Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Ida Financials And Grants topic
No spam. Unsubscribe anytime.
Tazewell County IDA adopts updated grant guidelines, approves bank disclosure and audit requests
Summary
At its Nov. 12 meeting the IDA approved revised grant incentive guidelines requiring a $3 matching fund, authorized staff to sign a bank overdraft disclosure, approved October invoices and bank statements, and requested 10 copies of the final RFC audit while authorizing staff to execute the management representation letter.
The Industrial Development Authority of Tazewell County on Nov. 12 approved a set of routine and policy items including updated grant incentive guidelines, bank disclosure authorization and audit-related paperwork.
The board accepted revised IDA grant guidelines that require a $3.00 matching fund from a prospective employer; the program retains caps of up to $2,500 for prime jobs and up to $1,000 for retail jobs, with funds available after 12 months subject to board decision. The motion to accept the guidelines passed 6–0 (mover: Mr. Darell Cantrell; second: Mr. Curtis Breeding).
The authority also authorized Economic Development Director Tim Danielson or Economic Development Manager Ashley Harris to execute a disclosure document from National Bank regarding overdraft and overdraft fees for ATM and debit-card transactions (motion by Mrs. Melanie Protti-Lawrence, seconded by Mr. Curtis Breeding; 6–0).
Mrs. Ashley Harris reported three additional invoices since the preliminary email; the board approved the October invoice summary and bank statements, and Mr. Curtis Breeding and Mrs. Protti-Lawrence signed off on the bank statements (votes 6–0 for each motion). Danielson told the board staff are tracking 15 active projects totaling approximately $2.7 billion in capital investment, an estimated 216 net new jobs and roughly $12.6 million in annual payroll.
Regarding state audit matters, on a motion by Mr. Rick Chitwood seconded by Mrs. Melanie Protti-Lawrence the board approved requesting ten copies of the Robinson, Farmer, Cox & Associates (RFC) audit report and authorized Mr. Danielson to execute the draft Management Representation letter (6–0).
Other routine business included rescheduling the December meeting from Dec. 10 to Dec. 18 at 2:00 p.m. because Mr. Danielson will be traveling; Mrs. Harris said lunch will be provided at the December meeting. The board adjourned after adopting the executive-session certification required by Virginia law.
