Columbus, Georgia

MINUTES OF THE MEETING OF THE

DEVELOPMENT AUTHORITY OF COLUMBUS GEORGIA

August 7, 2003



MEMBERS PRESENT

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

Verdree, Jimmy Yancey



ALSO PRESENT

Kim Adams, Richard Bishop, Billy Blanchard, Carmen Cavezza, Mary Douglass,

Michael Dunbar, Mike Gaymon, Biff Hadden, Becca Hardin, Buddy Merrill, John

Mills, Bob Poydasheff, Dayton Preston, Ed Sprouse; Janeen Tucker, Joe Sanders,

Slava Trofimov, 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

August 7, 2003 meeting to order.



MINUTES

Upon motion made by Steve Butler and seconded by Allen Taber, the Authority

unanimously approved the minutes of the July 10, 2003 meeting hereto attached

as Exhibit ?A?.



FINANCIAL REPORT

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

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

Yancey, the Authority unanimously approved the July 2003 Financial Report.



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

1. Projects: Becca Hardin reported that there are 18 active projects with 8 of

them being ?hot?. Four of these are new companies and four are local

expansions. There are 15 suspects that include call centers, corporate offices

and manufacturing. University of Phoenix project has been completed with 10

jobs and $1.5M in capital investment. There have been 4 prospect visits.

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

visited on July 31st. Greater Georgia marketing campaign has a new logo (gg)

which was shown. CoreNet, a national trade show will be in Atlanta in

October. Funds are being pooled to help with this and a $3000 grant has been

given by Georgia Tech for collateral marketing materials.

3. The groundbreaking for Incubator is August 21st. There was a meeting with

Sam Wellborn several weeks ago about road development for Fall Line Business

Centre. Staff is working closely with Richard Bishop on this. IT cluster

planning meeting was held last week to develop marketing plans. The aircraft

cluster meeting will be next week.

4. Michael Dunbar and Slava Trofimov demonstrated the newly developed ED

website.

5. Upon motion made by Steve Butler and seconded by Stella Shulman, the

Authority approved the expenditure of $5,000 from the millage account towards

the cost for the CoreNet conference for national developers.



NEW BUSINESS

Project TLC ? Biff Hadden reviewed the project. There are 2 options for site.

Authority members requested some marketing information about lease rates for

such projects. Discussion took place. Ed Sprouse will review materials.

Steve Butler, Dick Ellis and Stella Shulman were appointed as a task force to

bring a recommendation to the Authority at its September meeting.



LEGAL ISSUES

1. Upon motion made by Jimmy Yancey and seconded by Fernando Verdree, the

Authority approved the Bond Resolution in the amount of $5M in the form

attached hereto as Exhibit ?D? for the Sunbelt Residence Inn Project.

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

approved the Bond Resolution in the amount of $3.5M in the form attached hereto

as Exhibit ?E? for the Sunbelt Fairfield Inn Project.

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

approved the Bond Resolution in the amount of $2.6M in the form attached hereto

as Exhibit ?F? for the WCBA Family LLLP, La-Z-Boy Furniture Galleries Project.

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

approved an Inducement Resolution in the amount of $5M in the form attached

hereto as Exhibit ?G? for Project Altitude.

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

approved the name change of Bridgestone Custom Homes to American Classic Custom

Homes and confirmed that the name change will not have any impact on the

understandings and agreements now outstanding under the name ?Bridgestone

Custom Homes.?



EXECUTIVE SESSION:

Upon motion made by Steve Butler and seconded by Dick Ellis, the Authority went

into Executive Session to discuss the acquisition of real property.

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

Authority unanimously approved the chairman to offer 25 acres at $30,000 per

acre be structured under an incentive agreement for site work in an amount up

to $200,000 to be spent by the Authority to development a 100,000 sq ft pad for

Project Volley facility in Muscogee Technology Park Lot 10.



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

made by Fernando Verdree and seconded by Dick Ellis and unanimously adopted,

the meeting was adjourned.



By:_____________________________

J. Edward Sprouse, Secretary



Approved by:



____________________________________

Robert M. Gilson, Jr., Chair





STATE OF GEORGIA

COUNTY OF MUSCOGEE



AFFIDAVIT OF ROBERT M. GILSON, JR., CHAIRMAN, DEVELOPMENT AUTHORITY OF

COLUMBUS, GEORGIA REGARDING EXECUTIVE SESSION OF DEVELOPMENT AUTHORITY OF

COLUMBUS, GEORGIA ON AUGUST 7, 2003





Personally appeared before me, the undersigned attesting officer, duly

authorized to administer oaths, Robert M. Gilson, Jr. (?Deponent?), who, first

being duly sworn, deposes and on oath says as follows:



1. Deponent is Chairman of the Development Authority of Columbus, Georgia, and,

as such, Deponent is authorized and fully qualified to execute this Affidavit.

2. The subject matter of that portion of the August 7, 2003, meeting of the

Development Authority of Columbus, Georgia, which was closed to the public was

the acquisition of property by the Development Authority. Discussion of the

acquisition of property is exempt from the requirements of the Open Meetings

Law in accordance with O.C.G.A. ? 50-14-3(4), and the matters discussed related

to the acquisition of property by the Development Authority.

3. This Affidavit is given pursuant to the requirements of O.C.G.A. ?

50-14-4(b).



__________________________

Robert M. Gilson, Jr.





Sworn to and subscribed before me

this _______ day of September 2003.



______________________________

Notary Public

State of Georgia, County of Muscogee

My Commission Expires: ____________





[Notary Seal]