Tag Archives: Valdosta-Lowndes County Industrial Authority

Industrial Authority board meets tonight

The Board of Directors of the Valdosta-Lowndes County Industrial Authority (VLCIA) meets tonight, 5:30 PM 15 March 2011 in the Industrial Authority Conference Room, 2110 N. Patterson Street, Valdosta, Georgia. I hear they’re having a personnel change.

Maybe with new staff they can finally get agendas and minutes on their website, and maybe a picture of Tom Call. The picture of Call below was found elsewhere by LAKE.

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Roy Copeland
Roy Copeland 		Tom Call
Tom Call 		Mary B. Gooding
Mary Gooding 		Norman Bennett
Norman Bennett 		Jerry Jennett
Jerry Jennett,
Chairman

“Parameters on the types of industry” –VDT Editorial

And what about all that land?

In addition to a news story about Brad Lofton moving on up to Myrtle Beach, the Valdosta Daily Times also had an editorial yesterday (14 March), Lofton’s leaving a void in which they make some good points, including:

While the search is on for a new director, now is the time for the city, county and industrial authority board to come together to make some decisions about the organization and what the community leadership needs and wants it to be.
Here are a few modest suggestions along those lines, including considerations such as water.

More from the VDT: Continue reading →

VDT on Lofton Leaving

What’s Brad Lofton’s legacy?

The VDT finally published something today about Brad Lofton moving to Myrtle Beach, apparently mostly drawing on the same SC newspaper story LAKE picked up on last Thursday, with some material from the second SunNews story of Friday. The VDT did add some local interviews: Continue reading →

History changes the closer you get to Valdosta?

Some people have expressed surprise to learn that Brad Lofton was fired from his previous job in Effingham County. The VLCIA’s own website may be part of the reason why they’re surprised.

According to “In the News” on the the Valdosta-Lowndes County Industrial Authority (VLCIA) web site:

“Lofton is currently the president and CEO of the Effingham County Industrial Development Authority and the executive director of the Effingham County Chamber of Commerce. Lofton brings a wide range of experience to the position including time served as the executive director of the Lee County Chamber of Commerce and the Lee County Development Authority.”
You have to search or scroll way down in that page to find that passage, and there’s no date on it.

However, it is almost a word-for-word copy of a paragraph by Kelli Hernandez that appeared in the Moultrie Observer 16 August 2006:

“Lofton’s most recent position was president and CEO of the Effingham County Industrial Development Authority and the executive director of the Effingham County Chamber of Commerce. Lofton brings a wide range of experience to the position including time served as the executive director of the Lee County Chamber of Commerce and the Lee County Development Authority.”
See the difference? “Lofton’s most recent position was” in the Moultrie article is “Lofton is currently the” on the VLCIA’s own web site. So which was it? Continue reading →

Fiduciary responsibility of LCC to oversee VLCIA? –John S. Quarterman

Speaking to the Lowndes County Commission on 8 March 2011, I read from VLCIA “inter-governmental funding agreement” with Lowndes County, noting that VLCIA’s own audited annual financial report seems to be out of date, since it still says VLCIA asks the Lowndes County Commission for its funds. And I wondered about this part in Note F:
The bonds are secured by an “inter-governmental” funding agreement between the Valdosta-Lowndes County Industrial Authority and Lowndes County, Georgia.
I repeated what I wrote before:
If the Lowndes County government is co-guarantor of VLCIA’s bonds, how can the Lowndes County Commission say it has no responsibility or control over what VLCIA does? I am not a CPA, but the term “fiduciary responsibility” comes to mind.

I quoted myself from VLCIA Bonds: $15M becomes $23.5M?

If I’m reading that right (I am not a CPA), VLCIA took out about $15M in bonds for which they will pay back a total of about $23.5M. Is that really $8.5M in debt service, or about 56% of the original principal?
I pointed out that VLCIA seems to have about $8.3 million in cash Continue reading →

More from Myrtle Beach

Lorena Anderson writes in the SunNews more about Brad Lofton’s new job, including a very interesting tidbit about how he left his previous job. Georgia man tapped to bring businesses, jobs to Myrtle Beach area: Lofton gets three-year deal to lead MB agency:
A Georgia native with experience attracting industries and jobs to his home state has signed a three-year contract to lead the Myrtle Beach Regional Economic Development Corporation.

Doug Wendel, EDC board president, said the board voted unanimously Thursday afternoon to offer Brad Lofton the job. He will announce the change to his current employer, the Valdosta-Lowndes County Industrial Authority, on Tuesday, Wendel said.

