Columbus, Georgia

MINUTES OF THE MEETING OF THE

DEVELOPMENT AUTHORITY OF COLUMBUS GEORGIA

November 6, 2003



MEMBERS PRESENT

Dick Ellis,Bob Gilson, Stella Shulman,Allen Taber, Fernando Verdree, Jimmy

Yancey



MEMBERS ABSENT

Steve Butler



ALSO PRESENT

Richard Bishop, Julie Brown, Carmen Cavezza,Mike Gaymon, Becca Hardin, Laura

Lenander, Dayton Preston, Joe Sanders, Ed Sprouse; Chuck Williams, Katherine

Kelly



Bob Gilson, Chairman, noting that a quorum was present and proper notice had

been given in accordance with the requirements of Georgia law, called the

November 6, 2003 meeting to order.



MINUTES

Upon motion made by Fernando Verdree and seconded by Allen Taber, the Authority

unanimously approved the minutes of the October 2, 2003 meeting hereto attached

as Exhibit ?A?.



FINANCIAL REPORT

Fernando Verdree reviewed the financial report for October 2003. He reported

completion of the sale of property to Kysor Warren. Upon motion made by Dick

Ellis and seconded by Allen Taber, the Authority unanimously approved the

October 2003 Financial Report which is attached hereto as Exhibit ?B?.

Discussion took place about paying down on principal of the Miller Loan when

receive the money from sale of greenspace to the City.



ECONOMIC DEVELOPMENT UPDATE ? Attached hereto as Exhibit ?C?.

1. Projects: Becca Hardin reported that there are 15 active projects

with 6 of them being ?hot?. The groundbreaking for H&K was held on October 14

at the site in MTP. There have been 4 inquiries via ED website; 8 suspects,

and 1 hot prospect in South Columbus.

2. Marketing: Greater Georgia participated in the CoreNet Trade Show in

Atlanta and has had good feedback. Letter of appreciation from Robin Spratlin

is attached as Exhibit ?D.? Becca Hardin will participate in the Fabtech Trade

Show in Chicago in November.

3. Other:Julie Brown made presentation on Foreign Trade Zone to the

Manufacturers Council which was well received. Becca Hardin made a

presentation on economic developments in the Columbus Region to Congressman

Isakson. The CRTC Advisory Board held its first meeting on November 4 and the

inaugural event of the Technology Association is November 6th from 5-7pm at the

Columbus Chamber. The ED Staff did a tour and made a presentation on the

Valley Partnership for the Tift County Chamber Intercity visit on November 5th.



PROPERTY

1. Dayton Preston reminded members of the hearing on November 18 at 5pm

at Forest Road Elementary School for the MTP road. Richard Bishop, Bob Gilson,

Becca Hardin and Dayton Preston had a meeting with Sam Wellborn. A new access

road coming from Chattsworth Road is needed in MTP since 10th Armored Division

Road can not be used now. Upon motion made by Dick Ellis and seconded by

Stella Shulman, the Authority unanimously approved up to $2,000 to work on a

new access road in MTP.

2. The green stuff is being chipped immediately behind the timber

people at no cost. Richard Bishop and his staff have been extremely helpful

with keeping property clean. Richard Bishop reported that Harold Linnenkohl is

the new DOT Commissioner.



OLD BUSINESS

none



NEW BUSINESS

Julie Brown gave a presentation on Foreign Trade Zones which are physical

places such as land, factory, warehouse located in the USA but legally

considered outside USA customs territory. There was a period of questions and

answers about the application process and timeframe for becoming a Foreign

Trade Zone. If MTP were designated a Foreign Trade Zone, it would be an

extension of Trade Zone 26. The Authority would like to pursue the application

process and asked Julie Brown to send the Authority the names of some

consultants.



LEGAL ISSUES

1. Upon motion made by Jimmy Yancey and seconded by Stella Shulman, the

Authority approved the sales contract of 2 greenspace sites totaling 110 acres

in Fall Line Business Centre to Columbus Consolidated Government for $880,000

and authorized proceeding with the closing and transferring that property to

the City. For information, Ed Sprouse, legal counsel to the Authority,

reported that pursuant to the City?s policies regarding purchases for

greenspace 2/3 of the sale price would be retained by the Authority and 1/3

would go to the City to provide funding for the Greenspace Program. Upon

motion made by Jimmy Yancey and seconded by Fernando Verdree, the Authority

directed that the funds received from the sale of 110 acres in Fall Line

Business Center to the City plus an additional $300,000 from the Authority

Millage Account be applied as a payment on the Miller Property Loan.



2. Ed Sprouse presented the request of Foundation Properties, Inc. for

a Bond Resolution in the amount up to $15.5 million to be used to fund part of

a student housing facility containing approximately 288 beds and a conference

center of approximately 68,000 square feet. Upon motion made by Jimmy Yancey

and seconded by Dick Ellis, the Authority unanimously approved the Bond

Resolution for Foundation Properties, Inc. up to $15 million in the form

attached hereto as Exhibit ?E?.



3. Ed Sprouse then presented the Bond Resolution for the $7 million

refunding issue of the earlier Bond Issue for Victory Crossing. Upon motion

made by Jimmy Yancey and seconded by Fernando Verdree, the Authority

unanimously approved the refunding of the earlier $7 Million Bond Issue for

Victory Crossing.



4. Ed Sprouse stated that there were two Bond Issues outstanding for

the Fieldcrest Mills, Inc facility on Bay Avenue and Front Avenue that were

being terminated to permit the sale of the facility. Upon motion made by Jimmy

Yancey and seconded by Dick Ellis, the Authority unanimously approved the

termination of the 1978 and 1981 Bond Issues and the quit claim of the property

to Fieldcrest Cannon Inc. and the execution of such other documents as may be

necessary to effect the termination of the Bond Issues.



5. Ed Sprouse then stated that the 1981 Bond Issue for B&B Beverage,

Inc. had been paid in full and that the Issue should be terminated and the

property re-conveyed to Bob White Investments, LLC, the successor in interest

to David Lewis. Upon motion made by Jimmy Yancey and seconded by Dick Ellis,

the Authority unanimously approved terminating the 1981 Bond Issue for B&B

Beverage and re-conveying the property to Bob White Investments.



OTHER ISSUES

Bob Gilson reported that Exhibit ?D? was a letter of thanks from Robin Spratlin

for the Authority?s donation to the CoreNet Global Atlanta Summit



Stella Shulman reported that the Intercity Visit was very beneficial for Blair

Carnahan to gather information on incubators.





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

made by Stella Shulmanand seconded by Dick Ellis and unanimously adopted, the

meeting was adjourned.



By:_____________________________

J. Edward Sprouse, Secretary



Approved by:



____________________________________

Robert M. Gilson, Jr., Chair