Revolving Loan Fund Board Meeting

Mountainland Association of Governments, UT · 2026-08-19 · More Mountainland Association of Governments, UT meetings · More Utah meetings

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[0:00] Okay, Carol. All right. I would like to call this meeting to order. This is the Mag revolving

[0:09] loan fund board meeting for August 16th, and it is 12 o'clock.

[0:16] So, let's start with introductions

[0:20] My name is Jake McCartes, I'm West CB Vault.

[0:25] What, Amber Robbins with Larson Company?

[0:28] Dan Wayne with NAC Community Planning and Economic Development Manager.

[0:34] I've heard of StarFact.

[0:37] John Wilson and CB Vault.

[0:40] We're in Eldred.

[0:41] So you leave high.

[0:42] Get it under.

[0:43] Terry, Larson Nanneds for good.

[0:46] Carol Patterson with NAC.

[0:52] Okay.

[0:54] Thank you.

[0:56] Joseph, excuse.

[0:58] Oh yeah, Joseph.

[1:01] All right.

[1:01] We will move into our first, I guess, our second agenda item.

[1:06] I assume everyone's had a chance to review the minutes.

[1:10] Do we have any comments or questions, concerns with the minutes for the June 17th meeting?

[1:17] I just want to say thank you to Jerry for correcting. I said silicon slopes and so that's

[1:22] science, so I didn't change that. I was like, wow, it's asking for me for you guys on

[1:27] the board.

[1:28] I don't know if anybody said silicon slopes like three diners during that meeting, so that

[1:32] was my fault.

[1:33] Yeah.

[1:33] Okay.

[1:37] There's no other combination concerns. I will or a motion to approve in minutes.

[1:42] I'll motion.

[1:44] Motion by Sean. Do we have a second?

[1:46] Second.

[1:48] I've been person second.

[1:53] But all in favor.

[1:55] Hi.

[1:57] Hey.

[1:59] It stands approved.

[2:01] All right, agenda item three.

[2:04] Jerry has decided to leave the state of Utah.

[2:09] Go somewhere with more rip rough.

[2:13] So this, this agenda item is to allow her to continue to participate on the board remotely.

[2:21] I don't have any concerns with it. I mean, we moved, participated remotely for the entire time I was on the phone.

[2:28] There's nothing in her by-laws that says we can't.

[2:31] So she's great.

[2:33] So with somebody else.

[2:34] I can also leave if you all want to discuss with me.

[2:40] You're okay Jerry to stay on I

[2:45] would love to I think it's fascinating and it's in my wheelhouse and I would love to be able to still help you talk County even if we don't live there anymore.

[2:55] Okay. Any questions concerns? All right. I'll make a motion to approve those steps or keep ferry on and is member of the revolving loan fund board.

[3:09] Great.

[3:10] You have first.

[3:11] Do we have a second?

[3:13] Second.

[3:14] Second by Sean.

[3:15] All in favor?

[3:17] All right.

[3:18] Any opposed?

[3:20] Okay.

[3:20] All right.

[3:21] You're going to stay, Jerry.

[3:22] Thanks, guys.

[3:23] Appreciate it.

[3:25] Okay.

[3:26] I will look for a motion to move into a closed session.

[3:31] I move.

[3:31] We move to closed session.

[3:33] To discuss the character, competence, and physical and mental health

[3:36] the individuals applying for all of the loans and the current loan holders.

[3:40] Correct.

[3:41] We have a first.

[3:42] Do we have a second?

[3:42] Oh, second by Marlon.

[3:44] All in favor?

[3:46] No.

[3:46] Hi.

[3:49] All right.

[3:52] I need a motion to approve or deny the loan application for Haven station.

[3:57] Say the term seen in the state current loan term options that we're going to present them.

[4:03] Or what's our interest rate right now?

[4:05] Eight percent.

[4:05] 8% interest in both situations. One of them is a five-year term loan. The other one is a one-year interest only period followed by a five-year pay-off, or a four-year pay-off.

