HomeMy WebLinkAboutNOVEMBER 15,2016 Jeffersonville Revolving Loan Fund Committee
11.15.16 MEETING MINUTES
The Jeffersonville Revolving Loan Fund Committee held a Regular Meeting on November 15th, 2016 that was called to
order at 12:02 p.m. in the Mayor's Conference Room, located at 500 Quartermaster Court,Jeffersonville, Indiana.
ROLL CALL
Committee Members Present
Jim Becker, Bill Keeney& LeAnne Scott
Committee Members Not Present
Don Allen, Barry Cahill
Staff Members Present
Rob Waiz, Les Merkley,Janet Mayrose & Delynn Rutherford
Guests
Steve &Carol Stenbro- Brick House Market. Kelly Conn &Terri Crawford - Pearl Street Taphouse.
APPROVAL OF AGENDA
Ms. Scott made a motion to approve the agenda as printed. Mr. Keeney seconded the motion. Motion passed 3-0.
CONSENT REPORTS %0.,P-. iL--"
Approval of 11,3 't6 Meeting Minutes 10.,lb-I(9--4A
Mr. Keeney made a motion to approve the minutes from the 11-1&46 meeting. Ms. Scott seconded the motion.
Motion passed 3-0.
OLD BUSINESS
None
NEW BUSINESS
Brick House Market
Steve & Carol Stenbro were present to make a request for a $50,000 Restaurant Forgivable Loan for renovations to the
Brick House Market at 223 Pearl Street. The Stenbro's purchased the building and have been stabilizing the structure,
and renovating the building, with the intention of operating a market offering light fare such as soups, sandwiches,
desserts in small portions for eat in or carry out. Additionally, they are renovating the 2"d floor to offer gathering space
for birthday parties and other gatherings. They will have a small market offering pralines, fudge, rain ponchos, kites,
Frisbees and other seasonal items and delicacies. The Stenbro's have a small mortgage with Main Source Bank of
around $110,000 on the property. They have put in about $170,000 on the property. Some borrowed, some of their
own funds. The Stenbro's have been working with the Southeast ISBDC on their application and submission of
documentation per the guidelines of the RFL Program.
After thorough review of the documentation submitted, discussion amongst the board and further discussion with Steve
& Carol Stenbro, Mr. Keeney made a motion to table the decision on the $50,000 Restaurant Forgivable Loan until
additional information on the financials could be provided. Ms. Scott seconded the motion. Motion passed 3-0.
Note: Application Fee Received.
Pearl Street Taphouse
Kelly Conn &Teri Taylor were present to make a request for a $50,000 Restaurant Forgivable Loan for renovations to the
Pearl Street Taphouse at 407 Pearl Street. Kelly&Teri are leasing the building from Jeff Main Street with the hopes of
purchasing the building in the future, when stipulations on the grant used to purchase & move the buildings expires.
Teri has been in the restaurant business for 19 years and brings much experience from bartending to managing. Due to
the condition of the historical building, much work needs to be done to make it possible to run a business out of. Kelly&
Teri are ensuring the building is period to the times. A mahogany bar was brought in from Cincinnati. The Taphouse
plans to eventually offer outdoor seating with a patio surrounded by wood picket or wrought iron fencing, also keeping
to the period. The outdoor patio would double the current seating capacity of 45-50 people. All food will be baked or
fresh, no fried food. A$10,000 Ovation Oven was purchased to make this possible. A sidewalk had to be installed from
the street to the back cooler as the only option for delivering product. Building is ADA compliant.
After thorough review of the documentation submitted, discussion amongst the board and further discussion with Kelly
Conn &Teri Taylor, Mr. Keeney made a motion to table the decision until additional clarification on the financials could
be provided, as well as, details in writing of where the loan dollars will used is presented. Ms. Scott seconded the
motion. Motion passed 3-0.
Note: Application Fee NOT Received.
REPORTS
A discussion took place in regards to potential updates to the loan programs offered by Redevelopment. It was
suggested that a draft of updated guidelines and application be e-mailed for approval by the committee, and the
approved updates would then be presented to the Redevelopment Commission for final approval.
ADJOURNMENT
Ms. Scott made a motion to adjourn at 1:24PM with Mr. Keeney seconding. Meeting adjourned.
(4^
Jame Becker, Revolving Loan Fund Committee Chair
Submitted by: Janet L. Mayrose