Montgomery County EDA certifies closed session and approves renewal of $850,000 letter of credit

The Montgomery County Economic Development Authority (EDA) certified its closed session by roll call and approved a resolution renewing an $850,000 letter of credit tied to a Virginia Department of Transportation (VDOT) grant.

Speaker 2 moved to certify the prior closed session and the motion was seconded; the board completed a roll call with Chair Miller, Vice Chair Travis, Director Farrell, Director Husband, Director Johnson, Director Brotton and Director Stanton each recorded as "Aye." Speaker 2 then said the board had "no action from the closed session since it was just a sense of no action" before moving on to general business.

On the VDOT-related item, Speaker 1 explained that banks now require funds in hand for a letter of credit and that the EDA holds an $850,000 certificate of deposit at Atlantic Union to satisfy the requirement. Speaker 1 said he had updated last year’s resolution for this year and noted the EDA must maintain the instrument for five years through April 2028. "So I simply used last year's resolution and updated it for this year," Speaker 1 said.

Speaker 4 moved to approve the resolution renewing the letter of credit; a second was recorded and the board approved the resolution by voice vote after correcting a signature-line error. The board discussed holding a called meeting (a breakfast meeting as early as 7:30 a.m.) on Nov. 19 to finalize documents.

The board’s certification of the closed session and the resolution to renew the letter of credit are formal actions recorded in the meeting minutes; individual voice-vote tallies on the LOC resolution were not recorded in roll-call format.

The EDA's next regular meeting is scheduled for Nov. 19, with a called meeting expected if needed to complete the LOC paperwork.