HomeMy WebLinkAboutIndustrial Development Agency - Minutes - 11/19/2009Minutes of the
Bayfield County Industrial Development Agency Meeting
12:00 Noon, November 19, 2009
Lower Level Conference Room B, Bayfield County Courthouse, Washburn, WI
Members Present: William Bussey, Bill DeVries, Otto Rusch, Brett Rondeau, Bill Kacvinsky,
Members Excused: Marian Vaughn
Others Present: ark Abeles-Allison, Bayfield County Administrator; Kris Kavajecz-
Confidential Secretary
Meeting called to order at 12:00 noon by William Kacvinsky.
Motion Rondeau, Bussey to approve minutes of the March 14, 2008 Industrial Development
meeting. Motion Carried.
Bylaws state that an annual meeting shall be held in May of each year, with officers being
elected at that time.
Motion Bussey, DeVries to re-elect the same officers as currently exist. Motion Carried.
Impact Seven Loan Documents: Bussey explained the background on the loan authorized in
2008 to facilitate the Bayfield Business Park Development, specifically World Class
Manufacturing. He explained that the county cannot make loans directly, so the Industrial
Development Agency was formed to facilitate a process for loans. The loan to Impact Seven is a
20-year loan. The project would be funded 20% by Bayfield County and 80% by Impact Seven.
The original terms showed Bayfield County sharing a first mortgage with Impact Seven. These
terms were approved by the County Board.
Impact Seven has requested sole First Position and a Loan Participation Agreement in place of
the original documents that were approved, but never finalized. The Executive Committee has
reviewed, discussed and approved the Loan Participation Agreement, giving Impact Seven sole
First Position on the mortgage. Repayment of the loan is made in monthly rental payments which
are processed through Impact Seven, with 20% being applied to the loan with Bayfield County.
The loan has a balloon payment in 2017.
Devries asked if the money that is repaid can be maintained with the Industrial Development
Agency rather than going back to the County’s General Fund. The committee discussed this and
will investigate for future consideration.
Motion Rondeau, DeVries to accept the Participation Agreement, Loan Modification Document
and Promissory Note as presented. Motion Carried.
Documents were signed. County Administrator with notify Treasurer to issue payment to Impact
Seven.
Motion Bussey, Rusch to adjourn. Meeting adjourned at 12:25pm.