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Tazewell County IDA backs $600,000 VCEDA loan application for Project SAW and ratifies Project Resort poll vote
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Summary
After an executive session, the IDA authorized support for a $600,000 VCEDA loan application for Project SAW with half the principal forgivable based on performance metrics, and ratified an earlier poll vote related to Project Resort; the board also heard that a lease (Frazier) was terminated with a claim for $23,630.36.
Following a closed executive session on Jan. 14, the Industrial Development Authority of Tazewell County voted to back a VCEDA loan application for Project SAW and to ratify a prior email poll vote regarding Project Resort.
The board certified that its executive meeting complied with Virginia law before taking action. On a motion by Mrs. Melanie Protti-Lawrence, seconded by Mr. Darrell Addison, the Authority "authorize[d] to support an application to VCEDA for a loan in the amount of $600,000.00 with half of the principal amount being forgiven based on the performance metrics as discussed in executive session and officially attached in Exhibit A to the application," and the motion was adopted by a vote of 6 to 0.
The board also ratified a poll vote conducted by County Administrator Eric Young to authorize an application to the Tobacco Commission in support of Project Resort to purchase property in Bland County; the ratification passed 4 to 2. The transcript records two different figures for the Project Resort application: Eric Young said earlier in the meeting the poll vote was for $2,000,000, while the ratification language references $1,500,000. The minutes record both amounts; the IDA did not resolve that discrepancy in the text of the minutes.
IDA Attorney Brad Pyott reported he sent a Notice of Default on Jan. 9 in the Frazier lease matter; he stated the lease is now terminated and the Authority has submitted a claim for past rent, maintenance charges, insurance, HVAC and freeze treatment totaling $23,630.36. Pyott said he expected additional information at the February meeting.
Farm Bureau liaison Rick Snapp said he planned to meet with a company interested in the Shell building and another Bluefield property owned by Steve Bunker; he also noted a buyer for 3300 Artisan in Bland seeking an approximately 80,000-square-foot packaging facility. The ratification and the loan-application support were the primary executive-session outcomes recorded Jan. 14.