EDA deals with banking issues, marketing strategies – and bids a fond farewell to administrative assistant

The EDA Board of Directors met today for their regular monthly meeting. After an approximately 90-minute Closed Meeting, several motions were presented:

Royal Arms Bond Conversion

On a motion by Greg Harold, seconded by Jim Wolfe, and by unanimous vote, the Board approved the following resolution:

“To authorize the Chairman and Secretary and/or other officers of the Authority to execute, seal as appropriate, and deliver the Amendment to Multifamily Housing Note (Fixed Rate) and the Replacement Certificate, and any related certificates or documents to evidence the conversion of the Authority’s $15,400,000 Multifamily Housing Revenue Construction/Permanent Note (Royal Arms Apartments) 2019 Series A-1 from the construction draw-down note to the fixed rate note effective on the conversion date which is expected on August 27, 2021.”

EDA Loan Restructuring with First Bank & Trust

On a motion by Tom Patteson, seconded by Jim Wolfe, and by unanimous vote, the Board approved the following resolution:

“To authorize the Chairman and Secretary and/or other officers of the Authority to execute and deliver, as appropriate, the proposal from First Bank & Trust (the “Bank”) entitled ‘First Bank Term Sheet for Warren EDA Loans Restructuring (including Exhibits A and B thereto)’ and to proceed to prepare final loan restructuring documents for review and approval by the Authority.

Other items that the Board of Directors addressed included unanimously approving a settlement with Steve diPasquale d/b/a Front Royal Premier Copiers for an outstanding balance on his RBEL loan, lease, and utility reimbursements. The Board also unanimously approved updates to the EDA Bylaws.

In other news, Director Jim Wolfe reviewed how current EDA activities in marketing and finance are fulfilling the goals of the Strategic Plan. He also discussed the desire of the board to have final FY2018 and 2019 audits for presentation next month.

The EDA is looking increasingly toward a bright economic development future for this community. But that future will be realized without Administrative Assistant Gretchen Henderson, seated under the watchful eye of the Royal Examiner camera in file photo, who is moving across the hall to the Northern Shenandoah Valley Regional Commission where she will take on full-time accounting duties.

Finally, Chairman Jeff Browne led the Board in bidding a fond farewell to EDA Administrative Assistant Gretchen Henderson, whom he cited as being a pivotal staff cog willing to put the extra time in to help the EDA “turn a corner where we’re beginning to put things behind us” and look toward the community’s economic development future, rather than spend so much time cleaning up the past.

“Gretchen has been a wonderful help … I’ve frequently gone, ‘Well, how would you like to take this on’ and she did it magnificently. And I just want to day how much we appreciate her, and I think I speak for everyone – You were a Godsend to have here; we were lucky to have you for three years.” And Browne noted that she wasn’t going far, just moving “next door” where she will become a full-time staff accountant for the Northern Shenandoah Valley Regional Commission. The now vacant EDA position, Friday was her last day, will be advertised on the Warren County government website, as well as Indeed.com, and on LFCC Workforce Solutions.

(From an EDA Press Release)