1 00:00:00,180 --> 00:00:09,540 Okay, Carol. All right. I would like to call this meeting to order. This is the Mag revolving 2 00:00:09,540 --> 00:00:13,920 loan fund board meeting for August 16th, and it is 12 o'clock. 3 00:00:16,920 --> 00:00:20,140 So, let's start with introductions 4 00:00:20,140 --> 00:00:24,800 My name is Jake McCartes, I'm West CB Vault. 5 00:00:25,300 --> 00:00:27,340 What, Amber Robbins with Larson Company? 6 00:00:28,540 --> 00:00:33,800 Dan Wayne with NAC Community Planning and Economic Development Manager. 7 00:00:34,440 --> 00:00:35,960 I've heard of StarFact. 8 00:00:37,360 --> 00:00:39,100 John Wilson and CB Vault. 9 00:00:40,080 --> 00:00:40,880 We're in Eldred. 10 00:00:41,340 --> 00:00:42,160 So you leave high. 11 00:00:42,640 --> 00:00:42,980 Get it under. 12 00:00:43,900 --> 00:00:45,600 Terry, Larson Nanneds for good. 13 00:00:46,640 --> 00:00:47,980 Carol Patterson with NAC. 14 00:00:52,460 --> 00:00:53,060 Okay. 15 00:00:54,080 --> 00:00:55,260 Thank you. 16 00:00:56,340 --> 00:00:57,540 Joseph, excuse. 17 00:00:58,140 --> 00:00:58,620 Oh yeah, Joseph. 18 00:01:01,110 --> 00:01:01,530 All right. 19 00:01:01,750 --> 00:01:05,470 We will move into our first, I guess, our second agenda item. 20 00:01:06,510 --> 00:01:10,010 I assume everyone's had a chance to review the minutes. 21 00:01:10,650 --> 00:01:16,290 Do we have any comments or questions, concerns with the minutes for the June 17th meeting? 22 00:01:17,350 --> 00:01:22,770 I just want to say thank you to Jerry for correcting. I said silicon slopes and so that's 23 00:01:22,770 --> 00:01:27,670 science, so I didn't change that. I was like, wow, it's asking for me for you guys on 24 00:01:27,670 --> 00:01:27,950 the board. 25 00:01:28,610 --> 00:01:32,390 I don't know if anybody said silicon slopes like three diners during that meeting, so that 26 00:01:32,390 --> 00:01:32,890 was my fault. 27 00:01:33,330 --> 00:01:33,410 Yeah. 28 00:01:33,630 --> 00:01:33,690 Okay. 29 00:01:37,330 --> 00:01:42,830 There's no other combination concerns. I will or a motion to approve in minutes. 30 00:01:42,830 --> 00:01:44,090 I'll motion. 31 00:01:44,750 --> 00:01:46,510 Motion by Sean. Do we have a second? 32 00:01:46,890 --> 00:01:47,250 Second. 33 00:01:48,530 --> 00:01:50,130 I've been person second. 34 00:01:53,200 --> 00:01:54,400 But all in favor. 35 00:01:55,080 --> 00:01:55,440 Hi. 36 00:01:57,580 --> 00:01:58,300 Hey. 37 00:01:59,280 --> 00:02:00,760 It stands approved. 38 00:02:01,260 --> 00:02:03,360 All right, agenda item three. 39 00:02:04,940 --> 00:02:07,560 Jerry has decided to leave the state of Utah. 40 00:02:09,040 --> 00:02:11,100 Go somewhere with more rip rough. 41 00:02:13,860 --> 00:02:19,300 So this, this agenda item is to allow her to continue to participate on the board remotely. 42 00:02:21,920 --> 00:02:28,500 I don't have any concerns with it. I mean, we moved, participated remotely for the entire time I was on the phone. 43 00:02:28,540 --> 00:02:31,020 There's nothing in her by-laws that says we can't. 44 00:02:31,640 --> 00:02:33,100 So she's great. 45 00:02:33,480 --> 00:02:34,640 So with somebody else. 46 00:02:34,760 --> 00:02:37,460 I can also leave if you all want to discuss with me. 47 00:02:40,760 --> 00:02:43,180 You're okay Jerry to stay on I 48 00:02:45,620 --> 00:02:53,580 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. 49 00:02:55,620 --> 00:03:08,240 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. 50 00:03:09,380 --> 00:03:09,860 Great. 51 00:03:10,540 --> 00:03:11,180 You have first. 52 00:03:11,320 --> 00:03:11,820 Do we have a second? 53 00:03:13,060 --> 00:03:13,540 Second. 