HomeMy WebLinkAboutDecember 12, 2012 JEFFERSONVILLE REVOLVING LOAN FUND COMMITTEE
REGULAR MEETING MINUTES
DECEMBER 12, 2012
The Jeffersonville Revolving Loan Fund Committee held a Regular Meeting on December 12,
2012 that was called to order at 11:39 AM in the Mayor's Conference Room, located at 500
Quartermaster Court, Jeffersonville, Indiana.
The following board members were present: Le Anne Scott, Don Allen, Barry Cahill
Staff Members present: Les Merkley, Kelly Reed, Monica Harmon
Board Members absent: Jim Becker, Bill Keeney
Guests present: None
Approval of Agenda:
Ms. Scott made a motion to approve the agenda with Mr. Cahill seconding the motion, passing
unanimously on a vote of 3 -0.
Consent Reports:
Mr. Cahill made a motion to approve the minutes with Mr. Allen seconding the motion. Motion
passed on a vote of 3 -0.
Mike and Matt's Restaurant Forgivable Loan Application:
This item was tabled until 3 years tax returns have been received.
Status of Outstanding Loans:
Ms. Harmon stated that the current loan balance is $255,012. Outstanding loans are now being
invoiced every month which has approved collections dramatically.
Cluckers is in the process of catching up on past due interest for the last two years. A new
amortization will be run in January.
The Subway account is current.
Wheeler is in arrears but is catching up.
New Hope is current.
Osteria Cozza is currently in lawsuit and will probably not be collected.
Rita Fleming is current.
Appleby is not expected to be collected as building was foreclosed.
TWK was paid off this year.
Julius is current.
Ms. Scott suggested that in the future RLF recipients are set up on automatic payments.
Program Guidelines and Procedures Review:
Some suggestions were made regarding the Restaurant Forgivable Loan Program
Ms. Scott suggested adding "personal financial statement" and 3 years projected f pplciation.
statements as requirements. Mr. Allen suggested personal applicants must provide all owl
current personal financial statements and last 3 years signed federal tax returns. The er onal
financial statement should be dated within 6 months. If business has been in existence, p al
must provide 3 years signed federal tax returns and historic financial statement, if vailabp
e.
The committee decided that all financial documentation will be returned to staff f
meetings so that the documentation can be shredded. following the
Adjournment:
Meeting was adjourned at 12:37 PM.
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Le Anne Scott, Vice Chair