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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. 0 0 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 E 0 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. 0 0 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