Columbus, Georgia

MINUTES OF THE MEETING OF THE

DEVELOPMENT AUTHORITY OF COLUMBUS GEORGIA

October 2, 2002



MEMBERS PRESENT

Steve Butler, Dick Ellis, Fernando Verdree, Jimmy Yancey



MEMBERS ABSENT

Bob Gilson, Debbie Lane, Allen Taber



ALSO PRESENT

Richard Bishop, Chuck Ford, Biff Hadden, Becca Hardin, Bobby Ledford, John

Mills, Bob Poydasheff, Dayton Preston, Jodi Saunders, Otis Scarborough, Richard

Smith, Ed Sprouse; George Woodruff, Katherine Kelly



Since a quorum was not present, Steve Butler, Vice Chairman, called for the

update on Economic Development.



ED UPDATE

Becca Hardin reported that the CyberGeorgia Initiative (cities of Columbus,

Savannah, Augusta, and Macon) will benchmarking meetings in Ireland and Germany

in October. At present there are three expansions and several new projects.

Dayton reported on the GDIT&T tour (October 3 & 4) and the Chengdu, China

delegation visit (October 23-27). Dayton also reported on status of Brown

Trucking deal and MTP planning. With Fall Line Business Centre, discussions

are taking place with Jack Wright about land swap and with Richard Bishop and

the City about greenfields. Georgia Power has agreed for Bill Bryant to look

for some individual spots that will work for projects. A call center prospect

was here last week.



OTHER ITEMS

Suresh Gopalan will make a presentation on the Cluster Industries at the

November meeting.



Steve Butler, Vice Chairman, noting that a quorum was now present and proper

notice had been given in accordance with the requirements of Georgia law,

called the October 2, 2002 meeting to order.



MINUTES

The minutes of the August 7, 2002 meeting of the Authority were presented.

Upon motion made by Steve Butler and seconded by Fernando Verdree, the Minutes

of the September 4, 2002 meeting of the Authority were unanimously approved.



FINANCIAL REPORT

Fernando Verdree reviewed the report for September 2002 is attached hereto as

Exhibit ?A?. He noted that there appears to be an error in line item. The

REBA grant has not been drawn down yet. Biff reported that there are some new

signature cards that need to be signed and sent to DCA. Fernando Verdree noted

the estimated revenue. Upon motion made by Jimmy Yancey and seconded by Dick

Ellis, the Authority unanimously approved the September 2002 Financial Report.





PROPERTIES

No further report



NEW BUSINESS

None



LEGAL ISSUES

1. Upon motion made by Jimmy Yancey and seconded by Fernando Verdree, the

Authority unanimously approved amending the Inducement Resolution in the form

attached hereto as Exhibit "B" to the amount of $12,000,000 for the Four JS

Family, LLLP to purchase the Hilton Hotel.

2. Upon motion made by Jimmy Yancey and seconded by Dick Ellis, the Authority

unanimously approved the Inducement Resolution in the form attached hereto as

Exhibit ?C? in the amount of $17,490,000 for the Apartments at Beaver Run, LLC.

3. Upon motion made by Dick Ellis and seconded by Fernando Verdree, the

Authority unanimously approved the Inducement Resolution in the form attached

hereto as Exhibit ?D? in the amount of $16,950,000 for the Apartments at Sugar

Mill, LLC.

4. Ed Sprouse reported on the TEFRA Hearing held on September 23, 2002 at

9:00am in the Crescent Room at the Columbus Chamber of Commerce for PT Systems

International. Mayor Peters has already approved.



There being no further business to come before the Authority and upon motion

made by Dick Ellis and seconded by Fernando Verdree and unanimously adopted,

the meeting was adjourned.





By:_____________________________

J. Edward Sprouse, Secretary

Approved by:



____________________________________

Robert M. Gilson, Jr., Chair