Revolving Loan Fund Board

Economic Development Revolving Loan Fund Board April 10, 2012 PUBLIC MEETING BOARD MEMBERS STAFF MEMBERS 8:45 a.m. Dana Donahue, Old National Bank KarenPettigrew, RLF Director Conference Room #105 Cathy Wiggins, Controller’s Office J.D. Gillespie, Bd. Attorney City Hall Aaron Reger, First Merchants Bank 120 E. 8th Street Rob Sparks, CED Anderson, IN 46016 Greg Winkler, City Economic Dev Lori Alexander, Star Financial Bank Georgeann Whitworth, PNC Bank Rick Moore, Main Source Bank CALL MEETING TO ORDER Ms. Pettigrew called the Anderson Economic Development Revolving Loan Fund meeting to order. Ms. Pettigrew stated an executive session was held to discuss the financial status of several loans in the Board’s portfolio. Item #1: Minutes Ms. Pettigrew called for a motion to accept the meeting minutes for January 11, 2012. Ms. Whitworth made the motion and Ms. Donahue seconded. Motion passed unanimously. Item #2 Update of Framer, LLC (SFB) Ms. Pettigrew stated monthly payments had been authorized to be negotiated through Board attorney. Mr. Gillespie was to check into principal only payments being allowed by RLF guidelines. Item #3 Renewal of Wolf Diversified (FMB) Mr. Reger informed Board Members of Wolfe Diversified and request for renewal. Mr. Reger stated payments are made on time and company continues to experience growth. Discussion followed. Ms. Alexander made a motion to renew Wolf Diversified’s loan at 4% and Ms. Donahue seconded. This motion passed unanimously with First Merchants Bank abstaining. Miscellaneous Ms. Pettigrew stated fund is nearing 200,000 and we are need of loans. Discussion followed. Adjournment There being no further business, this meeting was adjourned. Minutes submitted by Karen Pettigrew