HomeMy WebLinkAboutJuly 18th,2013 JEFFERSONVILLE REVOLVING LOAN FUND COMMITTEE
REGULAR MEETING MINUTES
JULY 18, 2013
The Jeffersonville Revolving Loan Fund Committee held a Regular Meeting on July 18, 2013 that was
called to order at 12:04 PM 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
The following board members were absent:
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
Guests Present:
Charlie White
CALL TO ORDER
Mr. Becker called the meeting to order at 12:04 PM.
APPROVAL OF AGENDA
Mr. Cahill made a motion to approve the agenda. Mr. Keeney seconded the motion. Motion passed
unanimously 4 — 0.
APPROVAL OF MINUTES
Mr. Allen made a motion to approve the minutes from the July 10, 2013 meeting. Mr. Cahill seconded.
Motion passed 3 — 0 with Mr. Kenney abstaining.
OLD BUSINESS
Red Yeti Restaurant Forgivable Loan Request
The Building owners have not agreed to a lien on the building. The Ronaus have stated that restaurant
equipment can be used as collateral. The RLF Committee has expressed concern about a lack of capital
and asked Mr. Waiz to explore the situation further. Item was tabled to look into bank financing for the
revolving loan fund. Restaurant forgivable loan request tabled to allow time for discussion with owner
and broker. Motion passed 4 -0.
Olive Leaf Bistro
Jimmy Shraby of Olive Leaf Bistro had previously requested a $50,000 restaurant forgivable loan. Mr.
Cahill made a motion to recommend to the Redevelopment Commission a forgivable loan for $50,000
with contingencies that the borrower and his wife sign a personal guaranty, and that the borrower
provide the Office of Redevelopment and Economic Development with the last three bank statements
showing that he has $50,000 available. Funds will be disbursed upon receipt of paid invoices for
restaurant equipment. Mr. Keeney seconded the motion. The motion was approved 3 -1 with Mr. Allen
voting against.
Big Four Burgers
Mr. McMahan requested $50,000 restaurant forgivable loan for the new restaurant Big Four Burgers
which will be located on Spring Street near the flood wall in what used to be Third Base Tavern. Mr.
McMahan will be making $40,000 in improvements to the building. Mr. Becht, the building owner, will
be getting a mortgage on the property with the bank in first position.
Mr. Cahill made a motion to recommend to the Redevelopment Commission a forgivable loan for
$50,000 with contingencies that the borrower sign a personal guaranty, and that the building owner
allow a $20,000 second position lien on the property at 134 Spring Street. Funds will be disbursed upon
receipt of paid invoices for restaurant equipment. Mr. Keeney seconded the motion. The motion was
approved 4 -0.
Comments
Mr. Merkley stated that the intent of the program is to provide a different avenue for those businesses
which are not getting a conventional loan.
Adjournment
Mr. Keeney made a motion to adjourn meeting at 12:51 PM.
I.�
Jim Becker, Chair