[This transcript was generated automatically from audio using AI and hasn't been reviewed by a person -- it can contain mistakes, including plausible-sounding sentences that were never actually said. Treat it as a starting point, not a verbatim record.]

[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.
[4:45] 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.