Revolving Loan Fund Board

Economic Development Revolving Loan Fund Board October 25, 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 Lori Alexander, Star Bank Georgeann Whitworth, PNC Bank Rick Moore, Main Source Bank Sandy Taylor, Key Bank, proxy 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. Mr. Pellegrino, City Controller, joined the meeting. Item #1: Minutes Ms. Pettigrew called for a motion to accept the meeting minutes for August 21, 2012. Ms. Alexander stated Ms. Donahue made the motion for the extension of Mark Alexander’s loan, not her. Mr. Moore made the motion to accept minutes with stated correction and Ms. Whitworth seconded. Motion passed unanimously. Item #2 Update of Framer, LLC (SFB) Mr. Gillespie stated he sent notice to Mr. Smith on October 14th asking for a lump sum payment or payment schedule with no reply to date. Mr. Gillespie stated City RLF is third in line for personal residence. Discussion followed. Board members came to consensus to make a decision regarding loan status by year’s end. Item #3 Renewal of Madison County Community Health Center #2 (SFB) Ms. Alexander informed Board Members of Madison County Community Health Center and request for renewal. Ms. Alexander provided financial information and stated payments are made on time and company continues to experience growth. Ms. Pettigrew stated City recommends renewal based on performance and job creation and balance is approximately $140,000. Discussion followed. Mr. Reger made a motion to renew Madison County Community Health Center loan at 4% for two years and Ms. Whitworth seconded. This motion passed unanimously with Star Financial Bank, Old National Bank and Main Source Bank abstaining. Miscellaneous Ms. Pettigrew stated semi-annual reports were just finished and we will be required to sequester funds as they exceed 25% of the funds available. Discussion followed. Consensus was reached that a meeting would be called in the next month or so to determine plan to help get funds utilized. Ms. Pettigrew presented the Annual Resolution Certifying the RLF program is operating as directed by the EDA. After a brief discussion Mr. Moore made a motion to approve Res. 01-12 and Ms. Whitworth seconded. This motion passed unanimously. Adjournment There being no further business, this meeting was adjourned. Minutes submitted by Karen Pettigrew