Committee Minutes
Minutes
Growth Fund Committee Meeting
Tuesday, August 15, 2006, 4:00 p.m.
Urban Development Conference Room
Chairman Christensen called the meeting to order at 4:10 p.m.
Roll Call:
Present were Terry Smith, Eliot Glassheim, Jon Rasmey, Bob Brooks, and Doug Christensen. Also present were Klaus Thiessen, Judi Paukert, Keith Lund, Peggy Kurtz, Jonathan Fu, Josh Klug, Hal Gershman, and Greg Hoover.
Approval of Minutes (7/18/06):
It was moved by Eliot Glassheim and seconded by Jon Ramsey to approve the minutes of the July 18, 2006 meeting. Voting “Aye”: Terry Smith, Eliot Glassheim, Jon Rasmey, Bob Brooks, and Doug Christensen. Voting “Nay”: None. MOTION CARRIED.
Financial Report:
Doug asked Greg to explain the financial report. Greg said the Financial Information portion of the report indicates that we’ll have $5.2 million available at the end of the year, if (1) our operational expenditures continue on track for what was budgeted, (2) less any financial assistance we’ve already committed to, and (3) if we do no further projects. The Loan Portfolio portion of the report is the status of the loans that we manage. Doug asked if Estimated Cash Available included cash and investments and Greg replied it indicated cash. Eliot asked if the loans listed under Deferred were uncollectable and Greg replied that these are the loans that were set up with deferred terms, such as PACE loans. Eliot asked if the Restructured loan ($780,626) was active and Greg replied this was the Aatrix loan, which has been restructured but is behind. Terry asked about the loans in Default > 90 days and Greg said that Connie continues to work on these loans and will either move these to Pending Restructure or bring them back to the Committee. Greg and Doug will get together to review the loans listed under Pending Restructure. If they are approved, they will be moved to the Restructured category. Eliot commented that there have been a significant number of loans that have been paid off, which indicates a better performance than he had expected. He also felt that the proportion of loans “written off” is lower than he would have expected.
Greg welcomed Mr. Brooks to the committee. He told the Committee that we are saying goodbye to Jonathan Fu, our Economic Development intern, whose hours have expired. Greg also welcomed our new intern, Josh Klug.
REAC:
Doug said we should go into executive session if we are going to talk about negotiations and offers or counter offers. We can provide instructions in executive session. Greg added, if a motion is to be made, then we need to go into open session.
It was moved by Eliot Glassheim and seconded by Bob Brooks to go into executive session as provided by NDCC section 44-04-19.2 to consider and discuss closed or confidential records and information, negotiating strategy or negotiating instructions as provided by NDCC sections 44-04-19.1, 44-04-19.2, and 44-04-18.4. Voting “Aye”: Doug Christensen, Terry Smith, Bob Brooks and Eliot Glassheim. Voting “Nay”: None. Jon Ramsey recused himself from voting. MOTION CARRIED.
Jon Ramsey, Jonathan Fu, and Josh Klug left the meeting. The Committee went into executive session at 4:20 p.m. Present in executive session were Hal Gershman, Judi Paukert, Klaus Thiessen, Keith Lund, Greg Hoover, Terry Smith, Bob Brooks, Peggy Kurtz, Eliot Glassheim, and Doug Christensen.
--Executive Session--
The open meeting reconvened at 5:10 p.m.
Project Update:
Klaus stated he had no update at this time.
Other Business:
Greg reported he had no other business.
Adjournment:
As there was no further business,
Terry Smith moved and Eliot Glassheim seconded to adjourn the meeting. Voting “Aye”: Terry Smith, Eliot Glassheim, Bob Brooks, and Doug Christensen. Voting “Nay”: None. MOTION CARRIED.
Respectfully submitted,
Peggy Kurtz
Urban Development
Doug Christensen
Chair