DEVELOPMENT AUTHORITY OF FULTON COUNTY REGULAR MEETING: HELD ON TUESDAY, OCTOBER: 28, 2014. AT 2:001 P.M. INTHE 4th FLOOR CONFERENCE ROOM FULTON COUNTY GOVERNMENT CENTER BUILDING  MINUTES  Present were the following Members of the Authority:  Mr. Robert J. Shaw- - Chairman Dr. Samuel D. Jolley, Jr.-S Secretary Mr. Walter Metze - Treasurer Mr. Sam Bacote - Board Member Ms. Regina Page - Board Member  Also present were Mr. Al Nash, Executive Director, Mr. Lewis C. Horne, Jr. and Ms. Sandra Z. Zayac, attorneys for the Authority. Ms. Doris Coleman and Ms. Sabrina Kirkland, staff of the Authority, were also present. Due to: medical necessity following surgery, Mr. Metze participated The meeting was called to order by Chairman Shaw and Dr. Jolley gave the invocation. RECOGNITION OF VISITORS: Also present were Mr. Edward Leidelmeijer of Commissioner Hausmann's office, Commissioner Hausmann, Commissioner Bill Edwards and Ms. Lauren Swearing in of Ms. Regina Page: Mr. Mark Massey, Clerk to the Fulton County Board of  via teleconference.  Blaszyk and Mr. Michael Hightower oft the Collaborative Firm. Commission swore in Ms. Regina Page as ai new board member.  OLDI BUSINESS: None. NEW BUSINESS:  Letter of Inducement for Portman 230, LLC ("Portman") Mr. Tom Harold of Miller & Martin PLLC appeared with Mr. Bruce McEwen, Mr. Carey Owens and Mr. John Portman IV of Portman in connection with the request for a letter ofinducement for the issuance of$80,000,000 int taxable bonds for the refurbishment of the 230 Peachtree building. The project will involve the conversion of the building into a hotel and office mixed use facility. The building is currently 50% vacant. The project will allow the creation of approximately 100 jobs associated with the hotel and approximately 300 new jobs associated with the office space. The project will have direct access to MARTA. Upon question from the Authority, Mr. Harrold explained that the current annual taxes on the property total approximately $370,000 and the projected tax revenue  31348/196971363v1    to the County after the renovation will be approximately $1 million annually. Mr. Nash noted that the staff was in favor of this new project. Upon a motion made by Dr. Jolley, which was seconded by Mr. Bacote, the Authority unanimously approved the letter of inducement for Letter of] Inducement for Piedmont Venture Properties, LLC ("Piedmont") Mr. Chris Compton of Seyfarth Shaw LLP appeared with Mr. Richard Aaronson of Atlantic Realty in connection with the request for a letter of inducement for the issuance of $84,000,000 in taxable bonds for the development of a mixed use facility on 11th and Juniper Streets in Midtown. The project will include approximately 3,500 square feet of commercial retail and 329 residential units. Mr. Compton explained that the current value of the property on the tax digest is $4 million and the projected value will be $84 million on completion of the project, which will allow for a substantial increase ini tax revenue to the County. Mr. Nash provided aj project analysis and noted that the staff was in favor of this new project. Upon questions from the Authority, Mr. Aaaronson provided some details regarding the current site and apartment units. Upon a motion made by Mr. Bacote, which was seconded by Dr. Jolley, the Authority unanimously approved  Portman.  the letter ofinducement for Piedmont. ITEMS FOR APPROVAL:  None. DISCUSSION:  The Collaborative Firm Contract. Mr. Michael Hightower presented a revised scope of work to the Authority with regards to the contract with the Authority to create a South Fulton umbrella organization. The contract had been held for 30 days in order to: revisit the terms and scope. Minutes. The minutes from the Regular Meeting held on September 23, 2014 were presented to the Authority for approval. Upon a motion made by Dr. Jolley, which was seconded by Mr.  Bacote, the. Authority unanimously approved the minutes as presented.  NEXTMEETING:  Joint Development Authority of Metropolitan Atlanta ("JDAMA"). The Authority discussed the upcoming, quarterly JDAMA meeting to take place on. November 10, 2014, and Chairman Shaw encouraged each Authority member to attend. He also invited the Board to attend the Atlanta Regional Commission State oft the Region breakfast to be held Friday, November 7,2014. Chairman Shaw announced that the next meeting will be a Regular Meeting held on November  18, 2014, at 2:00 p.m. in the 4th floor conference room, room 4056. There being no further business, the meeting was adjourned.  2  31348196971363v1    Samuel D. Jolley Va. Dr. Samuel D. Jolley, Jr., Secretary  3  31348/19697136v1