Revolving Loan Fund Board

Economic Development Revolving Loan Fund Board August 21, 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 Karen Pettigrew, City Economic Dev, Proxy Georgeann Whitworth, PNC 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 April 10, 2012. Ms. Whitworth made the motion and Ms. Donahue seconded. Motion passed unanimously. Item #2 Update of Framer, LLC (SFB) Mr. Gillespie stated he has had no success in establishing a voluntary payment from Richard Smith and City RLF is third in line for personal residence. Discussion followed. Ms. Whitworth made a motion to attempt to secure a lump sum payment and Ms. Donahue seconded. This motion passed unanimously with Star Financial Bank abstaining. Item #3 Renewal of Cabinets Plus (PNC) Ms. Whitworth informed Board Members of Cabinets Plus and request for renewal. Ms. Whitworth provided financial information and stated payments are made on time and company continues to experience growth. Ms. Whitworth indicated balance is $4,325.00 and there is approximately 13 months left on the loan. Ms. Pettigrew stated City recommends renewal based on performance and job creation. Mr. Reger made a motion to renew Cabinet Plus’s loan at 4% and Ms. Donahue seconded. This motion passed unanimously with PNC Bank abstaining. Miscellaneous Ms. Pettigrew stated there is close to 291,000 in fund and we are need of loans. Ms. Donahue suggested Ms. Pettigrew highlight the loan during a Rotary Club meeting in the near future. Discussion followed. Consensus was reached that the Herald Bulletin should be contacted to help get the word out regarding the program and additional avenues should be explored. Mr. Reger asked Board Members to consider a sixty day extension of Mark Alexander’s Renewal date in order to get updated financials. After a brief discussion, Ms. Whitworth made a motion to extend the renewal date for Mark Alexander sixty days and Ms. Donahue seconded. This motion passed unanimously. Adjournment There being no further business, this meeting was adjourned. Minutes submitted by Karen Pettigrew