Columbus, Georgia

MINUTES OF THE MEETING OF THE

DEVELOPMENT AUTHORITY OF COLUMBUS GEORGIA

May 1, 2002



MEMBERS PRESENT

Stephen Butler, Dick Ellis, Bob Gilson, Debbie Lane, Allen Taber, Fernando

Verdree, Jimmy Yancey



MEMBERS ABSENT

none



ALSO PRESENT

Jim Buntin, Carmen Cavezza, Frank Etheridge, Mike Gaymon, Biff Hadden, Buddy

Merrill, John Mills, Bob Poydasheff, Dayton Preston, Randy Rivinus, Joe

Sanders, Richard Smith, Ed Sprouse; Tyler Talley, Katherine Kelly



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

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

May 1, 2002 meeting to order.



MINUTES

The minutes of the April 3, 2002 meeting of the Authority were presented. Upon

motion made by Jimmy Yancey and seconded by Bob Gilson, the Minutes of the

April 3, 2002 Authority meeting were unanimously approved and are attached

hereto as Exhibit ?A?.



The Authority expressed its sincere thanks to Jim Buntin and Frank Etheridge

for their many years of service on the Authority and presented them with a gift

of appreciation.



Dick Ellis and Allen Taber were welcomed as new appointees to the Authority.



FINANCIAL REPORT

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

Exhibit ?B?. Upon motion made by Bob Gilson and seconded by Debbie Lane, the

Authority unanimously approved the March 2002 Financial Report.



ECONOMIC DEVELOPMENT UPDATE

Mike Gaymon reported there prospect activity has increased some. Staff has

been visited with state agencies to update information. Billy Blanchard and

Becca Hardin are working on how to re-package CHIP project and the get

information to other companies in the international market. Bob Gilson

reported that 15-20 good resumes for the Sr. VP of Economic Development

position. The backgrounds of the individuals making short list are being

checked. There will be two announcements today ? Litho-Krome at 10:30a.m. and

Denim North America at 3:00p.m. Becca Hardin reported that the McCauley

Propellers employees from Ohio are visiting Friday to be introduced to Columbus

by a City Team. Another local company is considering expansion. Chamber wants

to have some Developers Days.



LEGAL ISSUES

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

Authority unanimously authorized a letter of intent for Project Greeting with

Litho-Krome Company and Hallmark Cards, Inc. which is not a binding agreement

in the form attached hereto as Exhibit ?C?. Upon motion made by Bob Gilson and

seconded by Debbie Lane, the Authority unanimously approved the Inducement

Resolution in the form attached hereto as Exhibit ?D? in the amount of $14M for

Project Greeting.

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 ?E? in the amount of $7.7M for the McCauley Propeller Project of Cessna.

3. Upon motion made by Bob Gilson and seconded by Allen Taber, the Authority

unanimously approved the amended Inducement Resolution in the form attached

hereto as Exhibit ?F? in the amount of $10M for Denim North America, LLC

(formerly Fountain City Denim). Upon motion made by Dick Ellis and seconded by

Jimmy Yancey, the Authority unanimously authorized the execution and

deliverance of all documents needed to terminate the Bond Issue with respect to

Marubeni Denim in the form attached hereto as Exhibit ?G?.

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

unanimously approved the Resolution in the form attached hereto as Exhibit ?H?

granting a 120-day option on the 19.4 acres in Corporate Ridge Industrial Park

to Masterbuilt at an option price of $12,000/acre and paying an option fee of

$5,000 to be applied to the purchase price.





OTHER ISSUES

1. Nominating Committee ? Jimmy Yancey, Fernando Verdree and Steve Butler will

serve as the Nominating Committee and will made recommendations for officers of

the Authority at the June meeting.

2. Upon motion made by Bob Gilson and seconded by Dick Ellis, the Authority

unanimously approved the Resolution in the form attached hereto as Exhibit ?I?

that the signatories on the Authority accounts to be all seven members of the

Authority and the three Economic Development staff members of the Columbus

Chamber of Commerce with the signature of one Authority member and one staff

person being required.



PROPERTIES

1. The Georgia Resource Center and Georgia Power are studying the future of a

joint industrial park in possibly Talbot, Taylor, and/or Marion Counties. Work

is also being done on the 92-acre Industrial Park in Talbotton. It was decided

not to institute the controlled burn of the undergrowth at MTP at this time.



Jim Buntin and Frank Etheridge each expressed his appreciation for the gift.



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

made by Bob Gilson and seconded by Dick Ellis, the meeting was adjourned.





By:_____________________________

J. Edward Sprouse, Secretary

Approved by:



____________________________________

Stephen Butler, Vice Chair