Meeting Minutes: EDAB Loan Committee Open Meeting 2/27/24  W EDAD: Loan Com  9  Resource Center at 54 Lee St. in Bel Air Knapp, Judith Wettig, and Chris Street Staff: Bonnie Barresi and Michelle Taylor  Members in attendance: Gil Kennedy Sub-Committee Chair), Wayne Goddard, Tom  Absences: None  Summary:  The purpose of the meeting was to update the committee regarding the status oft the current loan portfolio and to discuss one submitted loan application and one potential loan application.  Discussion points:  Meeting minutes from 1/23/24 were unanimously approved via email on 2/28/24. AlliRudell, LLC dba Log Cabin Candies has fully paid off its outstanding loan Alecraft Brewing Company is leaving their location in Harford County and moving to PA. The business wants to liquidate its assets located in Bel Air which serves as the collateral for the business' outstanding loan. The loan committee has recommended that the business fully pay off the loan instead ofi incurring the time and expense of filing al lien against out of state property and/or the Harford County residence of the The loan policy needs to be revised toi include a procedure regarding a business that leaves the county for another jurisdiction while owing an outstanding loan balance. The acceleration clause ini the promissory note allows the county to collect as necessary. Discussions to continue with the county's Law Department regarding replacement collateral as well as having the business fully pay off its outstanding At this point a motion was made by Wayne and seconded by Gil to close the meeting. All members voted aye unanimously. See attached checklist for The loan committee declined the application for X-Golf as this application does not comply with the eligibility requirements and purpose of the loan program. The business is free to re-structure the request and re-apply at any time. Broad Creek Manor Assisted Living seeks to refinance certain improvements previously made while the loan program was in hiatus, including the installation of an elevator, the construction of a deck and the remodeling of a room. The business plans on making additional improvements to its driveway (expected cost of $35,000) and landscaping ofi its land (expected cost of $48,000). The county currently has a lien on the facility which has increased in value since the Two committee members indicated support for this project, recommending the business apply for all projects and provide documentation of future items and those Bonnie indicated that there has been an increase in interest has been occurring The. Ag loan process was discussed, specifically that the Ag Board member will be included in all correspondence with regards to the Loan Committee.  balance.  guarantors.  loan balance. compliance.  original loan.  previously completed. around the loan program.    Action Items:  Bonnie: Update loan committee on result of Alecraft Bonnie: Effectuate changes to loan policy to address disposition of an outstanding loan when business leaves the county for another jurisdiction. Bonnie: Communicate decision with X-Golf and have Broad Creek Manor Assisted Living submit a formal application to be updated at the next meeting.  Brewing Company.  Next meeting: Tuesday, March 26, 2024 at 8:30.  Respectfully submitted, Michelle Taylor Loan Administrator    Summaryof Closed Session Held on2/27/24  Location: Har-Co Recource Center 51 Floo Street Ral Air MD 21014  Time: 9:09AM  Members Present: Gill Kennedy, Tom Knapp, Judith Wettig, Chris Streett, Wayne Goddard  Staff Present: Bonnie Barresi, Michelle Taylor Purpose: Discussion of) X-Golf loan applications  Iti was moved by Wayne Goddard and seconded by Chris Streett to go into closed: session under General Provisions. Art. 53-305(b)(2) and (5) to discuss a business proposal fore expansion in the County, protect the privacy of the business owners and to consider the investment of public funds. Members voting aye: Judith Wettig, Tom Knapp, and Gil Kennedy. Members opposed: None. Discussion ofX-Golf and owners' current financials, budget, and use of potential loant funds.  Summary of Discussion  Motion:  No Vote was held during the closed session.  It was moved by Wayne Goddard and seconded by Chris Streett to reconvene into an open: session. Members voting aye: Judith Wettig, Tom Knapp, and Gil Kennedy. Members opposed: None.