54 00:03:14,040 --> 00:03:14,960 Second by Sean. 55 00:03:15,880 --> 00:03:16,740 All in favor? 56 00:03:17,300 --> 00:03:17,680 All right. 57 00:03:18,200 --> 00:03:18,940 Any opposed? 58 00:03:20,060 --> 00:03:20,200 Okay. 59 00:03:20,680 --> 00:03:21,020 All right. 60 00:03:21,120 --> 00:03:22,080 You're going to stay, Jerry. 61 00:03:22,440 --> 00:03:22,960 Thanks, guys. 62 00:03:23,580 --> 00:03:23,940 Appreciate it. 63 00:03:25,160 --> 00:03:25,640 Okay. 64 00:03:26,340 --> 00:03:29,260 I will look for a motion to move into a closed session. 65 00:03:31,420 --> 00:03:31,740 I move. 66 00:03:31,820 --> 00:03:32,800 We move to closed session. 67 00:03:33,520 --> 00:03:36,880 To discuss the character, competence, and physical and mental health 68 00:03:36,880 --> 00:03:40,220 the individuals applying for all of the loans and the current loan holders. 69 00:03:40,560 --> 00:03:41,040 Correct. 70 00:03:41,360 --> 00:03:41,920 We have a first. 71 00:03:42,200 --> 00:03:42,780 Do we have a second? 72 00:03:42,980 --> 00:03:44,400 Oh, second by Marlon. 73 00:03:44,760 --> 00:03:45,320 All in favor? 74 00:03:46,080 --> 00:03:46,220 No. 75 00:03:46,560 --> 00:03:46,720 Hi. 76 00:03:49,440 --> 00:03:51,860 All right. 77 00:03:52,260 --> 00:03:56,800 I need a motion to approve or deny the loan application for Haven station. 78 00:03:57,420 --> 00:04:02,220 Say the term seen in the state current loan term options that we're going to present them. 79 00:04:03,320 --> 00:04:05,260 Or what's our interest rate right now? 80 00:04:05,500 --> 00:04:05,920 Eight percent. 81 00:04:05,920 --> 00:04:15,540 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. 82 00:04:16,320 --> 00:04:31,520 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. 83 00:04:31,520 --> 00:04:39,900 So I just need a motion to approve that to go to them with those options, a motion to approve them. 84 00:04:41,120 --> 00:04:41,600 Second. 85 00:04:42,080 --> 00:04:42,380 Second. 86 00:04:43,780 --> 00:04:44,680 All in favor? 87 00:04:45,120 --> 00:04:45,340 Aye. 88 00:04:45,800 --> 00:04:45,960 Aye. 89 00:04:46,700 --> 00:04:47,480 Any opposed? 90 00:04:48,380 --> 00:04:48,660 Okay. 91 00:04:48,880 --> 00:04:49,440 It stands approved. 92 00:04:52,620 --> 00:04:53,960 Agenda Item 8. 93 00:04:54,440 --> 00:04:57,520 Approver to 9 Legal Action for Wimlock Talent LLC. 94 00:04:57,520 --> 00:05:05,140 We'd like to set a budget for $10,000 to pursue legal action to get this debt repaid. 95 00:05:06,020 --> 00:05:09,000 So can I get a motion to approve that action? 96 00:05:09,180 --> 00:05:12,000 I move the reproved up to $10,000 for collection legal action. 97 00:05:12,740 --> 00:05:13,100 Second. 98 00:05:13,420 --> 00:05:13,540 First. 99 00:05:13,760 --> 00:05:14,200 Second. 100 00:05:14,660 --> 00:05:15,280 All in favor? 101 00:05:16,220 --> 00:05:16,380 Aye. 102 00:05:17,120 --> 00:05:17,960 Any opposed? 103 00:05:19,380 --> 00:05:19,620 Okay. 104 00:05:19,740 --> 00:05:20,260 Stan's approved. 105 00:05:24,680 --> 00:05:30,780 I think that, collectively, we decided that we were going to deny pursuing any legal action 106 00:05:31,400 --> 00:05:36,640 or deny a budget towards legal action. We could do anything at staff level internally that we can. 107 00:05:37,000 --> 00:05:40,480 Yeah, so we're kind of essentially voting to write it off, I guess, right? 108 00:05:40,940 --> 00:05:45,560 I don't know that I would write it off yet. I think we still take any recourse we can internally, 109 00:05:45,560 --> 00:05:47,680 but I don't think we put any more money towards this. 110 00:05:47,680 --> 00:05:53,460 So I think that would be my proposal is to deny the legal action and just pursue this internally. 