HomeMy WebLinkAboutMarch 13, 2013 JEFFERSONVILLE REVOLVING LOAN FUND COMMITTEE
REGULAR MEETING MINUTES
MARCH 13, 2013
The Jeffersonville Revolving Loan Fund Committee held a Regular Meeting on March 13,
2013 that was called to order at 11:35 AM in the Mayor's Conference Room, located at 500
Quartermaster Court, Jeffersonville, Indiana.
The following board members were present: Don Allen, Jim Becker, Barry Cahill, Bill Keeney,
Le Anne Scott
Staff Members present: Les Merkley, Kelly Phillips, DeLynn Rutherford, Rob Waiz
Guests present: Mike Kopp, Brandi and Paul Ronau participated in part of the meeting on
speaker phone, Jimmy Shraby
Consent Reports:
Ms. Scott made a motion to approve the minutes as modified with Mr. Cahill seconding the
motion. Motion passed on a vote of 4 -0.
Red Yeti Restaurant Forgivable Loan Application:
Mike Kopp appeared on behalf of owners Brandi and Paul Ronau of the Red Yeti Brewing
Company who are requesting a $35,000 forgivable loan. The Ronau's participated in the meeting
through speaker phone. They are also requesting an SBA loan which will be received in two
parts. The first part will be used for building improvements. The second part will be in the form
of a line of credit through Huntington National Bank. The term loan of $35,000 will be for 5 to 7
years and will be used for facade and interior construction. The line of credit requested will be
for $36,000, renewable each year. The $35,000 that is being requested was not factored into the
business plan presented. The Ronau's have $2500 in the till, and have already spent $20,000.
The Ronau's will be leasing the building at 252 and 254 Spring Street. They have signed a five
year lease at $2,000 per month plus taxes and utilities. The lease allows an option to purchase
after six months. The Ronaus intend to purchase the building within the first three years.
Mr. Cahill made a motion to recommend to the Redevelopment Commission a $35,000 loan
subject to Red Yeti receiving the SBA loan. $10,000 of this must be used for the exterior facade.
A lien will be placed on the building. Should Red Yeti not remain open for the specified amount
of time, the building's current owners, the Cox's, will be given six months to find another
restaurant to open in that location. Mr. Allen seconded the motion. Motion passed 3 -0.
Note:
Mr. Allen arrived at the meeting at 11:45 am.
Ms. Scott left the meeting at 12:30 pm.
Mr. Keeney left the meeting at 12:55 pm.
Olive Leaf Bistro:
Jimmy Shraby introduced himself to the Committee. He will be signing a lease at 130 W.
Riverside Dr. pending receipt of the liquor license.
Adjournment:
Meeting was adjourned at 1:17 PM.
AA - ela t e ()
Le Anne Scott, Vice Chair