Rantoul Village Revolving Loan Fund Review Committee met January 23.
Here is the minutes provided by the Committee:
Members Present Denny Long, Connie Nelson, Koleen Roseman, Brian Schurter and Jim Smith
Others Present: Mayor Smith, Rick Snider, Rebecca Motley, Pat Chamberlin, Victor Torres, Victor Torres, Jr. and Dave Hinton
The Mayor called the meeting to order at 1:33 pm. There was no public participation.
Approval of minutes-
After review Koleen Roseman moved/Jim Smith seconded to approve the minutes from the October 20, 2017 meeting. Motion approved, all voting “aye״.
Rebecca reviewed the new EDA loan procedures. The Committee no longer approves the loan applications. They review the applications and make recommendations to the Village Board which then approves or disapproves the loan. Rebecca explained that she will bring all applications to the Committee for their review.
The Committee reviewed the outstanding loans made through the Revolving Loan and Micro Loan Programs. Demand letters from the Attorney have been sent to Debra Austin, Quenton Hillsman and Denver Miller for payment on their Micro Loans. The Attorney is working with EDDS Inc. regarding their Revolving Loan.
Pamela Henricks/Nana׳s Day Care-
Ms. Henricks is requesting a $140,000 loan to move her daycare business to the former base library building at 309 E. Neal Street. She will use the loan to purchase equipment, make leasehold improvements and working capital. She has worked with the Small Business Association and provided a business plan.
The committee had several questions regarding her growth projections and whether or not she had an estimate for the building changes needed to bring it up to code for a day care. The consensus of the Committee was to defer this request and ask for more information.
Victor Torres, Jr.-
Mr. Torres owns five buildings on the west side of Garrard (107-115). He is requesting $120,000.00 to replace the roof on each building and repair the masonry. He previously received a Micro Loan in the amount of $19,000.00 which he has paid as agreed. That balance is $9,800.00. All five buildings are rented for a total of $2,130.00 a month.
The paperwork provided the committee did not include any tax returns or a balance sheet. The consensus of the Committee was to defer the request until they could review the financial information.
Rebecca said she would contact the two applicants and provide the Committee with the requested information.
Jim Smith moved/Denny Long seconded to adjourn the meeting to Thursday, January 25, at 10:30 am. The committee will meet in the Village Conference Room.
The meeting was reconvened on Thursday, January 25, at 10:40 am.
Members Present: Denny Long, Connie Nelson, and Koleen Roseman
Others Present: Mayor Smith, Rebecca Motley, Pat Chamberlin, Victor Torres, Martha Torres and Victor Torres, Jr.
Pamela Henricks/Nana׳s Day Care-
Rebecca stated that there had been a misunderstanding and that she had not asked Ms. Henricks to attend the meeting on Tuesday. She has spoken with her regarding the committee׳s concerns and suggested Ms. Henricks meet with an accountant and attorney to bring information back to the committee.
Victor Torres, Jr.-
Mr. Torres provided tax records and a copy of the leases for the five buildings. After review and clarifications, Denny Long moved/Connie Nelson seconded to recommend the loan be approved by the Village Board with the following conditions:
• $120,000.00 loan at 4% for 10 years
• Updated title work
• Lien Waivers will be provided by all contractors before draw downs are made
• An appropriate appraisal will be submitted
• The loan will be secured by a mortgage
• The Village will take an assignment of the rents
• All other requirements of the program will be met
On a roll call vote:
Aye: Long, Nelson and Roseman – 3
Nay: 0
Absent: Schurter and Smith – 2
Motion carried
The Bank of Rantoul will prepare the loan documents.
There being no further business before the committee, Denny Long moved/Connie Nelson seconded to adjourn. Motion carried, all voting “aye״.
http://www.village.rantoul.il.us/ArchiveCenter/ViewFile/Item/1366
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