City Council Regular Meeting
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New Business   Item #: A.
Amendments to Staunton River RIFA
Ken F. Larking
Business Meeting: 04/07/2020
The City of Danville, Pittsylvania County, the Town of Hurt, and the Town of Altavista agreed in concept to form a new Regional Industrial Facility Authority (SR RIFA) for the purpose of managing the multimodal park (formerly Burlington Hurt Site) in the town of Hurt. With the withdrawal of Altivista, the requested action amends and restates the original Staunton River Cost and Revenue Sharing Agreement. The proposed action defines the amended cost and revenue sharing agreement that the remaining three locality elected bodies will approve. The newly agreed upon cost and revenue sharing percentages are as follows: Pittsylvania County – 61%; Danville – 35%; and Hurt – 4%. The initial member locality contributions equaling a total of $100,000 were divided as follows: Pittsylvania County - $50,000; Altavista - $23,000; Danville - $23,000; and Hurt - $4,000. Altavista, as a withdrawing member locality, is not entitled to any rights to contributions made by Altavista to the Authority, to any property held by the Authority or to any revenue sharing as of June 25, 2019.
Also, with the withdrawal of the Town of Altavista, the bylaws of the Regional Industrial Facility Authority need to be amended and restated to reflect this change in the membership of the Authority.
On February 23, 2017, a Letter of Intent signing ceremony was held in Hurt, Virginia, during which Pittsylvania County, the Town of Hurt, the Town of Altavista, and the City of Danville signed a letter stating that the member localities would work together to create a new regional industrial facility authority to market and develop the Southern Virginia Multimodal Park in Hurt. This Authority would be named the Staunton River Regional Industrial Facility Authority (“SR RIFA”). On June 25, 2019, Altavista’s Town Council approved and adopted a resolution withdrawing as a member locality of the Authority, and the Board of Directors of the SR RIFA adopted a resolution at its meeting held on October 4, 2019, approving the withdrawal of Altavista as a member locality of the SR RIFA, in compliance with the Act. The action of the Town of Altatvista requires an amended and restated cost and revenue sharing agreement as well as amended and restated bylaws.
Staff recommends the approval of the three-member locality agreed upon amended and restated cost and revenue sharing agreement as well as the locality agreed upon amended and restated bylaws as presented.
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