Special Town Board Meeting held April 12, 2010 at 6:00 P.M. at the Town Hall in Schroon Lake N.Y.
Town Supervisor: Cathy Moses
Councilpersons: Roger Friedman, Clara Phibbs, Mark Whitney and Meg Wood
Town Clerk: Patricia Savarie
Town Attorney: Cheri Indelicato
Also Present: See Attached
Supervisor Moses called the meeting to order at 6:00 P.M. with a Pledge to the Flag.
Walter Young was present to discuss the potential of having the Lake Champlain/ Lake George Regional Planning Board assume the responsibility of administrating the Town’s Revolving Loan Fund after the loans are closed and the documents are filed.
LC/ LG have managed revolving loan programs for over twenty years. They have the systems in place to keep us up to date and informed on the loans status. Currently, Joe Kelly is monitoring the portfolio and feels that there is a need for it to be given to an organization that will manage it professionally. Monitoring these loans will become even more critical as the fund grows. Joe Kelly estimated the funds as followed:
Dollars in Fund $257,869.00
Loan Balances Outstanding $245,470.00
Total Fund Balance $503,366.00
50% of Total $251,683.00
Less Outstanding Loans - 245,470.00
Available for Loans $ 6,213.00
Number of Loans to Date 10
Number of outstanding Loans 9
Dollars Lent $309,184.00
Principal Paid $ 63,815.00
Interest Paid 26,823.00
Total Paid $ 90,638.00
Monthly Loan Payments $3,312. x 12 = $39,720.00
HUD Money Received 32,782.00
The Lake Champlain – Lake George Regional Planning Board agrees to perform the following Post loan Approval services for the Town of Schroon Revolving Loan Fund Committee.
This agreement is in effect for one year. The annual fee for services provided by the LCLGRPB will be 1% of the TSRLF outstanding principal balance billed to the TSRLFC in quarterly installments.
Extra cost beyond the 1% will be the cost of the annual preparation of Federal/ State tax reports, annual audit of Schroon RLF Program and any legal expenses on delinquencies or default loans.
Resolution #111 Schroon Lake Revolving Loan Fund Administrative Agreement
Councilwoman Phibbs moved a resolution on Joe Kelly’s recommendation to sign a one year contract with the Lake Champlain/Lake George Regional Planning Board contingent upon the review of the contract by the Town Attorney, seconded unanimously; carried.
Councilwoman Phibbs moved to adjourn at 6:17 P.M., seconded by Councilman Whitney; carried.
I, Patricia J. Savarie, do hereby certify the foregoing to be a true and correct transcript from the minutes now on file in my office and of the whole such original minutes.
Dated: April 13,2010
Patricia J. Savarie - Town Clerk