Economic Development Commission Revolving Loan Subcommittee

CITY OF LONG BEACH TUESDAY, JANUARY 17, 2017 ECONOMIC DEVELOPMENT 333 W. OCEAN BOULEVARD COMMISSION REVOLVING 3RD FLOOR CONFERENCE RM, 3:00 PM LOAN SUBCOMMITTEE MINUTES Blair Cohn, Commissioner Walter Larkins, Commissioner Michelle Molina, Commissioner CALL TO ORDER Members Present: Cohn, Molina and Larkins ROLL CALL CONSENT CALENDAR 1. 17-008ED Recommendation to approve the minutes for the meeting held November 29, 2016. Attachments: EDC REVOLVING LOAN SUBCOMMITTEE MINUTES November 2 A motion was made by Commissioner Cohn, seconded by Commissioner Molina, to approve recommendation. The motion carried by the following vote: Yes: 2 - Cohn and Molina Abstain: 1 - Larkins REGULAR AGENDA 2. 17-007ED Recommendation to approve the revolving loan application in the amount of $60,000 for Sullivan International, Incorporated located at 180 E. Ocean Boulevard, Suite 650, Long Beach, CA 90802 Page 1 of 3 CITY OF LONG BEACH TUESDAY, JANUARY 17, 2017 ECONOMIC DEVELOPMENT 333 W. OCEAN BOULEVARD COMMISSION REVOLVING 3RD FLOOR CONFERENCE RM, 3:00 PM LOAN SUBCOMMITTEE MINUTES Attachments: Credit Memorandum - Sullivan 3:26 PM Commissioner Seyed Jalali spoke 3:26 PM Commissioner Michelle Molina spoke 3:26 PM Commissioner Walter Larkins spoke 3:26 PM Commissioner Seyed Jalali spoke 3:26 PM Commissioner Michelle Molina spoke 3:27 PM Commissioner Seyed Jalali spoke 3:32 PM Andria Martinez of Grow Fund America spoke 3:38 PM Commissioner Seyed Jalali spoke 3:39 PM Andria Martinez of Grow Fund America spoke 3:41 PM Commissioner Seyed Jalali spoke A motion was made by Commissioner Molina, seconded by Commissioner Cohn, to approve recommendation. The motion carried by the following vote: Yes: 2 - Cohn and Molina Abstain: 1 - Larkins PUBLIC PARTICIPATION: Members of the public are invited to address the Committee on items of interest to the public within the Committee's jurisdiction. ADJOURNMENT I, Bob Mossler, Project Analyst, Department of Economic and Property Development certify that the agenda was posted not less than 24 hours prior to the meeting. Signature: __________________ Date: _________ Page 2 of 3 CITY OF LONG BEACH TUESDAY, JANUARY 17, 2017 ECONOMIC DEVELOPMENT 333 W. OCEAN BOULEVARD COMMISSION REVOLVING 3RD FLOOR CONFERENCE RM, 3:00 PM LOAN SUBCOMMITTEE MINUTES 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 Bob Mossler 48 hours prior to the Economic Development Commission meeting at (562) 570-5503. This information is available in an alternative format by request to Bob Mossler at (562) 570-5503. For correspondence purposes you can reach City staff at robert.mossler@longbeach.gov. Page 3 of 3