Sullivan County Funding Corporation
One Cablevision Center
Ferndale, New York 12734
(845) 295-2603 – telephone
(845) 295-2604 – fax
SPECIAL MEETING MINUTES
Tuesday, May 26, 2015
I. CALL TO ORDER
Chairman Steingart called to order the special meeting of the Sullivan County Funding Corporation at approximately 10:35 A.M., held in the Legislative Committee Room at the Sullivan County Government Center, Monticello, New York.
II. ROLL CALL
Members Present- Members Absent-
Ira Steingart Suzanne Loughlin
Sandy Shaddock Carol Roig
Staff Present- Staff Absent-
Jennifer C.S. Brylinski, Exec. Dir. None
Jen Flad, VP
Steve White, Agency CEO
Walter Garigliano, Garigliano Law Offices
Tara Lewis, Garigliano Law Offices
Dan Hust, Sullivan County Democrat
III. APPROVAL OF MEETING MINUTES
On a motion made by Mr. Sykes and seconded by Mr. Siegel, the Board voted and unanimously approved the minutes of the March 9, 2015 meeting.
IV. BILLS AND COMMUNICATIONS
On a motion made by Mr. Barbuti and seconded by Mr. Guenther, the Board voted and unanimously approved the schedule of payments.
V. NEW BUSINESS
Ms. Flad advised the Board that 49 Main Street, LLC received a Millennium loan in 2012 and has now requested additional loan funding to undertake an expansion project. The expansion will consist of adding breakfast and dinner service to the existing market and café operation, and adding accommodations for visitors to the area. The firm has requested $50,000 in loan funding to purchase furniture, fixtures and equipment associated with this expansion. Attorney Garigliano noted that the Millennium Revolving Loan Fund Committee has unanimously approved this request, subject to working out the amortization terms. The project has requested ten year amortization. The amortization period for the assets to be purchased and collateralized cannot exceed the useful life of those assets. For most assets, the useful life is at least ten years. However, for some items the useful life is five years. Attorney Garigliano suggested that the loan include two promissory notes. One note in the amount of $40,000 will have a ten year amortization period, and the other note in the amount of $10,000 will have a five year amortization period. A single security agreement will cover both notes. The Board briefly discussed security for the loan. Attorney Garigliano noted that the Agency requires a personal guaranty, and requires collateral, but does not require collateral equal to the value of the loan. Mr. Siegel made a motion to approve the loan. The motion was seconded by Mr. Guenther, the Board voted and the motion was unanimously approved. Mr. Barbuti stated that he is pleased to see that the Millennium money is being actively used to help develop small businesses and drive economic development in the County.
Chairman Steingart asked the Board and those present if there were any questions or comments. There being none, on a motion by Mr. Siegel, seconded by Mr. Barbuti, the Board voted and the meeting was adjourned at approximately 11:47 A.M.
VP, Business Development