Committee Minutes
Growth Fund Committee
Monday, September 19, 2005, 8:00 a.m.
Urban Development Conference Room
Chairman Doug Christensen called the meeting to order.
Roll Call
:
Present were: Eliot Glassheim, Gerald Hamerlik, Jon Ramsey, Terry Smith, and Doug Christensen. Also present were: Keith Lund, Peggy Kurtz, Mary Ann Hastings, Jim Melland, and Judy Paukert.
Approval of Minutes (9/8/05):
Eliot Glassheim moved and Jon Ramsey seconded to approve the minutes of 9-8-05. Voting “aye”: Jon Ramsey, Terry Smith, Eliot Glassheim, Doug Christensen, and Gerald Hamerlik. Voting “nay”: none. MOTION CARRIED.
Business Assistance Loan Request
:
Keith reported that Beary Best received 3 business assistance loans after the flood in the amounts of $20,000, $30,000, and $7,100. The terms were such that 40% of the principal was forgiven if they stayed in business for 3 years. Keith reported Beary Best did stay in business for 3 years and received the 40% forgiveness. The current balances are $12,000, $18,000, and $4,260 for total owing of $34,260. Mary Ann Hastings, as the principal, personally guaranteed the loans. Keith has been working with Ms. Hasting for collection. She has requested that the Growth Fund Committee consider a settlement of $15,000 for the outstanding balance. She has filled out the financial disclosure form, which indicates very few assets and income that could be available to repay the loans. The recently approved policies and procedures provide that the Committee may approve a partial lump sum payment from closed businesses in default if the loans are not collectible. The decision of the Growth Fund Committee may be appealed to the Authority and Authority’s decision may not be appealed. Keith stated that staff verified the information in the credit report and that Ms. Hastings does not appear to have any other employment. Ms. Hastings provided verification of loan balances and we have a letter signed by George Hastings verifying a $7,500 loan to Ms. Hastings.
Gerald Hamerlik moved and Terry Smith seconded to grant an exception and accept the settlement offered by Ms. Hastings. Voting “aye”: Jon Ramsey, Terry Smith, Eliot Glassheim, Doug Christensen, and Gerald Hamerlik. Voting “nay”: none. MOTION CARRIED.
Other Business
:
Mr. Hamerlik asked if a new meeting time had been set, due to the revision in the policies. Keith reported that the new meeting time is the third Tuesday of each month. The next meeting will be Tuesday, October 18th, at 4:00 p.m.
Adjournment
:
Mr. Hamerlik moved and Jon Ramsey seconded to adjourn. Voting “aye”: Jon Ramsey, Terry Smith, Eliot Glassheim, Doug Christensen, and Gerald Hamerlik. Voting “nay”: none. MOTION CARRIED.
Respectfully submitted,
Peggy Kurtz
Urban Development
Doug Christensen
Chair