Revolving Loan Fund Board

Economic Development Revolving Loan Fund Board July 12, 2017 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 Doug Whitham, Controller’s office Anderson, IN 46016 Adam Hoeksema, FEC Brad Condon, Old National 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 March 30, 2017. Mr. Condon made a motion to accept March 30, 2017 minutes as presented and Mr.Jessee seconded. Motion passed unanimously. Item #2: Loan Renewal– Lisa Cook/Weight Loss Worthy (FEC) Mr. Hoeksema, Flagship Enterprise Center, briefed Board Members on the renewal of Weight Loss Worthy stating the original loan amount was $75,000 and current balance is $47,323. The renewal request would be for an interest rate of 75% of prime for 2 years. Mr. Hoeksema further stated the two businesses, a gym and a weight loss food program are profitable together and they learned several things in the last couple years and have a new plan moving forward. Mr. Reger made a motion to renew Weight Loss Worthy for 2 years at an interest rate of 75% of prime and Mr. Condon seconded. This motion passed unanimously with FEC abstaining. Item #3: Loan Renewal – TCAJMC (STAR) Mr. Jessee, STAR Financial Bank briefed Board Members on TCAJMC renewal stating Tami, Manage Asset Officer did a site visit to TCAJMC which concluded they had two playground units in route to Pennsylvania and had six more in process. Mr. Jessee further stated they are working with their accountant to produce financials and they are behind one payment, as they owe for a payment due on July 1st. They have paid down their loan since last year’s review from $36,000 to $22,000 and if they continue to make payments they will be paid off by the end of the two year renewal. Mr. Jessee stated the bank recommends renewing the loan for a term of 2 years, keeping payment the same. Ms. Soetenga stated the current interest rate is 4%. Mr. Condon made a motion to renew TCAJMC for 2 years at an interest rate of 4% and Mr. Hoeksema seconded. This motion passed unanimously with STAR abstaining. Item #4: Approval of Spring Semi Annual Report Ms. Soetenga presented Spring Semi Annual Report sent previously through email for Board’s review. Mr. Whitham made a motion to approve the 2017 Spring Semi Annual Report and Mr. Reger seconded. This motion passed unanimously. Meeting was adjourned. Minutes submitted by Karen Soetenga.