Revolving Loan Fund Board

Economic Development Revolving Loan Fund Board November 17, 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, RLF Attorney City Hall Aaron Reger, First Merchants Bank 120 E. 8th Street Jan Mansfield, Key Bank Anderson, IN 46016 Doug Whitham, Controller Greg Winkler, Economic Development 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 October 18, 2016. Mr. Reger made a motion to accept October 18, 2016 minutes as presented and Ms. Mansfield seconded. Motion passed unanimously. Item #2: Karen Hawkins - Loan Renewal (Star Financial Bank) Mr. Jessee, Star Financial Bank, informed Board Members of a 2 year renwel request for Karen Hawkins and the Barn at Hawks Point. Mr. Jessee stated Ms. Hawkins is doing well with the income sheet showing revenues of $66,000 for year one and $150,000 year two. In addition, they have controlled expenses, spending less the second year than they did the first allowing for $106,000 in income this past year. Mr. Jessee stated Ms. Hawkins already has $100,000 booked for 2017 and they haven’t entered their busy season of January and February. Mr. Jessee stated their payment history has been perfect, with no issue to report and he was recommending a 2 year renewal. After a brief discussion, Mr. Whitham made a motion to approve the Karen Hawkins renewal and Mr. Reger seconded. Ms. Mansfield asked if the interest rate would stay the same and Ms. Pettigrew stated it would unless the Board indicated otherwise. This motion passed unanimously with Star Financial Bank abstaining. Item #3: Assurance Health Systems, LLC - Loan Renewal (Star Financial Bank) Mr. Jessee, Star Financial Bank, stated it is Assurance Health’s intention to pay off the loan by the end of the year and through a conversation with Ms. Pettigrew and Mr. Gillespie it would be a requirement of the program that the RLF loan be paid off at the same time. Ms. Pettigrew asked for a motion to table the Assurance Health Systems LLC Renewal and Ms. Mansfield made the motion and Mr. Sparks seconded. This motion passed unanimously with Star Financial Bank abstaining. Meeting was adjourned. Minutes submitted by Karen Pettigrew