111 00:05:53,940 --> 00:05:55,100 A collection agency. 112 00:05:55,540 --> 00:05:57,220 Something that doesn't cost us anything. 113 00:05:58,060 --> 00:05:58,080 Okay. 114 00:05:58,700 --> 00:06:01,860 So do we have a motion to approve or deny that? 115 00:06:03,040 --> 00:06:04,340 So move as presented. 116 00:06:04,580 --> 00:06:06,800 So deny the legal action pursuant internally. 117 00:06:07,020 --> 00:06:07,160 Yes. 118 00:06:07,580 --> 00:06:08,640 So move as presented. 119 00:06:08,920 --> 00:06:09,040 Okay. 120 00:06:09,080 --> 00:06:09,660 Do I have a second? 121 00:06:10,260 --> 00:06:10,820 Seconded. 122 00:06:11,480 --> 00:06:12,040 Okay. 123 00:06:12,660 --> 00:06:13,400 On favor. 124 00:06:13,920 --> 00:06:14,200 Hi. 125 00:06:14,740 --> 00:06:14,880 Hi. 126 00:06:16,100 --> 00:06:16,940 Any opposed? 127 00:06:18,760 --> 00:06:20,620 Okay agenda item number 10, 128 00:06:21,100 --> 00:06:22,620 River tonight legal action for 129 00:06:22,620 --> 00:06:23,140 bone bucket. 130 00:06:24,760 --> 00:06:26,940 We already have this approved at 5,000. 131 00:06:27,060 --> 00:06:28,940 So we're just continuing to continue 132 00:06:28,940 --> 00:06:30,740 pursuing up to 5,000. 133 00:06:30,800 --> 00:06:32,200 Yeah, so I need to 134 00:06:32,820 --> 00:06:35,180 do we are because it's already in motion. 135 00:06:35,800 --> 00:06:37,160 Yeah, I think we're fine. 136 00:06:37,260 --> 00:06:38,620 I don't think we need to do anything there. 137 00:06:38,640 --> 00:06:40,300 I don't think we need to. 138 00:06:40,340 --> 00:06:42,300 No, because it's we've already approved the 5,000. 139 00:06:42,360 --> 00:06:46,620 So we don't need to make any amendments to bone bucket. 140 00:06:46,620 --> 00:06:52,460 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 141 00:06:53,100 --> 00:06:57,820 Adjustments there. So maybe a motion to deny adjusting the legal action plan. 142 00:06:58,980 --> 00:07:05,860 If anything, I would just make a motion to leave the legal action plan as presented at the 5,000. 143 00:07:06,320 --> 00:07:13,840 I like that. We need to go above and beyond that, bring it back to the board for re-approval for additional funds. 144 00:07:13,840 --> 00:07:20,240 Okay. I like that. It's the motion. Do we have a second for that second? Okay. 145 00:07:20,840 --> 00:07:24,840 Marlon and Shawn. Okay. All in favor? I? I? I? I? 146 00:07:24,840 --> 00:07:31,520 Any opposed? Okay. Stand approved. Our next meeting will be held September 16th. 147 00:07:32,180 --> 00:07:34,780 Here in the warm office. I am looking for a motion. 148 00:07:36,180 --> 00:07:38,340 We'll be in this warm office or where will it be at? 149 00:07:38,340 --> 00:07:43,280 Let's call it to be determined. I'm not sure how finished the offices are there, so. 150 00:07:43,480 --> 00:07:48,020 You're saying October. I'm out here. Was it for who's the first on that? The close? 151 00:07:48,480 --> 00:07:49,300 I'll motion a close. 152 00:07:51,240 --> 00:07:51,980 I'll second. 153 00:07:52,460 --> 00:07:55,140 All right. Thank you. All in favor? 154 00:07:55,300 --> 00:07:55,880 All right, that one. 155 00:07:56,280 --> 00:07:57,020 Hi, any opposed? 156 00:07:57,080 --> 00:07:57,240 Hi. 157 00:07:57,460 --> 00:07:58,040 Hi, thanks. 158 00:07:58,200 --> 00:07:58,340 Brow. 159 00:07:58,460 --> 00:07:59,140 Thank you, Jerry. 160 00:07:59,420 --> 00:07:59,660 Thank you. 161 00:07:59,800 --> 00:08:00,140 Can we get... 162 00:08:00,140 --> 00:08:04,940 Carol, I may be in town on the 16th. I'm actually getting a book published and so I'll be 163 00:08:04,940 --> 00:08:06,640 recording my audio book down.