04-27-2005 - WorkshopCITY OF EDGEWATER
ECONOMIC DEVELOPMENT BOARD
WORKSHOP
April 27, 2005
8:00 A.M.
CALL TO ORDER
Chairman Robert Lott called to order a workshop for the Economic Development Board at 8:05 a.m.,
Wednesday, April 27, 2005 in the Community Center.
ROLL CALL (by sign in sheet)
Members present were Chairman Lott, Christopher Balmer, Doug McGinnis, and Oscar Zeller. Also present
were City Manager Ken Hooper, Assistant City Manager Liz McBride, Business Development Director
Shannon Lewis, and Board Coordinator Pat Drosten as well as Floyd Fulford, Dave Ross, Lynn Bulmahn,
Anthony Rivera, John Cordeiro, and Ed Jewett.
SUMMARY OF WORKSHOP:
DISCUSSTION OF REGIONS BANK PROPOSAL TO LEASE:
Chairman Lot opened the workshop at 8:05 a.m. He asked Mr. Hooper to give an update on the Regions Bank
Lease option. Mr. Hooper stated that the City Attorney's opinion letter was sent to the bank and there has
been no response from them as yet. There are some citizens that have expressed an interest in purchasing the
bank and offering the City a long term (10 —15 year) lease with option to purchase.
Chairman Lott stated he saw the City as having three options: 1) to stay in the current location and bear
maintenance and renovation costs; 2) take advantage of the opportunity to lease /purchase the Regions Bank
property; or 3) select an alternate site, purchase the property and build a new City Hall. Mr. Zeller added
another option that a group of citizens purchase the property and offer the City a lease with a purchase option.
Mr. Floyd Fulford stated that additionally, a private developer could offer the city property to build a new
facility. Mr. Hooper stated that that option had also been discussed.
Mr. Ed Jewett stated that his company was interested and had the resources to purchase the Regions Bank
property, do the needed renovations, and offer it to the City with a lease purchase agreement provided that they
could agree on terms with the bank.
There was discussion on how the renovation costs would be figured and on a time frame for completion of the
proj ect.
Dave Ross spoke regarding his experience with the Bank and assured the Board that the bank would respond
when they had a firm answer in place.
Mr. Cordeiro added that he thinks the City should pursue the Bank building, adding that this is an opportunity
that will not likely present itself again.
Further discussion ensued. The Board decided to send a consensus to City Council stating that the Economic
Development Board would support acceptance of an agreement with Regions Bank or for the bank property
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provided it falls within the criteria of a normal lease option agreement.
DISCUSSION OF BOARD VACANCIES:
Mr. Lott explained that currently there are two vacancies on the Board and one members term is due to expire.
He also is aware of another vacancy that will occur in July. The vacancies have created a lack of
representation in the health/medical field. The Board concluded that it is of great importance to have a good
cross - section of members and that the medical field needed to be represented on the Board. Mr. Hooper
suggested that the Board contact the Hospital Board and ask for them to appoint a representative. The Board
liked this idea and the coordinator will make contact with the Hospital Board Chairman.
There was discussion regarding the submitted applications. Chairman Lott instructed the Board to be ready to
make recommendations at the regular meeting scheduled for May 4, 2005. The Board members were also
asked to encourage potential members to submit applications to the city prior to the May meeting.
The workshop was adjourned at 8:45 a.m.
Respectfully submitted by:
Pat Drosten, Board Coordinator
Economic Development Board
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