Revolving Loan Fund Board

Economic Development Revolving Loan Fund Board August 31, 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 City Hall Chris Wilson, PNC 120 E. 8th Street Jan Mansfield, Key Bank Anderson, IN 46016 Brad Condon, Old National Bank Greg Winkler, 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. Item #1: Minutes Ms. Pettigrew called for a motion to accept the meeting minutes for May 10, 2016. Mr. Reger made a motion to accept May 10, 2016 minutes as presented and Mr. Condon seconded. Motion passed unanimously. Item #2: Mark Alexander Renewal (First Merchants) Mr. Reger, First Merchants Bank, informed Board Members of Mark Alexander’s fully amortizing renewal for approximately $9,600 with the current second position on the former Food Bank building on Meridian Street. Mr. Reger further stated payments have been made as agreed, global debt service coverage better than 1 to 1 and interest rate would remain at 4%. A brief discussion followed. Ms. Mansfield inquired about job creation and Ms. Pettigrew stated last fall Mr. Alexander was under the projected job creation by one or two jobs and Mr. Reger stated Mr. Alexander had just hired an individual. After a brief discussion, Mr. Condon made a motion to approve the Mark Alexander renewal at 4% until fully amortized and Mr. Jessee seconded. This motion passed unanimously with First Merchants Bank abstaining. Item #3: Annual Resolution Certifying the Program Plan Ms. Pettigrew stated the resolution certifying the Program Plan was distributed to Board Members for review. She stated the request is for approval of said resolution; a requirement of the EDA. The resolution states the RLF Plan is being administered as the plan dictates. Mr. Sparks made a motion to accept the Resolution certifying the Plan and Ms. Mansfield seconded. This motion passed unanimously. Meeting was adjourned. Minutes submitted by Karen Pettigrew