Columbus, Georgia

MINUTES OF THE MEETING OF THE

DEVELOPMENT AUTHORITY OF COLUMBUS GEORGIA

July 10, 2003



MEMBERS PRESENT

Bob Gilson, Stella Shulman, Allen Taber, Fernando Verdree, Jimmy Yancey



MEMBERS ABSENT

Steve Butler, Dick Ellis



ALSO PRESENT

Kim Adams, Carmen Cavezza, Mike Gaymon, Jo Giles, Becca Hardin, Biff Hadden,

Buddy Merrill, John Mills, Chris Palomba, Bob Poydasheff, Dayton Preston, Ed

Sprouse; Janeen Tucker, 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 July

10, 2003 meeting to order.



MINUTES

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

unanimously approved the minutes of the June 5, 2003 meeting hereto attached as

Exhibit ?A?.



FINANCIAL REPORT

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

hereto as Exhibit ?B?. Upon motion made by Allen Taber and seconded by Stella

Shuman, the Authority unanimously approved the June 2003 Financial Report.



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

1. Projects: Becca Hardin reported that there are 23 active projects with 5 of

them being ?hot? and 6 ?heating up?. Litho-Krome ribbon cutting was June

18th. There are 7 local companies considering expansions. There are 4 active

projects in the Columbus Business Development Center (Enterprise Zone). The

Taylor County project is still active. There is one visit scheduled for this

week and one next week.

2. Marketing: - Dennis Chastain of Georgia EMC and several project managers

will visit on July 31st. Greater Georgia marketing campaign to target trade

shows is progressing. ED website has 80 of the projected 130 pages complete.

The website will be demonstrated at the next Authority meeting.

3. Other items: The director of the Incubator has been hired. The target date

for groundbreaking for facility is early August.

4. Bob Gilson made reference to the article about Columbus in the recent

Georgia Trend magazine. Bob Poydasheff reported that Carmen Cavezza and he

have spoken to General Barry McKaffee about the enhancement of Ft. Benning and

the viability of the Ft. Benning as other installations may close.



NEW BUSINESS

Project TLC ? Biff Hadden introduced a new project. A packet of information

about the project was in the members? folders. Discussion took place. This

item will be on the agenda for the August Authority meeting.



LEGAL ISSUES

Ed Sprouse, attorney for the Authority, discussed the proposed transactions

that had been presented for action by the Authority with respect to the

Columbus Park Crossing Project Bond Issue (the ?Bond Issue?). The plan calls

for the refunding of the Bond Issue as to seven parcels, the removal from the

Bond Issue of three other parcels and the subordination of the remaining

parcels and the Bond Issue to Citigroup Global Markets Realty Corp. financing

to a ?Columbus Park Crossing (Delaware), LLC, a new Delaware limited liability

company to whom the interest of the existing lessee, Columbus Park Crossing,

LLC, a Georgia limited liability company, is to be transferred.

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

Authority unanimously approved the resolutions for carving out Parcels 3, 6,

and 13 from the Columbus Park Crossing Bond Issue and the refunding for Parcels

2, 4, 5, 7, 8, 10, and 11 of the Columbus Park Crossing Bond Issue in the forms

attached hereto as Exhibit ?D? with each parcel resolution being identical

except for name and amount of bond and authorized the execution of all related

documents.

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

Authority unanimously approved the resolution in the form attached hereto as

Exhibit ?E? which authorizes the Citigroup collateral modification and

subordination of bond documents and the execution of all related documents.

3. Upon motion made by Stella Shulman and seconded by Fernando Verdree, the

Authority unanimously approved the resolutions in the form attached hereto as

Exhibit ?F? which authorizes executing the lease and all related documents for

Parcels 2, 4, 5, 7, 8, 10, and 11 of the Columbus Park Crossing Project with

each parcel resolution being identical except for name and amount of bond and

authorizing the execution of all related documents.

4. Ed Sprouse announced that TSYS acquired the leasehold interest under the

Lease Agreement between the Authority and TSYS Trust 1997-1, on June 30, 2003.



EXECUTIVE SESSION:

Upon motion made by Allen Taber and seconded by Stella Shulman, the Authority

went into Executive Session to discuss the acquisition of real property.

Upon motion made by Stella Shulman and seconded by Fernando Verdree, the

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

Executive Session which needed to be acted upon. The Affidavit of the Chairman

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



OTHER ISSUES:

Property ? Clean up of some parcels on Muscogee Technology Park is taking

place. The wetlands on Fall Line Business Centre are not as intense as first

reported. A meeting with Sam Wellborn is scheduled for next week. Discussions

continue with PCI regarding the road.



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

made by Fernando Verdree and seconded by Stella Shulman and unanimously

adopted, the meeting was adjourned.



By:_____________________________

J. Edward Sprouse, Secretary



Approved by:



____________________________________

Robert M. Gilson, Jr., Chair