Revolving Loan Fund Board

Economic Development Revolving Loan Fund Board October 27, 2017 PUBLIC MEETING BOARD MEMBERS STAFF MEMBERS 8:45 a.m. Jason Jessee, STAR Financial Karen Pettigrew, RLF Staff Conference Room #105 Jim Dickerson, Proxy CED James Gillespie, Board Attorney City Hall Aaron Reger, First Merchants Bank 120 E. 8th Street Doug Whitham, Controller’s office OTHERS PRESENT Anderson, IN 46016 Adam Hoeksema, FEC (Bankable) Kyle Fawcett, Bankable Greg Winkler, Economic Development Ken de la Bastide, Herald Bulletin Brad Condon, Old National CALL MEETING TO ORDER Ms. Soetenga called the Anderson Economic Development Revolving Loan Fund meeting to order. Ms. Soetenga stated an executive session was held to discuss the financial status of loans in the Board’s portfolio. Quorum was established. Item #1: Minutes Ms. Soetenga called for a motion to accept the meeting minutes for August 25, 2017. Mr. Winkler made a motion to accept August 25, 2017 minutes as presented and Mr. Whitham seconded. Motion passed unanimously. Item #2: New Loan Application – Flagship Enterprise Center (Bankable) Mr. Fawcett, Bankable, briefed Board Members on Oakley Brothers Distillery and their request of $25,000.00. Mr. Fawcett stated brothers Jason and Jerrod Oakley have owned a craft distillery for the past 4 years as a spirit production facility and have recently received their Craft Artisan license to sell to the public. The brothers are renovating space downtown at 8th and Jackson to house a production facility which will include new equipment and a tap room open to the public. Mr. Fawcett stated Bankable has a small existing loan with Oakley Brothers currently and will be financing an additional $15,000. Ms. Soetenga stated the request before the Board is for $25,000 and 5 jobs are expected to be created. Brief discussion followed. Mr. Winkler stated the brothers have financed the project, for the most part, themselves and asked how their performance has been on the current loan with Bankable. Mr. Fawcett stated their record of payment has been perfect. Mr. Reger made a motion to approve an Oakley Brothers Distillery loan for $25,000, 3 year amortization ballooning in 2 years with interest rate at ¾ of prime rate with a position on business assets. Mr. Condon seconded. This motion passed unanimously with Flagship Enterprise Center (Bankable) abstaining. Item #3: Resolution 01-17 – Resolution Certifying the Program Plan for the Anderson RLF Ms. Soetenga briefed members on Resolution 01-17 a resolution certifying the Program Plan for the Anderson Revolving Loan Fund stating a similar resolution was approved through the City Council last week. Mr. Winkler stated Councilwoman Crumes questioned the program and whether people are aware of the program. Mr. Winkler stated the Board and the City need to do a better job of making sure all segments of the population are aware of the program, including minorities. Mr. Condon made a motion to approve Resolution 01-17 and Mr. Hoeksema seconded. This motion passed unanimously. MISCELLANEOUS Fall Semi-Annual Report Ms. Soetenga briefed members on the 2017 Fall Semi-Annual Report distributed to members for review at an earlier date. A brief discussion followed. Mr. Reger made a motion to approve the 2017 Fall Semi-Annual Report and Mr. Jessee seconded. This motion passed unanimously. Meeting was adjourned. Minutes submitted by Karen Soetenga