Lofton will begin work on the Grand Strand on April 15, bringing to an end the EDC’s search for a new chief executive, which began more than a year ago.

The EDC will pay Lofton about $121,000 a year to bring new industry and jobs to Horry County.

Look what else they mentioned: Continue reading →

Movin’ on up!

Arrived via google alert for keyword “Valdosta”:
Those on the committee to hire a new EDC director seem so certain they will offer Lofton the job that he is already making plans to announce he’s leaving Georgia next week, and can start work here in mid-April.
Lofton? Yes, that Lofton:
Brad Lofton, a Georgia native and moneymaker for the Valdosta-Lowndes County Industrial Authority in his home state, is being introduced around Horry County today as the leading candidate for the executive director of the Myrtle Beach Regional Economic Development Corporation.
The story is Economic development agency likely has new director, by Lorena Anderson, in the Myrtle Beach SunNews.

Hm, somebody is counting at least one chicken that hasn’t hatched:

Lofton has been with the Valdosta group since 2006, and has brought millions of dollars’ worth of business and jobs to that county, Wendel said, including an energy plant that uses biomass and is now getting federal renewable energy credits; ….
Also notice what they don’t list as a positive: the solar plant. Perhaps an indication of somebody’s priorities.

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“the citizenry has a right to scrutinise the state.” –Julian Assange

Some people compare LAKE to Wikileaks, so let’s go there. Julian Assange, like Wendell Berry, links the civil rights movement and the environmental movement. He then says:
“For the Internet generation this is our challenge and this is our time. We support a cause that is no more radical a proposition than that the citizenry has a right to scrutinise the state. The state has asserted its authority by surveilling, monitoring and regimenting all of us, all the while hiding behind cloaks of security and opaqueness. Surely it was only a matter of time before citizens pushed back and we asserted our rights.”

LAKE’s motto is:

Citizen dialog for transparent process
That makes Assange’s proposition
“the citizenry has a right to scrutinise the state”
sound very familiar to us.

Locally it’s more a matter of elected and appointed bodies ignoring their chartered responsibilities to the public good and the general welfare. Well, many people are also tired of the permit inspection brigade, but that’s another story.

Assange also adds: Continue reading →

VLCIA Bonds: $15M becomes $23.5M?

How much are those bonds VLCIA has committed we the taxpayers to?

According to VLCIA’s FYE 2011 Annual Financial Report it looks like the bonds started out as about $15,000,000, and are

If I’m reading that right (I am not a CPA), VLCIA took out about $15M in bonds for which they will pay back a total of about $23.5M. Is that really $8.5M in debt service, or about 56% of the original principal? Is that a good deal VLCIA has made with we the taxpayers’ money?

Meanwhile, VLCIA has

That’s an interesting number to contemplate while other arms of local government are scraping to pay salaries and provide services. One of those other arms of local government is the Lowndes County Commission, which appears to be co-guarantor for those bonds.

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VLCIA “inter-governmental funding agreement” with Lowndes County

If Lowndes County funds VLCIA and helps secure its bonds, how can the Lowndes County Commission have no control over VLCIA?

In Note A: Summary of Significant Accounting Policies of VLCIA’s FYE 2011 Annual Financial Report:

Reporting Entity

The Valdosta-Lowndes County Industrial Authority is a political subdivision created by the State of Georgia Legislature to stimulate growth in the Valdosta-Lowndes County area. The Authority’s revenues are derived primarily from contributions by local governnments and by the sale of land in the industrial development parks owned by the Authority.

Well, the VLCIA’s charter is available on the web and it doesn’t just say “growth”; it also says “the public good” and “the general welfare” of the community.

The financial report continues:

The members of the Industrial Authority are appointed by both the City Council of the City of Valdosta and the Lowndes County Board of Commissioners. Primary operating funding, as well as guarantees for certain bonds, comes from the Lowndes County Board of Commissioners and accordingly, the Authority is considered to be economically dependent on Lowndes County.
The first sentence is correct. If the second sentence is correct, how can the Lowndes County Commission say it has no control over or responsibility for the Industrial Authority?

Further, in Note F: Long Term Debt:

The bonds are secured by an “inter-governmental” funding agreement between the Valdosta-Lowndes County Industrial Authority and Lowndes County, Georgia.
If the Lowndes County government is co-guarantor of VLCIA’s bonds, how can the Lowndes County Commission say it has no responsibility or control over what VLCIA does? I am not a CPA, but the term “fiduciary responsibility” comes to mind. These bonds are, after all, being paid for by our tax dollars, and the Board of Commissioners are our elected representatives for the county.

How big are those bonds, anyway? See the next post.

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