Columbus, Georgia

MINUTES OF THE MEETING OF THE

DEVELOPMENT AUTHORITY OF COLUMBUS GEORGIA

June 5, 2003



MEMBERS PRESENT

Steve Butler, Dick Ellis, Bob Gilson, Allen Taber, Fernando Verdree, Jimmy

Yancey



MEMBERS ABSENT

Stella Shulman



ALSO PRESENT

Rick Alexander, Richard Bishop, Billy Blanchard, Mike Gaymon, Becca Hardin,

Biff Hadden, Buddy Merrill, John Mills, Dayton Preston, Joe Sanders, Melissa

Skinner (intern at CB&T), 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 June

5, 2003 meeting to order.



MINUTES

Upon motion made by Allen Taber and seconded by Dick Ellis, the Authority

unanimously approved the minutes of the May 7, 2003 meeting hereto attached as

Exhibit ?A?.



FINANCIAL REPORT

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

Authority unanimously approved ratifying a no-cost extension for another year

of the contract with Georgia Institute of Technology for LOCI Studies.

Fernando Verdree reviewed the financial report for May 2003 which is attached

hereto as Exhibit ?B?. Upon motion made by Steve Butler and seconded by Allen

Taber, the Authority unanimously approved the May 2003 Financial Report.



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

that an update was recently made to City Council. It was reported that the

request for Millage Funds is in the budget and should be approved. It was

noted that the millage rate will increase to 40.25.

1. Projects: Becca Hardin reported that there are 31 active projects with an

objective to focus on viable projects. A team is going to Canada to visit

prospect for Taylor County. Several good expansion projects in Columbus.

Three prospect visits since last meeting and have three confirmed upcoming

visits. Three companies have been moved to the completion list. Litho-Krome

grand opening is June 18th.

2. Marketing: Craig Barrs, new Georgia Power Economic Development Executive and

the Economic Development project team visited Columbus on May 12th. The

Greater Georgia European Exchange is scheduled for June 11th-13th in Augusta.

Bob Gilson and Mike Gaymon will be attending from Columbus. Dennis Chastain of

Georgia EMC will visit on June 26th. Slava Trofimov begins working this month

on the ED website. ED is working with Peter Bowden and the City on branding

project and participated in a meeting with consultants last week. The tech

brochure is in the last stages of development.

3. Other items: The Valley Partnership is working on regional land planning.

Plans are being made to meet with the Mayor of Monticello in July to hear of

experiences they encountered during development of a joint regional park. West

Point is interested in membership in the VPJDA. The director of the Incubator

should be hired for a July start.

4. Buddy Merrill reported that Georgia Power is close to hiring an Economic

development representative who will cover 24 counties in West Georgia. During

the Greater Georgia European Exchange, the Columbus group has been asked to

take the Cork County, Ireland group to a meal. This is a great opportunity to

further relations with them since there are some companies in their incubators

who are interested in an American presence. Upon motion by Steve Butler and

seconded by Fernando Verdree, the Authority unanimously approved spending up to

$800 for meals and transportation to host Cork County, Ireland visitors to

dinner during the Greater Georgia European Exchange in Augusta.



NEW BUSINESS





LEGAL ISSUES

1. Upon motion made by Jimmy Yancey and seconded by Allen Taber, the Authority

unanimously approved the Inducement Resolution for WCBA Family, LLLP in the

amount of $2.6M for the acquisition of the La-Z-Boy facility by WCBA Family,

LLLP in the form attached hereto as Exhibit ?D?. The project will create 18

new jobs.

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

unanimously approved the amendment of the 2001 and 2002 Columbus Park Crossing

Bond Documents to remove the La-Z-Boy property from that Bond Issue and to

authorize the execution of a quit claim deed to re-convey the property to

Columbus Park Crossing.

3. Upon motion made by Jimmy Yancey and seconded by Allen Taber, the Authority

unanimously approved the sale by Callaway Chemical Company of its Columbus East

Industrial Park facilities to Kemira Chemicals, Inc.



EXECUTIVE SESSION:

Upon motion made by Dick Ellis and seconded by Allen Taber, the Authority went

into Executive Session to deal with the acquisition of some property.

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

went back into regular session. There was no decision from the Executive

Session which needed to be reported. The Affidavit of the Chairman required by

O.C.G.A.?50-14-4(b) is attached to these minutes.





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

made by Allen Taber and seconded by Steve Butler and unanimously adopted, the

meeting was adjourned.





By:_____________________________

J. Edward Sprouse, Secretary



Approved by:



____________________________________

Robert M. Gilson, Jr., Chair