BOARD OF DIRECTORS

Called Board Meeting Minutes

June 5, 2020

 

The called board meeting of the McIntosh County Industrial Development Authority (MCIDA) was held June 5, 2020, in the board room of the Industrial Development Authority Office, 211 Walton St, Darien, Georgia, at 1:00 p.m., Chairman, Chris Harper, called the meeting to order.

Board Members present at meeting when called to order were:  Chris Harper, Cliff Sowell, TK King, Jean Tinnin, Ray Williams, Buddy DeLoach and Davis Poole.  Also, present were President Dawn Malin, Attorney Jay Duncan and Executive Assistant Teresa Gibson.

Chris Harper welcomed the Board to the meeting.

Chris Harper requested a motion to approve the agenda.   Jean Tinnin made the motion to approve the agenda.  Cliff Sowell seconded the motion.  Mr. Harper asked if there were any changes, additions, or deletions.  None were given and the motion carried unanimously.

Chris Harper asked if there was a need for Executive Session and Jay Duncan replied yes.  Chris Harper called for a motion to move into Executive Session to discuss Approval of Creating a Revolving Loan Fund and Contract-Project Jump Start.  Ray Williams made the motion to move into Executive Session and Davis Poole seconded the motion, the motion passed unanimously and at 1:01 p.m. the meeting moved into Executive Session.

At 2:21 p.m. the meeting moved out of Executive Session to regular session with a motion to by Cliff Sowell and seconded by Davis Poole.  The motion carried unanimously.

Chris Harper requested a Motion for the approval of the creation of a Revolving Loan Fund with an initial contribution of $300,000, and operated and governed by the Revolving Loan Fund Polices and Procedures that were presented to the Board.  Jean Tinnin made a motion to approve the creation of the Revolving Loan Fund with an initial contribution of $300,000 and it is to be operated and governed by the Revolving Loan Fund Policies and Procedures.  Buddy DeLoach seconded the motion.  The motion carried unanimously.

Chris Harper requested a Motion to approve Project Jump Start to utilize the Revolving Loan Fund in the amount of $300,000 with an interest rate of 4% amortized over ten years with a three years balloon note.  Ray Williams made the Motion to approve Project Jump Start to utilize the Revolving Loan Fund in the amount of $300,000 with an interest rate of 4% amortized over ten years with a three years balloon note.  Davis Poole seconded the motion.  Motion carried 6-0 with Chris Harper abstaining.

Chris Harper called for a motion to adjourn the meeting.  Cliff Sowell made the motion to adjourn the meeting, Davis Poole seconded the motion.  The motion carried unanimously.  The meeting adjourned at 2:26 p.m.

 

Next meeting will be Tuesday, June 30, 2020, 8:30 a.m. workshop and 9:00 a.m. meeting.