Columbus, Georgia

MINUTES OF THE MEETING OF THE

DEVELOPMENT AUTHORITY OF COLUMBUS GEORGIA

September 4, 2002



MEMBERS PRESENT

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



MEMBERS ABSENT

Debbie Lane, Jimmy Yancey



ALSO PRESENT

Richard Bishop, Billy Blanchard, Dave Erickson, Chuck Ford, Mike Gaymon, Biff

Hadden, Becca Hardin, Amy Peavey, Dayton Preston, Jodi Saunders, Richard Smith,

Ed Sprouse; Tyler Talley, Will White, 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

September 4, 2002 meeting to order.



MINUTES

The minutes of the August 7, 2002 meeting of the Authority were presented.

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

of the August 7, 2002 meeting of the Authority meeting were unanimously

approved.



FINANCIAL REPORT

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

Exhibit ?A?. The millage money from the City will be sent by wire transfer

into the new DA Millage Account. Upon motion made by Allen Taber and seconded

by Steve Butler, the Authority unanimously approved the August 2002 Financial

Report.



ED UPDATE

Mike Gaymon reported have 35 projects are considering Columbus region for new

companies or expansions. The projects range in capital investments from $1M -

$500M and in jobs from 10 ? 750. There are 3 projects of Hyundai suppliers and

GDIT&T has visited Korea taking a CD about our region. Many stores in Columbus

Park Crossing have reported sales 40% more than anticipated. Some stores are

undergoing transitions as they relocate to Columbus Park Crossing.



PROPERTIES

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

Authority unanimously approved a resolution accepting the proposal by Brown

Trucking to purchase the 32-acres in CEIP for $100,000 subject to park

covenants and the following conditions:

a. Within 30 days from the date hereof, Brown Trucking Company shall

have submitted to the Development Authority for its approval a proposed

development plan for the Property, to include site work and the construction of

warehouse facilities on the Property (the ?Development Plan?).

b. Brown Trucking Company commence the site work on the Property within

90 days from the date of the approval of the Development Authority and

diligently pursue the Development Plan to completion.

c. Brown Trucking Company be permitted to maintain the trailers on the

Property no longer than the date of commencement of the site work on the

Property.

d. The obligations of Brown Trucking Company to the Development

Authority be secured by a Deed to Secure Debt to be subordinated to any

construction financing for the construction of the improvements on the

Property, with the Security Deed to be cancelled upon completion of the

Development Plan by Brown Trucking Company.

2. The requested drawings for Masterbuilt project have been received. The

Authority agreed that a buyback clause should be included in any contract for

land purchase. The clause in CRIP covenant is for one year.



NEW BUSINESS

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

unanimously approved the resolution that for any matter that requires the

approval of the Members of the Development Authority (other than Inducement

Resolutions and Bond Resolutions), unless it is reasonably necessary to act on

the matter prior to the next following regular meeting of the Development

Authority, such matter will be acted upon at the next meeting of the

Development Authority.



LEGAL ISSUES

1. Upon motion made by Steve Butler and seconded by Dick Ellis, the

Authority unanimously approved the Inducement Resolution in the form attached

hereto as Exhibit "B" in the amount of $12,000,000 for the Greystone at

Columbus Park Project.

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

the Authority unanimously approved the Inducement Resolution in the form

attached hereto as Exhibit ?C? in the amount of $15,500,000 for Greystone Falls

Project.

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

Authority unanimously approved amending the Inducement Resolution for PTSI to

$1,700,000 as a tax-exempt issue for the rehabilitation of the Worthington

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

Authority unanimously approved holding a TEFRA Hearing on September 23, 2002 at

9:00am in the Crescent Room at the Columbus Chamber of Commerce with J. Edward

Sprouse as the hearing officer.

4. The Muscogee Technology Park Association has been organized. An

organizational meeting needs to be held. Every property owners must have a

member on the Board. It was suggested that Dayton Preston, a City

representative and an Authority member be on the MTP Association Board. Action

to be taken later.



OTHER ITEMS



Development plans for MTP continue to be a work in progress. Information

continues to be gathered for development plans for Fall Line Business Centre.



The Authority was informed that the Public Hearing on Midland Area is September

16th at Midland Middle School. Authority members and the Chamber were

encouraged to be actively involved.





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

made by Dick Ellis and seconded by Steve Butler and unanimously adopted, the

meeting was adjourned.





By:_____________________________

J. Edward Sprouse, Secretary

Approved by:



____________________________________

Steve Butler, Vice Chair for

Robert M. Gilson, Jr., Chair