Revolving Loan Fund Board

Economic Development Revolving Loan Fund Board May 10, 2016 PUBLIC MEETING BOARD MEMBERS STAFF MEMBERS 8:45 a.m. Jason Jessee, STAR Financial Karen Pettigrew, RLF Staff Conference Room #105 Rob Sparks, CED J.D. Gillespie, Bd. Attorney City Hall Doug Whitham, Controller’s Office 120 E. 8th Street Adam Hoekesema, Flagship Microloan Others Anderson, IN 46016 Brad Condon, Old National Bank Michelle Davis, Controller’s Office Michael Frischkorn, Proxy Economic Development Aaron Reger, First Merchants 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 loans in the Board’s portfolio. A quorum was established. Item #1: Minutes Ms. Pettigrew called for a motion to accept the meeting minutes for February 18, 2016. Mr. Reger made a motion to accept February 18, 2016 minutes as presented and Mr. Condon seconded. Motion passed unanimously. Item #2: TCAJMC Request (Star Bank) Mr. Jessee from Star Bank informed Board Members TCAJMC had fallen behind on payments in recent months. Since then they have partnered with Dun-Rite and have improved their sales and changed how they have been collecting payments. Mr. Jessee stated they have paid interest on both the RLF loan and the STAR loan’s missed payments and have begun paying both principal and interest beginning with the April payment. Mr. Jessee stated the request was for the RLF to mirror the Star Bank agreement allowing the five months of principal payments missed be added to the end of the loan so they would no longer be delinquent. They would continue to make regular payments from here on out. Mr. Jessee informed Board Members of the additional request for a six month renewal, after their busy season, to see how they are performing. Mr. Condon made a motion to approve the TCAJMC request to have 5 missed principal payments be added on to the end of the loan and for a renewal of terms in six months and Mr. Reger seconded. This motion passed unanimously with Star Bank abstaining. Item #3: Sinewave Renewal (Old National Bank) Mr. Condon stated Mr. Micah Dean from Sinewave stated he would be paying off the loan in the very near future and Old National is sending the payoff amount to him today. Mr. Sparks made a motion to table this item and Mr. Frischkorn seconded. This motion passed unanimously with Old National abstaining. Item #4: Approval of Semi Annual Report Ms. Pettigrew informed Board Members of the need to approve the Semi Annual report submitted to EDA for the period covering October 1, 2015-March 31, 2016 previously distributed through email and available for review. Ms. Pettigrew stated the new utilization rate reflected a drop to 18%, placing the program in the required range. Ms. Pettigrew further stated the Board moved $100,000 from the sequestered account in order to satisfy two loan approvals during the period and if a couple more loans are received in the current period we should be able to come close to closing out the sequestered account. Mr. Whitham made a motion to approve the October, 1, 2015-March 31, 2016 as presented and Mr. Sparks seconded. This motion passed unanimously. Meeting was adjourned. Minutes submitted by Karen Pettigrew