HomeMy WebLinkAbout05-14-13 Prospera Revolving Loan Fund Committee Minutes
Prospera Business Network
City of Bozeman Revolving Loan Fund — Loan Review Committee
Meeting Minutes: May 14th, 2013
City Hall
2:00 – 4:00 PM
Committee Members Present: Brit Fontenot, Jim Verzuh, Mike Money, Scott Nicholson, Tracy Menuez,
Erin Gallanger, & Chris Mehl
Prospera Staff Present: Stuart Leidner & Anjie Mikesell
Guest: John Amend, Tom Gibson, & Jeff Riggs – John Amend and Tom Gibson presented first while Jeff
Riggs waited outside in the lobby. When the meeting went into closed door session John and Tom left. When
the meeting was reopened for the Clarks Fork discussion Jeff Riggs was invited into the committee meeting.
A. CALL TO ORDER
The meeting was called to order at 2:03 PM by Stuart
B. PUBLIC COMMENT
No public in attendance
C. APPROVAL OF PREVIOUS MEETING MINUTES
Mike made a motion to approve the meeting minutes from the previous meeting. This was seconded by Brit
and was approved unanimously.
D. ACTION ITEMS
1. MicroLab Presentation
John gave a brief overview of Microlab and provided the committee with materials on the corporate
overview, as well as the catalog. Tom Gibson, spoke about his background and the overview of his position
on the board. He talked about Microlab’s focus, mission and intent for the community, students and
employees.
The committee asked the borrower questions and there was a discussion regarding collateral, historical and
projected financials, conditions, as well as current and future guarantees.
The chairperson closed to the public all of this meeting pursuant to Sect. 2-3-203(3), MCA, because the discussion relates to a
matter of individual privacy and the chairperson determines the demands of the individual's privacy clearly exceed the merits of
public disclosure.
The meeting was reopened to the public.
Scott said he would like the loan to renew every year. A proposal of a 5 year amortization at 5%, continuous
guarantees, and quarterly financials was made.
Chris moved to approve the terms as discussed. Brit seconded. Motion passed unanimously.
2. Clarks Fork Presentation
Clarks Fork – Jeff Riggs – 3:00pm
Stuart would like to recommend discussion at this point on this loan.
Stuart gave an overview of the proposal.
Jeff gave an overview of the business, as it started as Wheat Montana and moved to Clarks Fork. He
discussed what had happened with the conversion.
The committee asked questions regarding the past financials and the upcoming projections. They also asked
about the current restaurants in the area regarding competition. There was a discussion about the past Wheat
Montana ownership in other areas.
The chairperson closed to the public all of this meeting pursuant to Sect. 2-3-203(3), MCA, because the discussion relates to a
matter of individual privacy and the chairperson determines the demands of the individual's privacy clearly exceed the merits of
public disclosure.
E. Next Meeting
No meeting was scheduled at this time.
F. ADJOURNMENT
Meeting adjourned at 4:00 PM