Lee County Industrial Development Authority June 2019 Meeting

At the recent Lee County Industrial Development Authority meeting it was announced that all repairs to the England Furniture building in Dryden have completed, according to Economic Development Director Aaron Fee at the latest Lee County Industrial Authority Board meeting. Fee added that a Disbursement Request for LaFerney Commercial Roofers who did the work was needed, with the funds to be paid by the Economic Development Fund as agreed upon previously by the County Board of Supervisors. The IDA Board approved his request.
Fee went on to add that an insurance proposal from VACORP received has shown an increase due to the England Furniture Dryden building that has increased in value because of the renovations. The IDA Board approved the VACORP request.
Fee discussed using Virginia Coalfield Development Authority (VCEDA) marketing stipends in the amount of $5,000 towards the development of a website that would be dedicated solely to the IDA, that would make it easier for prospective developers to make inquiries, as well as meeting information, special notices and properties.
Afterwards the IDA discussed the necessity of meeting each month on the first Thursday of each month. They will not be meeting on July 4th in observance of the nation’s holiday, but will instead ask their board members of a new date for the July meeting, in addition to possibly changing the frequency of their meetings in the future.
Lastly Fee pondered that another possible change for the committee could be their name being changed from the Industrial Development Authority to perhaps Economic Development Authority, which has been done in other communities. The board agreed to pursue the matter at their next meeting.
Finally the Board members entered into the Executive Session portion of the meeting, in order to discuss the investment of public funds and prospective businesses.

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