[4:16] So five-year loan in either situation, 2% fee up front, and so the difference option A, normal five-year loan, option B, interest only for one-year followed by a four-year repayment.

[4:31] So I just need a motion to approve that to go to them with those options, a motion to approve them.

[4:41] Second.

[4:42] Second.

[4:43] All in favor?

[4:45] Aye.

[4:46] Any opposed?

[4:48] Okay.

[4:48] It stands approved.

[4:52] Agenda Item 8.

[4:54] Approver to 9 Legal Action for Wimlock Talent LLC.

[4:57] We'd like to set a budget for $10,000 to pursue legal action to get this debt repaid.

[5:06] So can I get a motion to approve that action?

[5:09] I move the reproved up to $10,000 for collection legal action.

[5:12] Second.

[5:13] First.

[5:13] Second.

[5:14] All in favor?

[5:16] Aye.

[5:17] Any opposed?

[5:19] Okay.

[5:19] Stan's approved.

[5:24] I think that, collectively, we decided that we were going to deny pursuing any legal action

[5:31] or deny a budget towards legal action. We could do anything at staff level internally that we can.

[5:37] Yeah, so we're kind of essentially voting to write it off, I guess, right?

[5:40] I don't know that I would write it off yet. I think we still take any recourse we can internally,

[5:45] but I don't think we put any more money towards this.

[5:47] So I think that would be my proposal is to deny the legal action and just pursue this internally.

[5:53] A collection agency.

[5:55] Something that doesn't cost us anything.

[5:58] Okay.

[5:58] So do we have a motion to approve or deny that?

[6:03] So move as presented.

[6:04] So deny the legal action pursuant internally.

[6:07] Yes.

[6:07] So move as presented.

[6:08] Okay.

[6:09] Do I have a second?

[6:10] Seconded.

[6:11] Okay.

[6:12] On favor.

[6:13] Hi.

[6:14] Hi.

[6:16] Any opposed?

[6:18] Okay agenda item number 10,

[6:21] River tonight legal action for

[6:22] bone bucket.

[6:24] We already have this approved at 5,000.

[6:27] So we're just continuing to continue

[6:28] pursuing up to 5,000.

[6:30] Yeah, so I need to

[6:32] do we are because it's already in motion.

[6:35] Yeah, I think we're fine.

[6:37] I don't think we need to do anything there.

[6:38] I don't think we need to.

[6:40] No, because it's we've already approved the 5,000.

[6:42] So we don't need to make any amendments to bone bucket.

[6:46] I guess I have it on the agenda because it could be more than 5,000 and so yeah, okay, but we're not going to make any

[6:53] Adjustments there. So maybe a motion to deny adjusting the legal action plan.

[6:58] If anything, I would just make a motion to leave the legal action plan as presented at the 5,000.

[7:06] I like that. We need to go above and beyond that, bring it back to the board for re-approval for additional funds.

[7:13] Okay. I like that. It's the motion. Do we have a second for that second? Okay.

[7:20] Marlon and Shawn. Okay. All in favor? I? I? I? I?

[7:24] Any opposed? Okay. Stand approved. Our next meeting will be held September 16th.

[7:32] Here in the warm office. I am looking for a motion.

[7:36] We'll be in this warm office or where will it be at?

[7:38] Let's call it to be determined. I'm not sure how finished the offices are there, so.

[7:43] You're saying October. I'm out here. Was it for who's the first on that? The close?

[7:48] I'll motion a close.

[7:51] I'll second.

[7:52] All right. Thank you. All in favor?

[7:55] All right, that one.

[7:56] Hi, any opposed?

[7:57] Hi.

[7:57] Hi, thanks.

[7:58] Brow.

[7:58] Thank you, Jerry.

[7:59] Thank you.

[7:59] Can we get...

[8:00] Carol, I may be in town on the 16th. I'm actually getting a book published and so I'll be

[8:04] recording my audio book down.