HomeMy WebLinkAbout1/12/2021 - Economic Development (EDA) - Minutes - SpecialMINUTES OF A SPECIAL MEETING
OF THE ECONOMIC DEVELOPMENT AUTHORITY
OF THE CITY OF SALEM, VIRGINIA
A meeting of the Economic Development Authority of the City of Salem, Virginia, was held
at City Hall in Council Chambers on January 12, 2021 at 11:00 a.m. The following members of the
Authority were present: Cindy Shelor, Dave Robbins, Rob Robinson, and Quinn Mongan; Absent:
Wayne Adkins and Macel Janoschka
There, also present was Rob Light, Assistant City Manager, Rosie Jordan, Director of Finance
and EDA Treasurer, Mike Lockaby, Guynn, Waddell, Carroll & Lockaby, P.C., and Crystal
Williams, Assistant to the City Manager and Secretary to EDA.
The Chair called the meeting to order at 11:00 a.m. and the meeting was turned over to Mr.
Lockaby. Mr. Lockaby provided an update on the Oak Park Apartments bond refinance. The closing
is scheduled for January 15, 2020. Today the EDA is to consider the Omnibus Termination
Agreement, the Remarketing Agreement, and the Certificate as Issuer for Payment for approval. As
part of this refinance the EDA is due an issuer fee in the amount of $92,275.00. The $92,275 will be
wired to Ms. Jordan for the EDA’s account at closing and Mr. Lockaby’s fees will be paid directly to
him by Oak Park at closing.
A motion was made to approve the Omnibus Termination Agreement, the Remarketing
Agreement, and the Certificate as Issuer for Payment, with an authorization for the EDA Chair to
sign the documents.
Motion: Mongan; Second: Robinson
All aye
There being no further business the meeting adjourned at 11:12 a.m.