The Commission Welcomed Councilor Ken Bishir to the Commission

EDA MINUTES

JANUARY 23rd , 2012

4:00 P.M.

The January 23rd, 2012 EDA meeting was called to order by Chair Paul Pieschel. Members present included Paul Pieschel, Doris Weber, Barb Jones, Ben Luense, Councilor Ken Bishir. Also present; Attorney Paul Muske and EDA Director Mac Tilberg.

The Commission welcomed Councilor Ken Bishir to the Commission.

Motion by Luense, second by Weber to approve the December 19th, 2011 minutes. All Ayes.

Motion by Luense, second by Jones to approve the audit of claims. All Ayes.

Motion by Luense, second by Weber to approve the financial report. Discussion: the Commission instructed Mac to bring a year end, line item report detailing revenues, expenses, along with assets and liabilities to the next Commission meeting for the 2011 year end review. This includes both the EDA 250 and 610 housing funds. Discussion was had regarding governmental accounting standard for recording revenues and expenses. No changes were made to accounting for the EDA funds. Upon the call to vote on the motion, All Ayes.

Motion by Jones, second by Weber to approve the Loan Report. Mac reported that the Video Box office made 2 payments and this leaves that loan 2 months delinquent. Call on the motion: All Ayes.

Motion by Luense, second by Jones to subordinate the EDA UCC filing on the CJT Enterprises loan. Ayes: Weber, Luense, Bisher, Jones. Pieschel abstain.

CommissionerMike Rothmeier joined the meeting at 4:20 p.m.

The EDA Commissioners discussed the Springfield Lodging LLC bylaws. It was determined that the EDA now owns 67% of the Corporation and has super majority vote. The EDA will disburse the K-1 forms, along with $1.00 per membership received by the EDA. No 1099’s are necessary for these transactions. K-1 forms will be brought to City Hall for processing. A letter of explanation will be included in each mailing.

Mr. Muske reported on discussions with Wyndham Hotel Group, franchisor of the Springfield Microtel. An application is necessary to facilitate a change of ownership on the current franchise agreement. The application will be submitted showing the EDA as the only guarantor left on the franchise. There is an application fee required and Springfield Lodging LLC. will make that payment. Ben and Mac will complete the application with review by Paul Muske.

Motion by Rothmeier, second by Jones to submit the Wyndham application on behalf of Springfield Lodging LLC. All Ayes.

Ben reported that the annual meeting of Springfield Lodging is set for February 6th,7:00 P.M. at the SpringfieldAreaCommunity Center. Ben questioned the make up of the Managing Governors. There will be a re-organization of the Board of Governors at the annual meeting.

The next steps for Springfield Lodging LLC and the EDA will be to re-structure debt. More information will be discussed at the February EDA meeting.

A request from a family member of a current tenant at Parkview Place to allow a tenant to sub-let the current lease now and move in after the current tenant has moved was discussed.

The Commission instructed the EDA Director to not allow this sublease as it would circumvent the waiting list of future tenants.

Commissioner Rothmeier motioned to adjourn, seconded by Jones. Meeting adjourned at 4:55 P.M.