Exhibit A
MINUTES OF THE MEETING OF THE
DEVELOPMENT AUTHORITY OF COLUMBUS GEORGIA
February 2, 2006
MEMBERS PRESENT
Dick Ellis, Bob Gilson, Stella Shulman, Fernando Verdree
MEMBERS ABSENT
Billy Blanchard, Allen Taber, Jimmy Yancey
ALSO PRESENT
David Arrington, Averett Davis, Mike Gaymon, Becca Hardin, Isaiah Hugley, Joe
Johnson, Jay Pease, Bob Poydasheff, Joe Sanders, Brian Sillitto, Ed Sprouse,
Gena Stone, 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
February 2, 2006 meeting to order.
MINUTES
Upon motion made by Dick Ellis and seconded by Fernando Verdree, the Authority
unanimously approved the minutes of the January 5, 2006 meeting hereto attached
as Exhibit ?A?.
FINANCIAL REPORT
Fernando Verdree reviewed the report. Upon motion made by Stella Shulman and
seconded by Dick Ellis, the Authority unanimously approved the January 2006
Financial Report which is attached hereto as Exhibit ?B?.
Audit Report: Jay Pease from Robinson, Grimes & Company, presented the audit of
the Development Authority for the period July 2004 through June 2005. He
reviewed the report looking at the balances, income statements, pointed out
several expense items. The Management Letter reviews the procedures for
authorizing expenditures. Upon motion made by Fernando Verdree and seconded by
Stella Shulman, the Authority accepted the Audit Report as presented in Exhibit
?B-1?.
ECONOMIC DEVELOPMENT UPDATE ? Becca Hardin reviewed the project activities for
the past month as found on Exhibit C. NSA held its ground breaking on the 692
acres in Cusseta-Chattahoochee County on January 20th. The sale documents are
being prepared on the Warr Spec Building in CEIP. The foundation work for Road
America site is underway. One Georgia Grant follow-up documents being
prepared. Batson-Cook has been selected as contractor for Aflac project.
American Consumer Products Corporation has moved into the Panasonic Building.
First quarter focus is on marketing with the following efforts ? visits from
state project managers, Developers Day scheduled for March 8-9, trip to
Memphis/Dallas in March, trip to Japan/Korea/Taiwan in April, trip to Chicago
end of May. Top marketing effort is MTP spec building. Now have signs on the
individual lots in MTP down to cul-de-sac A and a big map of the park at the
entrance.
PROPERTY
Request from Danny Dean to purchase 2 acres in MTP next to parcel 1D: Upon
motion made by Dick Ellis and seconded by Fernando Verdree, the Authority
denies the request from Danny Dean attached hereto as Exhibit ?D?.
As information ? The lease with PACE ends in September and the company does not
intend to renew; therefore, there will be a 150,000 sf building on 35 acres
available for our property inventory. The project is financed through CEDC.
OLD BUSINESS
none
NEW BUSINESS
none
LEGAL ISSUES
The Road America bond issue is closing today. Financing is with Wachovia. It
might be necessary to have something signed by the Columbus Water Works with
regard to relocating the storm sewer.
Upon motion made by Dick Ellis and seconded by Fernando Verdree, the Authority
unanimously approved the Inducement Resolution in the amount of $12,000,000 for
the Homewood Suites Project which is part of the Cascade Group in the form
attached hereto as Exhibit ?E?. Prior to the vote, Stella Shulman disclosed
that she sold the property but has no financial interest in the project.
Upon motion made by Fernando Verdree and seconded by Dick Ellis, the Authority
unanimously approved the Inducement Resolution in the amount of up to
$20,000,000 for Kenney Properties Project of a multi-family housing unit on
Milgen Road in the form attached hereto as Exhibit ?F?. Before the vote,
Stella Shulman disclosed that her firm was representing Kenney Properties;
however, it was determined that the Authority could go forward with the
Inducement Resolution.
Upon motion made by Dick Ellis and seconded by Fernando Verdree, the Authority
unanimously approved to amend the documents for a Jordan Company Project
authorizing a new letter of credit by CB&T that expires in 5 years.
Update on Board of tax Assessors ? In the future there need to be some
modifications in the letters from the Authority to the Board of Tax Assessors.
It was suggested that the Authority send the Board of Tax Assessors and Isaiah
Hugley a copy of the documents sent to the State.
There being no further business, the meeting was adjourned.
By:_____________________________
J. Edward Sprouse, Secretary
Approved by:
____________________________________
Robert M. Gilson, Jr., Chair
Attachments
No attachments for this document.