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JLDC board approves referral to city council for larger loan request from Monroe Moore to buy equipment and expand services
Summary
Monroe Moore presented a loan request for equipment and working capital — including a gutter machine, spray‑foam rig and dump truck — and the JLDC voted to advance the request to city council for required secondary approval because the requested total exceeds $100,000.
The Jamestown Local Development Corporation on a board vote approved forwarding a loan request from Monroe Moore (presented at the meeting) to the Jamestown City Council for secondary approval, as required for loans above $100,000.
Monroe Moore representatives described recent growth and an equipment plan intended to expand services, reduce subcontracting costs and speed project timelines. "We just finalized our 2024 taxes and our statement shows a $235,000 income," a company representative said. The presenter said average revenue runs "between $650,000 to $700,000 per quarter." The company asked JLDC funding to acquire a portable gutter‑forming machine, a spray‑foam insulation rig, a dump truck for demolition work, and related trailer and attachments to bring more work in‑house.
The presenter said the gutter machine can form 35‑foot lengths on site and claimed it could reduce labor and material time dramatically: "we're able to do 35 foot of gutter in 1 minute on‑site." On demolition, the presenter said acquiring a dump truck and using a current dump trailer would cut disposal and dumpster leasing costs; he reported current bills of about $5,600 per dumpster plus $6,700 disposal fees on some jobs. Monroe Moore also described workforce plans with Jamestown Community College (JCC) to train new hires and said they expect to hire roughly two employees per new service line.
JLDC staff noted the loan would require JLDC to maintain first position on machinery, equipment and accounts receivable while the owner (identified in the meeting as Dylan) would provide a personal guarantee. Because the total requested exceeds $100,000, Crystal said the item must go to city council for secondary approval; staff said they would add the item to the council agenda for the next day and bring it to a work session.
Board members voted to approve the JLDC portion of the loan package and to forward the application and supporting materials to the city council. The board recorded protections in the draft collateral package: first‑position security on machinery and equipment, accounts receivable and other company assets, plus a personal guarantee from the owner. The board discussed environmental due diligence for a potential leased site on Washington Street and staff said they would pull historic environmental records and advise the applicant.
The JLDC motion carried at the meeting; staff will prepare the loan file, complete required collateral documentation and submit the proposal for council action.
