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Vernon County committee approves two business loans, enters closed session to discuss applications
Summary
The Vernon County Economic Development Committee voted to enter closed session to discuss loan applications and approved a $100,000 maximum loan for Utopia (negotiable downward) and a $75,000 loan for Logan Mill Lodge.
The Vernon County Economic Development Committee moved into a closed session to discuss lending recommendations and afterward approved two loans: a maximum $100,000 commitment for Utopia (to be negotiated downward if possible) and a $75,000 loan for Logan Mill Lodge.
Committee members had convened a closed session on lending matters; a roll-call vote before the closed session was taken and members voted to enter the closed session. After returning to open session, a motion ‘‘that we approve, a maximum of a hundred thousand, but negotiate down if we can for Utopia’’ was made and seconded; the committee approved the motion by voice vote. A separate motion to approve a $75,000 loan for Logan Mill Lodge was also moved, seconded and approved by voice vote.
John Pedretti, who presented the loan statement earlier in the meeting, summarized the loan program’s portfolio and repayments. He reported the program began the month with $318,125.85 in funds, recorded $3,712.14 in payments and $928.08 in interest for the period, leaving an ending balance of $322,771.12 and an outstanding loan principal of $629,365.04. Pedretti also noted borrower payment irregularities at times and said staff is working to convert accounts to autopay where possible.
Bruce Kilmer commented on local borrowers’ construction activity and asked about the location of one borrower, Miles of Smiles; committee discussion noted Miles of Smiles operates a daycare with two locations, including one in Westby, and that that borrower now owed roughly $2,600 on its loan.
The motions were approved by voice votes; the meeting transcript does not record a roll-call tally for those approvals. The closed-session motion and the loan approvals were the only formal actions taken related to the loan program during the meeting.
Committee staff also alerted members that the county had engaged a new auditor and that administrative services invoices for the prior year would be forthcoming, estimated at a little over $8,000.
The committee will reconvene for its next regular meeting on Thursday, March 6.
