Revolving Loan Fund Board

Economic Development Revolving Loan Fund Board October 18, 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 James Gillespie, Board Attorney City Hall Chris Wilson, PNC 120 E. 8th Street Doug Whitham, Controller GUEST Anderson, IN 46016 Aaron Reger, First Merchants Bank Trent Dowling, Star Financial Greg Winkler, Economic Development Brad Condon, Old National 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 August 31, 2016. Mr. Reger made a motion to accept August 31, 2016 minutes as presented and Mr. Condon seconded. Motion passed unanimously. Item #2: New Loan Presentation (Star Financial) Mr. Jessee, Star Financial Bank, informed Board Members of a $150,000 ten year loan request from Rem Spa, Inc, dba Summit Salon Academy. Mr. Jessee stated the loan will be used to make improvements to the building recently purchased at 5334 Scatterfield Road. The company has been leasing their current location for 10 years and formed a new real estate holding company to purchase the building. Mr. Jessee further stated Rem Spa, Inc. offers federal aid for their classes and graduates approximately 53 students per year with a high rate of placement in the East Central Indiana area. Nicole Eicks and Courtney Mitchel along with their mother Jean Rice own the company. After a brief discussion Mr. Reger made a motion to approve a 10 year loan to balloon every 2 years at an interest rate of 75% of the prime rate. Mr. Condon seconded with Star Financial Bank abstaining. This motion passed unanimously. Meeting was adjourned. Minutes submitted by Karen Pettigrew