Economic Development Commission Revolving Loan Subcommittee

CITY OF LONG BEACH WEDNESDAY, JANUARY 13, 2016 ECONOMIC DEVELOPMENT 333 W. OOCEAN BOULEVARD COMMISSION REVOLVING 3RD FLOOR CONFERENCE RM, 3:00 PM LOAN SUBCOMMITTEE MINUTES Blair Cohn, Commissioner Walter Larkins, Commissioner Michelle Molina, Commissioner FINISHED AGENDA AND DRAFT MINUTES CALL TO ORDER At 3:13 PM EPD Officer Seyed Jalali called the meeting to order. ROLL CALL Members Present: Cohn and Larkins Members Excused: Molina CONSENT CALENDAR 1. 16-008ED Recommendation to approve the minutes for the meeting held September 29, 2015. Attachments: 16-008ED EDC RLF Minutes 09.29.15.pdf 3:13 PM EPD Officer Seyed Jalali spoke. This ED-Agenda Item was approve recommendation. Yes: 2 - Cohn and Larkins Excused: 1 - Molina REGULAR AGENDA 2. 16-009ED Recommendation to receive and file a report on City's Active Loans. Page 1 of 4 CITY OF LONG BEACH WEDNESDAY, JANUARY 13, 2016 ECONOMIC DEVELOPMENT 333 W. OOCEAN BOULEVARD COMMISSION REVOLVING 3RD FLOOR CONFERENCE RM, 3:00 PM LOAN SUBCOMMITTEE MINUTES Attachments: 16-009ED Active Loans -12-31-2015.pdf 3:15 PM EPD Officer Seyed Jalali spoke. 3:16 PM Commissioner Walter Larkin spoke. 3:17 PM EPD Officer Seyed Jalali spoke. 3:18 PM Commissioner Blair Cohn spoke. 3:19 PM EPD Officer Seyed Jalali spoke. 3:19 PM Commissioner Walter Larkin spoke. 3:19 PM EPD Officer Seyed Jalali spoke. 3:20 PM Commissioner Walter Larkin spoke. 3:20 PM EPD Officer Seyed Jalali spoke. 3:20 PM Commissioner Walter Larkin asked for more details in job creation & retention, add a column. 3:20 PM Commissioner Blair Cohn spoke. 3:21 PM EPD Officer Seyed Jalali spoke. 3:21 PM Commissioner Walter Larkin spoke 3:22 PM Grow America Fund Andria Martinez spoke. 3:22 PM EPD Officer Seyed Jalali spoke. 3:23 PM Commissioner Walter Larkin spoke paid off = how much money colomn 3:23 PM EPD Officer Seyed Jalali spoke. 3:24 PM Grow America Fund Andria Martinez spoke. 3:24 PM Commissioner Walter Larkin spoke balance sheet type thing 3:25 PM EPD Officer Seyed Jalali spoke. 3:26 PM Grow America Fund Andria Martinez spoke. 3:26 PM Commissioner Walter Larkin spoke. 3:27 PM Grow America Fund Andria Martinez spoke. 3:28 PM Commissioner Walter Larkin spoke. 3:28 PM EPD Officer Seyed Jalali spoke. 3:29 PM Grow America Fund Andria Martinez spoke outstanding plus default = 9.5% 3:31 PM EPD Officer Seyed Jalali spoke. 3:31 PM Commissioner Walter Larkin spoke have calculation for default loan #s % A motion was made by Commissioner Cohn, seconded by Commissioner Larkins, to approve recommendation. The motion carried by the following vote: Yes: 2 - Cohn and Larkins Excused: 1 - Molina Page 2 of 4 CITY OF LONG BEACH WEDNESDAY, JANUARY 13, 2016 ECONOMIC DEVELOPMENT 333 W. OOCEAN BOULEVARD COMMISSION REVOLVING 3RD FLOOR CONFERENCE RM, 3:00 PM LOAN SUBCOMMITTEE MINUTES 3. 16-010ED Recommendation to approve the loan application in the amount of $25,000 for Elizabeth Olive Bolla dba Olive Yoga, 244 Pine Avenue, Long Beach, CA 90802. Attachments: 16-010ED Olive Yoga.pdf Olive Yoga_Credit Memorandum ED RLF Sub Committee 01.13.16. 3:32 PM EPD Officer Seyed Jalali spoke. 3:34 PM Commissioner Walter Larkin spoke. 3:34 PM EPD Officer Seyed Jalali spoke. 3:34 PM Commissioner Walter Larkin spoke. 3:34 PM Grow America Fund Andria Martinez spoke. 3:35 PM Commissioner Walter Larkin spoke. 3:36 PM EPD Officer Seyed Jalali spoke. 3:36 PM Grow America Fund Andria Martinez spoke. 3:38 PM Commissioner Walter Larkin spoke. 3:38 PM Grow America Fund Andria Martinez spoke. 3:40 PM Commissioner Walter Larkin spoke. 3:41 PM EPD Officer Seyed Jalali spoke. 3:42 PM Commissioner Blair Cohn spoke. 3:42 PM Commissioner Walter Larkin spoke. 3:42 PM EPD Officer Seyed Jalali spoke. 3:44 PM Commissioner Blair Cohn spoke. 3:44 PM Grow America Fund Andria Martinez spoke. 3:44 PM Commissioner Walter Larkin spoke. 3:45 PM Grow America Fund Andria Martinez spoke. 3:45 PM Commissioner Walter Larkin spoke. 3:45 PM EPD Officer Seyed Jalali spoke. 3:46 PM Grow America Fund Andria Martinez spoke. A motion was made by Commissioner Larkins, seconded by Commissioner Cohn, to approve recommendation. The motion carried by the following vote: Yes: 2 - Cohn and Larkins Excused: 1 - Molina PUBLIC PARTICIPATION: Members of the public are invited to address the Committee on items of interest to the public within the Committee's jurisdiction. There was no public participation at this time. Page 3 of 4 CITY OF LONG BEACH WEDNESDAY, JANUARY 13, 2016 ECONOMIC DEVELOPMENT 333 W. OOCEAN BOULEVARD COMMISSION REVOLVING 3RD FLOOR CONFERENCE RM, 3:00 PM LOAN SUBCOMMITTEE MINUTES ADJOURNMENT EPD Office Seyed Jalali closed the meeting at 3:48 PM I, Megan Wiegelman, City Clerk Specialist, certify that the agenda was posted not less than 24 hours prior to the meeting. ______________________ Date: ___________ Note: The City of Long Beach intends to provide reasonable accommodations in accordance with the Americans with Disabilities Act of 1990. If a special accommodation is desired, please call Jim Fisk 48 hours prior to the Economic Development Commission Revolving Loan Fund Subcommittee meeting at (562) 570-3863. This information is available in an alternative format by request to Jim Fisk at (562) 570-3863. For correspondence purposes you can reach City staff at jim.fisk@longbeach.gov. Page 4 of 4