Nelson County Industrial Development Authority
August 5, 2004

Present:                               
Allen Hale, Tom Wheaton, Barbara Powell, Natt Hall, Stu Armstrong
(attended the joint meeting with the Board of Supervisors
Absent:
Montie Pritchett, John Spencer
Citizen:
Bo Delk

Allen Hale called the meeting to order.

Motion:  To approve the minutes of the July 1, 2004 meeting.
Wheaton-Powell (4-0)

Allen Hale updated the Authority on the gateway sign project.  The sign
at the northern entrance of the County on Route 29 should be installed
by Labor Day.  Staff is working with VDOT to arrange for the sign to be
installed in the median.  The sign design was presented to the Chamber
of Commerce Board of Directors at their July meeting.

Tom Wheaton noted that the Callohill property has been mowed.

Motion:  To authorize the Chairman of the Authority to execute the deed
and bill of sale conveying the property described therein to Leisure
Products, Inc. and deliver the deed and bill of sale to Leisure
Products, Inc. in consideration of the Leasee paying the Authority a sum
equal to the remaining principal balance and all accrued interest due on
the bond (and any premiums to be paid on redemption thereof) to allow
the deed of trust trustees to release in full the deed of trust and
relieve the Authority of any and all liability with respect to the bond,
plus $1.00 and any amounts due the Authority pursuant to the terms of
the lease agreement and all other bond documents.  Powell-Hall. Roll
Call Vote (4-0)

NOTE: See Board of Supervisors' Work Session Report emailed 8/05/04 for
information on Joint Board of Supervisors/IDA meeting.

Motion:  To authorize the Treasurer to liquidate the $50,000 certificate
of deposit and transfer those funds to the IDA operating budget.
Armstrong-Powell (5-0)

There being no further business, the meeting was adjourned.
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OF INTEREST:

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Series Featuring OHMS LAW - Benefiting: Rural Health Outreach Program -
$7/includes wine glass (no charge for those under 12) - Show goes on
rain or shine!
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Kim T. Cash
Field Officer
Rural Nelson, Inc.
P. O. Box 401
(622 Front Street)
Lovingston, VA  22949
434.263.5000
Email: info@ruralnelson.org
www.ruralnelson.org