Columbus, Georgia

MINUTES OF THE MEETING OF THE

DEVELOPMENT AUTHORITY OF COLUMBUS GEORGIA

September 4, 2003



MEMBERS PRESENT

Steve Butler,Dick Ellis,Bob Gilson, Stella Shulman,Allen Taber, Fernando

Verdree, Jimmy Yancey



ALSO PRESENT

Kim Adams and associate, Carmen Cavezza, Mike Gaymon, Biff Hadden, Becca

Hardin, Laura Lenander, John Mills, Bob Poydasheff, Dayton Preston, Ed Sprouse;

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

September 4, 2003 meeting to order.



MINUTES

Upon motion made by Jimmy Yancey and seconded by Steve Butler, the Authority

unanimously approved the minutes of the August 7, 2003 meeting hereto attached

as Exhibit ?A?.



FINANCIAL REPORT

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

that he has received a letter from Kay Love stating should be receiving $89,000

+ per month beginning in October from the millage money. Upon motion made by

Steve Butler and seconded by Dick Ellis, the Authority unanimously approved the

August 2003 Financial Reportwhich is attached hereto as Exhibit ?B?.



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

Laura Lenander who is assisting in ED.

1. Projects: Becca Hardin reported that even though Heckler & Koch made

an announcement in the Atlanta Journal & Constitution the press conference

planned for Monday at the Chamber will be postponed until sometime in October.

This will be a positive thing since will most likely have a groundbreaking on

the site and can showcase MTP.The groundbreaking for Incubator was on August

21st, and Lt. Governor Mark Taylor participated. There are 17 active projects

with 3 of them being ?hot? and there are 12 suspects. Two retail developments

are looking at South Columbus.

2. Marketing: All project managers from Georgia Power have visited.

While Gov Perdue was in Columbus, Billy Blanchard given him an update on ED

activities. Aircraft Parts Cluster meetings have begun.

3. Other: There have been 5 responses to our ED website.



OLD BUSINESS

Project TLC ? Steve Butler gave report from the task force which was evaluating

the request from Project TLC. Upon motion made by Steve Butler and seconded by

Jimmy Yancey, the Authority denied the request from Project TLC to place a cell

tower in the Fall Line Business Centre.



LEGAL ISSUES

1. Ed Sprouse presented a request from Dr. George B. Hubbard for the

Development Authority to execute a Quit Claim Deed of Correction. An earlier

Quit Claim Deed signed by the Development Authority upon the termination of Dr.

Hubbard?s Bond Issue did not include all of the property that was the subject

of the bond issue. Upon motion made by Jimmy Yancey and seconded by Steve

Butler, the Authority authorized the execution of a Quit Claim Deed Correction

to include the parcel of land not included in the original Quit Claim Deed.

2. Ed Sprouse presented a request from Swift Spinning Inc. for the

Development Authority to execute Quit Claim Bills of Sale to re-convey the

interest of the Development Authority in certain personal property financed

with the proceeds of the 1995 Bond Issue which the respective Company has

disposed of. After a brief discussion and upon motion made by Dick Ellis and

seconded by Jimmy Yancey, the Authority authorized the execution of Quit Claim

Bills of Sale to re-convey to Swift Spinning assets disposed of from the 1993,

1995, and 1998 Bond Issues.

3. As a matter of information, Ed Sprouse, Counsel for the Authority,

announced that the following Bond Issues will be closing soon: La-Z-Boy;

Residence and Fairfield Inns; and the Ben Carter refunding issues.



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

made by Steve Butlerand seconded by Jimmy Yancey and unanimously adopted, the

meeting was adjourned.



By:_____________________________

J. Edward Sprouse, Secretary



Approved by:



____________________________________

Robert M. Gilson, Jr., Chair