RISTO  Industrial Development Authority Called Meeting  August 15,2024 12:00 PM  Present: Jan Huffman, Jacqueline Nophlin, Carly Thompson, Nick Esposito, Imanuel Morenings, Staff: Mr. Randall Eads, City Manager / Attorney; Ms. Tamrya Spradlin, Assistant City Manager / ChiefFinancial Officer; Mr. Mack Chapman, Economic Development Manager Specialist; Ms. Amy  Monica Shew, Michael McGirr  Dula, Deputy Clerk; Mr. Gene Christian, AVTechnician Others: Lewis Garrett, Bristol Chamber ofCommerce  A. Call to Order  Mr. Esposito called the meeting to order at 11:59 a.m.  B. Comments from Staff and Industrial Development Authority Members  Mr. Esposito. noted. that IDA member, Carly Thompson, and Megan are participating electronically. Members of the IDA recommended several new eating establishments in the City. Mr. McGirr noted his participation in aj former Virginia Intermont College historical preservation  project. Minutes  July8. 2024. Regular Meeting Passed: 5-0  Moved by Monica Shew; seconded by Imanuel Morenings Abstentions: Michael McGirr, Jacqueline Nophlin  D. Called Meeting Agenda  Election ofOfficers Chairman. Motion Passed: 6-0 Abstentions: Nick Esposito Vice-Chair. Motion Passed: 6-0 Abstentions: Jacqueline Nophlin  Moved by Jacqueline Nophlin; seconded by Jan Huffman to elect Nick Esposito as  Moved by Jan Huffman; seconded by Imanuel Morenings to elect Jacqueline Nophlin as  Moved by Jacqueline Nophlin; seconded by Imanuel Morenings to appoint Mack Chapman as Moved by Jan Huffman; seconded by Monica Shew to appoint Amy Dula as secretary of  the Executive Director of the Industrial Development Authority.  Motion Passed: 7-0 the Industrial Development Authority. Motion Passed: 7-0    2 Closed session pursuant to section $ 2.2-3711.A.7. Code of Virginia 1950, as amended, Consultation with legal counsel and briefings by staffi members or consultants pertaining to actual or probable litigation. where such consultation or briefing in open meeting would adversely affect the negotiating or litigating posture of the public body. (Revenue Bonds Moved by Imanuel Morenings; seconded by Jan Huffman to enter into Closed Session Moved by Jan Huffman; seconded by Imanuel Morenings to approve the City Attorney's  related to Phase 1 ofthe Falls) Motion Passed: 7-0 legal recommendation. Motion Passed: 6-0 Abstentions: Jacqueline Nophlin  By roll call vote, IDA members certify, that only business matters lawfully exempted from open meeting requirements as specified in the motion to convene in executive session were 3 Adoption of] Industrial Development Authority Annual Report for FY 2023-2024  discussed.  Move to adopt the FY 23-24 annual report.  Moved by Imanuel Morenings; seconded by. Jacqueline Nophlin 4 Approve the Extension oft the Time Frame on the White Site  Motion Passed: 7-0  Mr. Chapman gave the staff Freport. In 2023, Falls Acquisitions LLC purchased the property on Bonham Road, referred to as the White Site. The property carries restrictive covenants allowing the Industrial Development Authority to, purchase it backj for the original purchase price if construction of an approved facility or building upon the lot has not begun. If construction has not occurred after one year, the IDA can also grant an extension. Staff recommends extending the time frame to one year from the expiration date ofthe restrictive covenants to start construction of an approved facility on the Bonham Road property, Moved by Imanuel Morenings; seconded by Monica Shew to extend the time frame to one year from the expiration date oft the restrictive covenants to start construction of an approved  referred to as the "White Site. "  facility on the Bonham Road property, referred to as the "White Site."  Motion Passed: 7-0  E. Adjournment  The meeting adjourned at 12:58p.m.  9-30-24 Chairman Deputy Clerk  HE