HomeMy Public PortalAboutA 1987-06-23 LLDCLYNWOOD LOCAL DEVELOPMENT COMPANY
ANNUAL MEETING
JUNE 23, 1987
3:00 P.M.
A G E N D A
WILLIAM KOLITZ
CHAIRMAN
JIM MORTON
VICE - CHAIRMAN
BERNARD H. LAKE
SECRETARY- TREASURER
HARRY PRINS
MEMBER
DR. BERNARD STEUBER
MEMBRR
CITY STAFF
DIRECTOR OF
COMMUNITY DFVELOPMENT
VICNETF. L. MAS
HOUSING AND COMMUNITY
DEVELOPMENT COORDINATOR
ARTHUR N. WALLFR
OPENING CEREMONIES
A. CALL TO ORDER
B. FLAG SALUTE
C. ROLL CALL
D. CERTIFICATION OF AGENDA POSTING
E. APPROVAL OF MINUTES: March 26, 1987 and May 29, 1987
F. NEW BUSINESS
1. Presentation - Tom Flavin - Economic Development Corp.
2. Election of Board Members
3. Amendment to Bylaws
4. Election of Officers
5. Business Development Assistance Program
- Mr. J's Chili & Tamales
- L & M Printina
G. STAFF REPORTS
H. BOARD. ORALS
I. PUBLIC ORALS
J. ADJOURNMENT
LYNWOOD FOCAL DEVELOPMENT COMPANY
Minutes of May 29, 1987
During this meeting, an election was to be held to select a new
Board of Directors for the 1987 -88 fiscal year. Bernard Lake
cited Article IV, Section IV of the LLDC Bylaws which states that
a quorum, or one -half of the membership entitled to vote shall
constitute a quorum for the purpose of transacting business at a
meeting for the members. Mr. Lake indicated that the current
roster lists 44 members, and only seven members were present, there-
fore, no further business could be transacted.
Mr. Kolitz asked if that section pertained only to the election of
Board members or if such action included amendments to the Bylaws.
Mr. Lake agreed that the section did apply to all matters listed
on the May 29, 1987 agenda.
Mr. Kolitz asked Vicente Mas, Community Development Director, for
suggestions on how to attract more members to the meetings for the
purpose of holding the election and conducting other business.
Mr. Mas suggested that the LLDC work more closely with staff to
increase attendance and draft a revision of the by -laws for con-
sideration,
The Board decided to arrange another meeting for Tuesday, June 23,
1987, at 3:00 p.m.
Mr. Lake agreed to work with staff to contact the members and en-
courage their attendance.
Mr. Kolitz asked if any members of the Board would be available
to assist staff in amending the By -laws. He also asked if there
were any suggestions for increasing participation from the business
community in LLDC affairs.
Member Charles Gomez suggested that the by -laws be amended to give
the Board the power to conduct the majority of LLDC business,
affairs due to low membership attendance.
Vicente Mas suggested that the LLDC publish a newsletter for cir-
culation among the membership and highlight the organizations
various programs and activities. The newsletter would also be
mailed to the general public, civic and business organizations.
Mr. Mas also explained that City Council is expected to approve a
grant to the LLDC at the June 16, 1987 Council meeting. The grant
will include funding for the Small Business Development Assistance
(BDAP) Loan Program and a contract with the Economic Development
Corporation to provide technicial management assistance.
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LLDC.Minutes
May 27, 1987
Page #2
Art Waller reported on the Bank's approval of a Business Develop-
ment Assistance Loan to Mr. J's Chili & Tamales at 11200 Alameda.
The loan will come before the Board at the June 23, 1987 meeting.
The meeting was adjourned at 3:50 p.m.
Bernard H. Lake, Secretary- Treasurer
Date
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LYNWOOD LOCAL DEVELOPMENT COMPANY
Minutes March 26, 1987
The meeting was called to discuss the participation agreement with
Security Pacific National Bank (SPNB). SPNB services the LL:DC's
Business Development Assistance Proaram (BDAP). Art Waller, staff
assistant to the LLDC, informed the Board that it was about to fund
its first BDAP loan to Emmett Bradley, owner of Celestial Studio in
Lynwood. Mr. Waller wanted to clarify provisions regarding responsi-
bility for loan origination fees and loan processing fees. He dis-
cussed the matter with Bernard Lake who suggested calling a meeting
to discuss the matter with the Board. Mr. Waller, however, discovered
that the borrower would pay any origination fee associated with
securing the loan, and this fee may be charged to the loan proceeds.
Mr. Waller informed the Board that it would be necessary to transfer
funds from the LL.DC's account at world Savings to Security Pacific
in order to fund the loan to Mr. Bradley.
Mr. Waller also suggested that the LLDC make a formal presentation to
Mr. Bradley and take publicity photographs for publication in the
local newspapers. The photograph will accompany an article describing_
the loan program, and hopefully, generate more interest.
Mr. Prins asked if only the amount necessary to fund the loan will
be transferred. Mr. Waller indicated that approximately $10,500 will
be transferred in order to keep the account open.
Mr. Lake asked if the origination fees will be deducted from the loan
rather than added to the loan. Mr. Waller explained that the fees
could either be paid up front by the borrower or deducted (financed)
through the loan proceeds.
Mr. Lake asked if it would be possible to extend the first payment
due date for 90 days. Mr. Waller was not aware of that possibility
but said he would look into the matter.
Mr. Kolitz asked if meeting agendas were being posted in accordance
with the provisions of the Brown Act. Mr. Mas explained that the
City has tried, with a degree of difficulty, to ootain a ruling on
this matter, however, meeting agendas are posted at least 72 hours
ahead anyway.
Mr. Mas explained that the position of Economic Development Specialist
is expected to be filled within the next two weeks.
Mr. Morton suggested that the Board send a letter of thanks to Ida
Ruiz to express gratitude for her work as Economic Development Specialist.
Mr. Lake suggested that new signature cards be prepared to authorize
financial transactions. The new cards will contain the signatures
of two staff persons and two LLDC Board members.
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LLbC Minutes
March 26, 1987
Mr. Waller will contact each Board member and make arrangements for
the photo session with the first loan recipient. Emmett Bradley.
The meeting adjourned.
Bernard H. Lake, Secretary- Treasurer Date