HomeMy WebLinkAboutFeb 13, 2013 JEFFERSONVILLE REVOLVING LOAN FUND COMMITTEE
REGULAR MEETING MINUTES
FEBRUARY 13, 2013
The Jeffersonville Revolving Loan Fund Committee held a Regular Meeting on February 13,
2013 that was called to order at 11:47 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, DeLynn Rutherford, Rob Waiz
Board Members absent: Jim Becker, Bill Keeney
Guests present: Mike Shartzer, Mike Kopp
Approval of Agenda:
Mr. Cahill made a motion to approve the agenda with Mr. Allen seconding the motion, passing
unanimously on a vote of 3 -0.
Consent Reports:
Mr. Allen made a motion to approve the minutes as modified with Mr. Cahill seconding the
motion. Motion passed on a vote of 3 -0.
Mike and Matt's Restaurant Forgivable Loan Application:
Mike Shartzer with Mike and Matt's had requested $10,000 for the exterior of the building and
$20,000 for the interior. Mr. Shartzer stated that he has purchased the building where Mike and
Matt's is located and with that purchase he gained $100,000 in equipment and a liquor license.
The building is deeded to Amish Properties, LLC with a mortgage through ICON and Eclipse
Bank. Mr. Shartzer stated that he is 100% owner of Amish Specialties LLC. He received an
application for the Restaurant Forgivable Loan but has not completed it.
Ms. Scott made a motion to recommend to the Redevelopment Commission up to a $35,000
forgivable loan pending receipt of a completed Restaurant Forgivable Loan application, articles
of organization for Amish Specialties LLC to include operating agreement, and a list of
equipment including pictures, serial numbers, and invoices from the purchase of the equipment.
Equipment receipts must total at least $70,000. A lien will be filed on the property at 2835
Holmans Lane, Jeffersonville, Indiana 47130, and a UCC will be filed on the equipment
provided in the list. Mr. Cahill seconded the motion. Motion passed on a vote of 3 -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 micro -pub will open in the Sam
Cox Building at 252, 254, 256 Spring Street. It will consist of a bar, brewery, and outside
seating. The Ronau's plan to secure loan with equipment. They will be signing a 5 year lease
with an option to purchase the building after six months. The Committee requested 3 years of
federal tax returns, LLC documentation, and more explanation of company ownership. Invoices
of equipment for collateral were also requested. This item was tabled until all information is
obtained
Adjournment:
Meeting was adjourned at 1:54 PM.
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Le Anne Scott, Vice Chair