Columbus, Georgia

Georgia's First Consolidated Government

Post Office Box 1340
Columbus, Georgia, 31902-1340
(706) 653-4013
fax (706) 653-4016

Council Members

MINUTES OF THE MEETING OF THE

DEVELOPMENT AUTHORITY OF COLUMBUS GEORGIA

March 6, 2008



MEMBERS PRESENT

Billy Blanchard, Carmen Cavezza, Dick Ellis, Bob Gilson, Stella Shulman, Allen

Taber, Fernando Verdree



MEMBERS ABSENT: none



ALSO PRESENT

David Arrington, Shelley Dean, Mike Gaymon, Becca Hardin, Isaiah Hugley, Gary

Jones, Dayton Preston, Joe Sanders, Brian Sillitto, Ed Sprouse, Kirsten

Stevenson, Clint Taylor, 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 March

6, 2008 meeting to order.



MINUTES

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

unanimously approved the minutes of the February 7, 2008 meeting hereto

attached as Exhibit ?A?.



FINANCIAL REPORT

Fernando Verdree reviewed the report noting that some adjustments have been

made as a result of the audit. Upon motion made by Allen Taber and seconded by

Dick Ellis, the Authority unanimously approved the February 2008 Financial

Report which is attached hereto as Exhibit ?B?. The consolidated audit was

distributed to the members. Members can e-mail questions to Fernando Verdree

or Bob Gilson. The audit will be on the March agenda for action.



ECONOMIC DEVELOPMENT

Becca Hardin reported that Kodak and DayJet made announcements this past

month. She reported on the status of some Kia suppliers. There has been heavy

emphasis on marketing the past month with a visit by project managers from

Georgia Power and Georgia Department of Economic Development. Brian, Shelley

and Becca attended the reception for the Georgia International Project Managers

in Atlanta. Marketing of the Goody building will begin soon. Follow up is

being done on the defense industry initiative. Preparations are under way for

marketing Greater Georgia at the SEDC Consultants Forum in Atlanta. The

written report is attached as Exhibit ?C?.



PROPERTY

Dayton Preston reported on a number of items.

The EPA has cited violations done with clearing of some MTP land. This will

have to be corrected. Upon motion made by Allen Taber and seconded by Fernando

Verdree, the Authority unanimously approved the cost of $1,000 per acre for an

anticipated 26 acres to harrow, seed, and silk fence areas in Muscogee

Technology Park.

It is expected that the controlled burning in MTP will take place next week.

The temporary signs are being fabricated. A proposal is needed on the bases.

Chattsworth Court is still private. Phase II Eastern Connector (Chattsworth

and Macon) scheduled for FY 2010. The Cessna area is being replatted. 10th

Armored Division Road will be a city street. The City is setting aside NFL

funds to provide one curb cut per company on the part of Technology Parkway

already completed to cul-de-sac A.

Upon motion made by Stella Shulman and seconded by Billy Blanchard, the

Authority unanimously approved the concept of a lease agreement subject to

working out transaction details and upon approval of the Authority Chairman and

permitting by the City with Verizon for a cell tower on Authority land to be

located on the south side of Mutec Drive in Corporate Ridge Business Park.



OLD BUSINESS

none



NEW BUSINESS

Mike Gaymon outlined the contributions of Seiko Kabumoto as Director of

International Development. Seiko is returning to Japan where he would be

willing to continue working with prospects and coordinating things for visits.

Upon motion made by Carmen Cavezza and seconded by Stella Shulman the Authority

unanimously approved a stipend of $12,000 per year with the Authority

partnering with the Chamber on direct expenses appropriate to the position.

On the Intercity trip to Tampa, participants learned about using trash as

fuel. There will be a Waster to Energy meeting at the Chamber on March 26.



LEGAL ISSUES

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

Authority unanimously approved a Bond and tax Credit Resolution in the form

attached hereto as Exhibit ?D? in the amount of $13,000,000 for the Avalon

Apartments Project and authorized the execution of all documents pertaining to

the bond issue.

2. Upon motion made by Fernando Verdree and seconded by Carmen Cavezza, the

Authority unanimously approved the Inducement Resolution in the form attached

hereto as Exhibit ?E? in the amount of $80,000,000 for the Geo. M. Adams Co.

Project and authorized the execution of all documents pertaining to the bond

issue. For information the bond amount does not include any land cost. Ed

Sprouse disclosed that firm of Page, Scrantom, Sprouse, Tucker & Ford has been

involved but that he personally has not.

3. Upon motion made by Carmen Cavezza and seconded by Allen Taber, the

Authority unanimously approved an Inducement Resolution in the form attached

hereto as Exhibit ?F? in the amount of $15,000,000 for the Jay Automotive Group

Project which consists of $9,200,000 in new monies and $5,800,000 in refunding

of the 1997 bond.

4. Ed Sprouse reported that it will be necessary to have a called meeting of

the Authority in order to set the interest rate for the Ambling Project. The

meeting will be held on March 24 at 8:00am at the Columbus Chamber of Commerce.



Ed Sprouse introduced Kirsten Stevenson of Page, Scrantom, Sprouse, Tucker &

Ford.



There being no further business, the meeting was adjourned.





By:_____________________________

Rebecca Brown Hardin, Secretary



Approved by:



____________________________________

Robert M. Gilson, Jr., Chair

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