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Radford EDA reviews options for about $370,000 in city-held funds, approves two invoices and holds closed session
Summary
The Radford Economic Development Authority on June 4 heard an update that about $370,000 remains in the City’s pooled cash, approved two Sands Anderson invoices totaling $3,233, convened a closed session on property and investment matters, certified that closed meeting and adjourned at 1:12 p.m.
The Radford Economic Development Authority met June 4 in City Council Chambers and reviewed options for roughly $370,000 in EDA funds still held in the City’s pooled cash, approved two invoices from law firm Sands Anderson totaling $3,233.00, convened a closed session on potential real property negotiations and investment of public funds, certified the closed meeting and adjourned at 1:12 p.m.
Jeff Cumberland, an EDA member, gave the board an update on the authority’s finances, reporting amounts held at Atlantic Union Bank and estimating that about $370,000 remained in the City’s pooled cash. City Manager Todd Meredith explained “a few choices” the board could consider to move forward with those funds; the transcript does not specify which options were discussed or any final direction from the board.
Earlier in the meeting, EDA member Keith Weltens moved to amend the agenda to add discussion of a Treasurer’s Report; Justin Mosby seconded and the motion carried. The board then considered two invoices submitted by Sands Anderson for professional services, one for $1,669.50 and another for $1,563.50. Steve Harvey moved to approve both invoices, Caroline Gaskins seconded, and the motion carried.
The authority then moved into a closed session. Steve Harvey moved (seconded by Justin Mosby) that the board convene a closed meeting under Va. Code §2.2-3711(A)(3) to discuss acquisition or disposition of real property for a public purpose and §2.2-3711(A)(6) to discuss investment of public funds where competition or bargaining is involved. The record states that “no action was taken” during the closed meeting. After returning to open session, Jeff Cumberland moved to adjourn the closed meeting; Barbara Turk seconded. The board reconvened, and Abram Williams moved (seconded by Steve Harvey) to certify that only the matters for which the closed meeting was convened had been discussed.
The meeting concluded with no additional votes recorded on transfers or allocations of the funds described by Cumberland. The minutes list Kim Repass, Executive Director, and Todd Meredith, City Manager, among staff present. With no further business, the meeting was adjourned at 1:12 p.m.
