HomeMy WebLinkAboutAugust 27th, 2013 JEFFERSONVILLE REVOLVING LOAN FUND COMMITTEE
REGULAR MEETING MINUTES
AUGUST 27, 2013
The Jeffersonville Revolving Loan Fund Committee held a Regular Meeting on August 27, 2013 that was
called to order at 11:34 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:
Mayor Mike Moore, Redevelopment Commission Attorney Les Merkley, Redevelopment and Economic
Development Director Rob Waiz, Grant Administrator DeLynn Rutherford, Neighborhood and Business
Development Director Kelly Phillips
CALL TO ORDER
Mr. Becker called the meeting to order at 11:34 AM.
APPROVAL OF AGENDA
Mr. Cahill made a motion to approve the agenda. Mr. Keeney seconded the motion. Motion passed
unanimously 3 — 0.
APPROVAL OF MINUTES
Mr. Cahill made a motion to approve the minutes from the July 18, 2013 meeting. Mr. Keeney seconded.
Motion passed 3 — 0.
NOTES
Le Anne Scott arrived at the meeting at 11:40 AM.
Don Allen arrived at the meeting at 11:45 AM.
OLD BUSINESS
Red Yeti Restaurant Forgivable Loan Request
Red Yeti Brewing is requesting a $50,000 Restaurant Forgivable Loan. The building owners have not
agreed to allow a lien to be placed on the building. Brandi and Paul Ronau plan to open Red Yeti Brewing
Co. this fall at 252 and 256 Spring Street.
Mr. Keeney made a motion to recommend to the Redevelopment Commission a forgivable loan for
$50,000 with contingencies that the borrowers sign personal guaranties, and that the collateral be
equipment and an assignment on the lease. Funds will be disbursed upon receipt of paid invoices for
restaurant equipment. Mr. Cahill seconded the motion. The motion was approved 5 — 0.
Discussion on Loan Documentation
Mr. Merkley stated that the applicants' financial records are confidential. For the sole purpose of
reviewing and considering these confidential documents an executive session can be held. However,
having the financial information in the meeting room at a regular meeting could subject it to public
record. Thus, Mr. Merkley suggested the financial documentation only be presented at the executive
session.
Adjournment
Mr. Keeney made a motion to adjourn meeting at 11:55 AM.
Jim Becker, Chair