Authority selects officers, renews financing

The Henry County Industrial Authority met Thursday to select officers for the year and consider renewed financing of a shell building. (By Brandon Martin)

The Industrial Development Authority (IDA) of Henry County voted on Jan. 12 to retain Len Dillon as chairman and Barry Helmstutler as vice chairman for 2021.

The two received unanimous votes from the present board members. In addition to Dillon and Helmstutler, other members attending the meeting were Steve Isley, Wesley Caviness and Barry Nelson. Marshall Stone joined via teleconference. Rodney Thacker did not attend.

The authority also voted to renew financing on the Patriot Centre Shell Building.

Henry County currently provides loan financing to the IDA for the building. The agreement requires annual approval by both the Board of Supervisors and the IDA. The Board of Supervisors had previously approved the item at its Jan. 4 organizational meeting.

“This is a renewal of a promissory note that we’ve had over the last several years,” said Darrell Jones, director of finance. “It’s for the same amount. The county has loaned the IDA $3.4 million as part of the Shell building financing. This is just a one-year renewal of that note.”

Deputy County Administrator Dale Wagoner said this marks the seventh year of financing on the building.

County Administrator Tim Hall said he is hopeful this will be the final year of financing but, he added, there are no guarantees of selling the building as yet.

“This could happen again next year,” Dillon asked of continual payments.

Hall responded it could.

According to Jones, the financing must accrue interest because “it’s a legal promissory note” and is one of the county’s revenue sharing projects with the City of Martinsville.

“When we settle up with the revenue sharing part, does the (IDA) recoup any of that interest as an expense born by the city,” Dillon asked.

Jones explained the city “is responsible for one third of the interest.”

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