,228.53 8,737.42 18.5%

Net Income -339,085.52 -488,507.93 149,422.41 30.59%

Total Equity -283,119.57 -441,279.40 158,159.83 35.84%

TOTAL LIABILITIES & EQUITY 9,722,975.26 7,832,754.86 1,890,220.40 24.13%

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Western Virginia Regional Industrial Facility Authority

FY2019 (7/1/18-6/30/19)

Operating Fund Locality Due Payment Summary

Revenue FY2019 Paid as

Member Dues Budget of 9/30/18 Remainder Due

* Botetourt County 6,050.58$ 3,025.29$ (3,025.29)$ *** Franklin County 10,250.57$ 10,250.57$ -$

** Roanoke City 18,172.88$ 4,543.22$ (13,629.66)$ *** Roanoke County 15,636.93$ 15,636.93$ -$

** Salem 4,646.27$ 1,161.57$ (3,484.70)$ *** Vinton 1,492.77$ 1,492.77$ -$

Total Revenue 56,250.00$ 36,110.35$ (20,139.65)$

Invoices Outstanding:

Botetourt County 3,025.29$ invoiced 12/31

City of Roanoke 4,543.22$ invoiced 12/31

Salem City 1,161.57$ invoiced 12/31

-$

Invoiced outstanding 12/31/18 8,730.08$

Total Revenue Recorded/Accrued as of 12/31/18 44,840.43$

* pays biannual

** pays quarterly

*** pays all at one time

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