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Tazewell IDA approves $105,616 in contractor payments, renews CD at 4.5%
Summary
The IDA approved payment of $105,616 for facility build-outs and storm damage repairs and authorized staff to renew a Legacy Bank CD for 12 months at 4.5%; Darrell Addison recused from the CD vote.
The Industrial Development Authority voted Aug. 13 to pay C&A Contracting invoices totaling $105,616 for Phase II Workforce Building work, the Fenner Dunlop build-out and water-damage repairs tied to Tropical Storm Helene. Economic Development Director Tim Danielson reported the IDA’s VACorp insurance claim had been denied.
"The invoices were for the build out for the space for Fenner Dunlop and for Southwest Community College and the water damage repairs from Tropical Storm Helene for a total of $105,616.00," Danielson said.
The board approved payment of the invoices by a recorded 5–0 vote.
Separately, staff reported a Legacy Bank certificate of deposit of more than $200,000 matures Sept. 5. Ashley Harris said staff obtained a 12-month renewal rate of 4.5%. The board approved securing paperwork for a 12-month renewal at 4.5%; the minutes note the vote passed 4–0 with Mr. Darrell Addison recusing himself from the discussion and abstaining from the vote.
The minutes do not include bank account numbers or the exact CD principal; staff indicated the CD balance is over $200,000. Follow-up should confirm the CD principal and any early-withdrawal penalties before final execution.
